Transit Spending Account
The Transit Spending Account is similar to a Flexible Spending Account in that it allows employees to set aside pre-tax dollars for the purchase of qualified transit expenses incurred while commuting to and from work. The program is in alignment with and supports Santa Clara University’s commitment to sustainability. The monthly maximum contribution amount for transit benefits is $265/month; SCU does not participate in parking reimbursement.
Spending Accounts Rules
1. You must designate how much money you wish to contribute annually to each account at the beginning of the Plan Year. Money set aside for one account cannot be moved to another account.
2. You may change your annual contributions only if you experience a qualifying "change in family status," such as marriage, divorce, addition or loss of a dependent, or a change in your spouse's employment.
3. It is important to carefully review your estimated expenses, since under IRS regulations require a forfeit of remaining funds at the end of the plan year for some of the accounts – referred to as the Use It or Lose It.