Monthly Cap on RideECO Benefit Increases for 2018 The cap on 132(f) Transportation Fringe Benefits (like RideECO) is set to increase for the 2018 calendar year. Presently, the monthly cap is $255/month. For 2018, the cap received a Cost of Living Adjustment (COLA) to increase to $260/month. Payroll deductions in 2017 are capped at $255/month; deductions occurring in 2018 are eligible for the increased cap of $260/month.
Full details are available via IRS Revenue Procedure 2017-58. You may download the pdf at https://www.irs.gov/pub/irs-drop/rp-17-58.pdf. We have updated our employer tools for 2018 to reflect the change in the cap; however, the 2018 tax brackets have yet to be determined due to pending tax reform. The tax calculator will be updated once 2018 tax brackets are finalized. Federal Tax Reform
RideECO has been closely following tax reform legislation and its impact on the RideECO commuter benefit. Most recently, The House and Senate have released a conference report on tax reform. The final version preserves the transit benefit; however, the bike benefit is eliminated. The Association for Commuter Transportation (ACT) is monitoring the status of the bill and posts updates here.
If this issue is of importance to your company and your employees, please visit the Commuter Benefits Work for Us website (www.CommuterBenefitsWorkforUs.com) to learn more. If you have questions about the implications of tax reform and your company’s RideECO program, we encourage you to consult a licensed accountant or tax attorney for more information.
SEPTA Key Update
RideECO has received regular inquiries from our clients as SEPTA moves forward with their expansion and implementation of SEPTA Key. The most frequent question – when will RideECO electronically load Key Cards?
RideECO has been communicating regularly with SEPTA and they are not yet prepared to test the loading of Key Cards with RideECO benefits. RideECO expects to mimic the same process that we currently utilize for the loading of PATCO FREEDOM Cards. Until SEPTA is ready to test this process, please continue to order vouchers on behalf of your SEPTA riders. We know this is of great importance to our clients and will announce this process to our clients once it becomes available.
In the meantime, if your company has employees that are early adopters of SEPTA Key, riders may redeem RideECO vouchers in person at several more locations than before. A complete list of sales locations and operating times is available here. Commuters may now also redeem RideECO vouchers for loads to the Travel Wallet on the SEPTA Key card. This is a new opportunity for our clients and is in addition to redeeming vouchers for monthly and weekly TransPasses on the Key Card.
Our clients do not have to worry if you are left with a supply of vouchers once SEPTA Key moves toward 100% implementation. RideECO will accept those unused vouchers back as a credit on your company’s account.
2018 PATCO FREEDOM Card Load Schedule
As you are aware, RideECO submits weekly transfers for PATCO FREEDOM Cards. You will find a link to the updated schedule below as to when your order should be received by Edenred and when employees can expect to see funds loaded onto their FREEDOM Cards. The file will continue to be sent to PATCO on Fridays, unless it conflicts with a DVRPC office closure.
Please remember, some federal holidays may impact the load dates. Once in receipt of FREEDOM Card numbers and funds, PATCO has three business days to load employees’ FREEDOM Cards. Complete list of deadlines and load dates can be viewed here.
Thank You
We at RideECO greatly appreciate our clients and would like to take this time to thank you for your continued support of the program. Best wishes for a happy holiday season and a successful 2018.
RideECO Commuter Benefit Program
