Transit is essential to the region’s economic recovery, but it will take time for commute patterns to stabilize post-pandemic. To adapt to the changing needs of riders, the RTA is announcing the addition of pre-tax parking benefits as a new product option in its Transit Benefit Fare Program (TBFP). This option will allow people to set aside money from their paychecks pre-tax to be used for parking, as well as transit in the Chicago region.
Participating in TBFP is flexible, convenient, and affordable. Users only need to enroll once and their money will roll over from month to month providing additional flexibility as work and commute patterns continue to evolve.
By taking out money pre-tax, employees can save up to 40 percent on commuting costs. And at a time when workers are experimenting with new work schedules and patterns, the ability to use one benefit program for both transit and parking will give the region’s employers a powerful incentive to encourage workers to return and help them recruit and retain the best employees.
The program allows funds to be uploaded directly to RTA’s Transit Benefit Mastercard® or to individual Ventra transit and Pace Vanpool accounts and can be used to pay for fares to ride CTA, Metra, or Pace. The new parking benefit can be used at CTA, Metra, and Pace Park & Ride stations, and any parking garage that accepts debit and credit cards in the region. It can also be used with mobile parking apps; such as, ParkMobile, Passport, ParkChicago, ParkWhiz and SpotHero.
Participants selecting parking will be required to have a minimum $10 transit balance in their account.
This new feature offers the flexibility and convenience riders need right now and allows them to use transit on some days and parking on others. Learn more and enroll in RTA’s Transit Benefit Fare program at mytransitbenefit.com.