MARSH & MCLENNAN COMPANIES TRANSPORTATION REIMBURSEMENT INCENTIVE PROGRAM (TRIP) 2021 OVERVIEW

Marsh & McLennan Companies
Transportation Reimbursement
Incentive Program (TRIP)
2021 Overview
Presented by H. Lyons, SDM – HealthEquity/WageWorks
Replay Link:
https://engage.vevent.com/rt/mmc/index.jsp?seid=7085
                                                       Copyright © 2020 HealthEquity, Inc. All rights reserved.
Passcode: MMCwebcast

Today’s agenda
Commuter Product Relaunch

Commuter Solution

Participant Experience Reminders

Commuter Product
Relaunch

Commuter Product Relaunch
 Scheduled for October 2020 and will include the below new features &
  functionality:
     HealthEquity commuter branded card packages
     Contactless card plastic
     Mobile Wallets supported (Apple Pay, Google Pay, etc)
     Stacked commuter card (parking & transit on one)
     Ability to add post tax funds to commuter card / account via member portal
     Changing 3-year card expiration to 5-year card expiration
     Updating logic to reissue the same card number at expiration

Commuter Solution

Commuter Benefits Overview
      Governed by Section 132(f) of the IRS tax code
       Authorizes tax-favored treatment for certain commuting-related expenses
       Must be sponsored by the employer
       Eligible expenses may be covered by pre-tax funds
       Monthly Benefit – enrollment can occur at any time
      Permanent parity between Transit and Parking
       2020 pre-tax limit: $270 per month for Transit, Vanpool (slated to increase to $275
        for 2021)
       2020 pre-tax limit: $270 per month for Qualified Parking (slated to increase to $275
        for 2021)
      Options for use:
       You may elect both a Transit and Parking benefit. Each benefit has a maximum
        utilization of up to $270 (2020 maximum) for as a pre-tax benefit. Election amounts
        over the pre-tax limit will be taken as post-tax payroll deductions.

Commuter Eligible Expenses

              Parking                            Transit

                                      Buses
 Near your work                                  Streetcars
                                      Trains
 Near a place from which you                     Vanpool
                                      Subways
  commute to work via mass transit                Select Ride Sharing
                                      Ferries

Employee Savings Example
      No Pre-Tax Commuter Benefit             With Pre-Tax Commuter
                                                      Benefit
      Monthly Salary            $5,000    Monthly Salary            $5,000

      Estimate Taxes (30%)      -$1,500   Monthly Transit/Parking   -$ 540
                                          Expense
      Net Monthly Salary        $3,500
                                          Salary Subject to Taxes   $4,460
      Monthly Transit/Parking   - $540
                                          Estimated Taxes (30%)     -$1,338
      Expense
      Monthly Take-Home Pay     $2,960    Monthly Take-Home Pay     $3,122

            Employees can save $1,944 per year!

Transit and Parking Payment Options
    Pay Me/               Transit/             Pay My              Transit Pass
    Pay Me Back           Parking Card                                                Smart Card
                                               Provider            Delivery

     • Convenient for      • IRS-compliant      • Direct payment    • More than        • Leading
       parking meters                             to parking          12M products       technology
       or cash boxes       • Reusable stored      garages and         fulfilled
                             value                transit             annually         • Active
     • 48-hour claims                             operators                              programs
       turnaround          • Automatically                          • More than 650      available via
                             reloaded each      • Works like an       transit            WageWorks
     • Daily                 month                online bill         operators          across the
       reimbursement                              payment                                United States
       via check or                               service           • Automatic
       direct deposit                                                 delivery each    • Contactless
                                                • No receipt,         month              Card
     • Mobile App,                                claims, or
       Online, Mail, or                           vouchers          • Participants
       Fax                                        required            order exact
                                                                      fare media
                                                                      online

Unique Capabilities

     Smart Cards and Rideshare                                      Parking
    All regional smart cards supported             Location services to identify nearby parking
    Unique New York Annual Premium MetroCard®       locations during enrollment

    Rideshare partnerships

                                                    Parking partnerships

Highly Innovative Tech
     Online portal (www.wageworks.com), tools, and multi-featured
                       mobile app available 24/7

Participant Experience
Reminders

Helpful Reminders for You
       When you register as a new user, you will be asked to input the last 4 digits of an ID.
        Your answer to this question is the last 4 digits of your Social Security Number.

       Cut-off date for placing a Metro North or Long Island Railroad Election is the 4th of the
        month prior to the benefit month (i.e. August 4th for September benefit month). For
        all other Transit and/or Parking Elections, the cut-off is the 10th of the month prior
        to the benefit month (i.e. August 10th for September benefit month).

       PayMeBack Parking Elections are reimbursed to you via Direct Deposit or Check. To
        expedite processing, please input Direct Deposit data into your profile when you
        register. Also to note, you do not need to submit a receipt for reimbursement of
        PayMeBack parking. When submitting your claim, be sure to select the radio button
        for submitting with no receipt.

       You own your address for the Commuter Benefit. Please remember to come into your
        profile and update your address if you move.

Customer Service Help For You

      Health Equity/WageWorks Customer Service is now
      available 24/7 by calling 1-877-WAGEWORKS (1-877-924-
      3967).

      You also have the ability to CHAT with a Customer Service
      Representative.

      To CHAT, you need to be logged into your account in
      WageWorks and select the option to CHAT (located under
      your name in the Dashboard display).

Thank you.