|TO:||State Employees Eligible for the Commuter Tax$ave Program|
John D. Megariotis, Deputy Director of Finance, Division of Pensions and Benefits
|SUBJECT:||Increased Contribution Amounts for Commuter Tax$ave*|
I am pleased to inform you that the Internal Revenue Service (IRS) has announced an increase in the maximum allowable monthly tax-free deduction amounts that the State of New Jersey may offer through the New Jersey State Employees Commuter Tax Savings Program (Commuter Tax$ave*).
Effective January 1, 2005:
If you participate in Commuter Tax$ave and you wish to take advantage of this increase, you should adjust your payroll deductions to cover the increased amount by contacting TransitCenter, Inc. — the public nonprofit corporation that administers the program under a contract with the State of New Jersey. You can make changes to your benefits using TransitCenter’s online management account at www.mytransitchek.com or by calling TransitCenter Customer Service at 1-800-576-1171 Monday – Friday, 9:00 am – 5:00 pm EST.
If you do not already participate in the Commuter Tax$ave Program, but wish to reduce your taxes and save on your mass transit and/or commuter parking expenses, you can enroll in the Commuter Tax$ave Program by contacting TransitCenter using the Internet address or telephone number shown above.
* Commuter Tax$ave is a benefit program authorized by Chapter 162, P.L. 2001 and available under Section 132(f) of the federal Internal Revenue Code. Commuter Tax$ave allows eligible employees to set aside before-tax dollars to pay for certain mass transit and commuter parking expenses, thereby avoiding federal taxes and saving money. For additional information see Fact Sheet #67, Commuter Tax$ave, which is available from your employer, over the Internet at: www.state.nj.us/treasury/pensions