K-C’s Commuter Benefits help you save money on your commute to work. The benefit is administered by Fidelity and helps you to set aside money on a pre-tax basis to pay for your eligible transit and/or parking expenses.
For 2023, the IRS allows you to set aside up to $280 per month for transit expenses and up to $280 per month for parking expenses for your commute to work. For 2024, the IRS limit is increasing to $300 per month for both transit and parking expenses. Keep in mind that transit and parking funds are considered two separate buckets of money and cannot be mixed so it’s important to calculate your transit and parking expenses separately when electing your contribution. You have the flexibility to adjust your contribution from month to month (see how in the Elect Your Contribution section below).
|Eligible Transit & Parking Expenses||Ineligible Transit and Parking Expenses|
How it Works:
Elect your contribution.
Take time to accurately estimate your upcoming transit and parking expenses for your work commute. Use that estimate to identify a contribution amount that will be deducted from your paycheck pre-tax and deposited into your Fidelity Commuter Benefits account. This amount cannot exceed the IRS limits.
To update your election, log in to NetBenefits and select Flexible Spending and Reimbursement Accounts. Once on the reimbursement accounts page, scroll to the bottom of the page and select Enroll under Commuter Transit or Commuter Parking. After you’re on the reimbursement account portal, select the Enroll in Commuter button on the homepage. Follow the prompts in the enrollment process to make your election. Any changes will be reflected on your paycheck as soon as administratively possible.
Use your Fidelity Commuter Benefits Payment Card for eligible expenses.
The card will automatically pull funds from the proper account. You can also reimburse yourself for eligible expenses on Fidelity's NetBenefits website and mobile app.
Note: Any amount that’s unused will automatically rollover to the following year as long as you stay at K-C. Per IRS guidelines, K-C cannot refund your unused Commuter Benefits if you leave K-C and your unused balance will be forfeited.
For questions, call Fidelity at 800-551-2333. Representatives are available Monday through Friday from 8:30 a.m. ET to 8:30 p.m. ET.