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EMPLOYEE SAVINGS
With the RTD-IRA, you can save as much as $1,500 a year by riding the bus or light rail. At the end of one year, you’ll have extra money to spend on a vacation, fixing up your home, a shopping spree, or something special just for you!
Here’s how it works:
- SAVE UP TO 30% by having pre-tax dollars automatically deducted from your paycheck when buying your monthly transit pass.
The RTD-IRA lets you take advantage of federal legislation that allows employees to use pre-tax dollars (up to $105 per month) to pay for their mass-transit commuting costs, much like a cafeteria plan or 401(k) plan. The cost of your RTD transit pass is deducted from your paycheck before any taxes are taken from your pay. This lowers your taxable income so you will pay less in federal income taxes and payroll taxes, which means you save money.
- SAVE an additional 10% on your transit pass each month. The RTD-IRA gives you a 10% discount on the cost of your monthly transit pass for the first year in which your company is enrolled in the RTD-IRA program.
- SAVE $660 OR MORE per year by reducing your commuting expenses. When you commute by bus or light rail, you can save $660* or more per year on gasoline, auto maintenance and parking fees.
- EARN interest on your RTD-IRA savings. Your pre-tax savings (minimum of $25 per month) will be direct-deposited in a qualified savings account with a recognized savings institution of your choice, earning you even more savings.
- START SAVING with a $25 matching deposit from Wells Fargo Bank. Open a new Wells Fargo® Goal Savings account and they will match your first $25 deposit.
*Based on AAA 2004 average cost per mile of 14.1¢ for gasoline, auto maintenance and tires. Current average may be higher due to increased gasoline prices.
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