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This announcement is posted as a courtesy to the Office of the Controller and Parking Services
Effective for the pay period beginning June 12, 2015 (first reflected on paychecks dated July 10, 2015), payroll deductions for University parking permits will be made on a pre-tax basis, in conformity with Section 132(f) of the Internal Revenue Code and the corresponding IRS regulations. Pre-tax deductions serve to reduce the amount of federal income tax, state income tax, and FICA tax withheld from each paycheck. Actual tax savings will vary from employee to employee, depending on the cost of each permit and each employee’s personal tax rate. While the pre-tax parking deductions will reduce employees’ incomes for social security purposes, it will not affect employees’ incomes for the purposes of the state retirement plans.
On June 12, 2015, all regular University employees enrolled in payroll deductions for parking will automatically be converted to the Pre-tax Plan. No action is necessary to change to pre-tax deductions. Additionally, all new payroll deductions for parking processed on or after June 12, 2015 will be made on a pre-tax basis. Special payroll employees, however, will not be affected by the change, as they are not currently eligible to pay for their permit fees via payroll deduction.
Please also note that, per IRS regulations, parking deductions made on a pre-tax basis may not be refunded or cancelled retroactively. However, as with the prior parking deduction arrangement, an employee may stop future deductions at any time by returning his or her permit(s) to the Parking Services Office. Please be advised that it may take one or two pay periods before the cancellation takes effect.
Any eligible employee who chooses not to participate in the Pre-tax Parking Plan, and wishes to purchase a University-issued permit on an after-tax basis, may still do so by paying the permit fee, in full, via cash, check, or credit card to the Parking Services Office.
Contact information for the Parking Services Office is as follows:
3 North Hillside Road, Unit 6199
Storrs, Connecticut 06269-4930
Phone: (860) 486-4930
Fax: (860) 486-0191