Commuter benefit plans will help make NYC Transit Affordable, but this week many New Yorkers will experience the eighth increase in ten years to ride MTA and Long Island Railroad (LIRR). A 30-day unlimited ride MetroCard will increase from $112 to $116.50. LIRR riders can expect fares to increase roughly 4%. Read more on Fare Increases.
While no one likes cost increases, an estimated 450,000 commuters will actually have the ability to save as much as 30-40% on their transit costs. The New York City Council recently passed a NYC Transit Law which takes effect January 1, 2016 and will require all employers with 20 or more employees to offer a qualified transit benefit program. This means that rather than see a $4.50 per month increase, employees could save over $30 per month.
To help explain the impact of the NYC Transit Law, Benefit Resource is providing a webinar entitled “NYC Transit Law – Savings for All” on April 9, 2015 at 2:00pm, ET. This is a free webinar to attend. Register at www.BenefitResource.com/transit-webinar.