You can contribute up to $115 a month for the Transit Account and up to $220 a month for the Parking Account on a before-tax basis to pay for eligible out-of-pocket commuting and parking expenses, subject to certain legal limits set by the Internal Revenue Service (IRS). These legal limits may change periodically. If your commuter costs exceed the legal before-tax monthly limits under the Transportation Spending Accounts, those costs will automatically be deducted through payroll deductions on an after-tax basis. For a 12-month calendar year, the maximum before-tax contribution you can make is $1,380 for the Transit Account and $2,640 for the Parking Account.

Your contributions to the Transportation Spending Accounts are deducted from your pay each pay period and used to pay for your eligible monthly commuter pass/ticket and/or parking expenses. You order your commuter passes/tickets and/or authorize payment directly to your parking facility at the time of your enrollment, and your contributions are automatically deducted each pay period and used to pay these expenses.

Please Note: Generally, if the cost of your commuter pass/ticket increases, your payroll deductions will automatically increase to cover the cost. If your parking expenses increase, you will need to make changes online or contact the Transportation Spending Accounts Call Center.

Your pass, ticket, or voucher is generally mailed to you at your home address (unless prohibited by the individual transit agency) and/or your parking lot is paid for you, which means that you don't have to buy your commuter pass, ticket, or voucher separately (i.e., at the station) or pay for your parking at the lot. In some cases, you will receive a "commuter card," which can be used to purchase your tickets. If your eligible parking expenses are unpredictable, you may elect to participate in the "Pay Me Back" option under the Parking Account and then submit a claim for reimbursement to WageWorks. If you do not receive your order by the first day of the benefit month, you must contact WageWorks to report the missing order within the first three business days of that month. If you do not report an undelivered order in a timely manner, you may not qualify for reimbursement.

Here are some additional key points about how the Transportation Spending Accounts work.

You can enroll in the Transportation Spending Accounts at any time. You must enroll by the first of the month so that deductions can begin and be used to purchase a pass or parking for the following month. See "When Participation Begins" below for more information. Generally, you should wait about 10 business days after your date of hire to allow for necessary administrative processing.

To enroll online, visit the Transportation Spending Accounts Web Center via My Rewards @ Work, or via the Internet at www.wageworks.com. To enroll via phone, contact the Transportation Spending Accounts Call Center. Once you enroll in the Transportation Spending Accounts, you will be responsible for updating your delivery mailing address changes through WageWorks, the Transportation Spending Accounts administrator. In addition, certain transit agencies (i.e. the Long Island Railroad and MetroNorth Railroad) require that you first set up an account with the agency before you can use this benefit. You must manage your ticket choices directly through the agency, and your payroll elections through WageWorks, who will make the before-tax (and after-tax, if applicable) deduction from your pay and send your payment to the applicable transit agency.

Please Note: By enrolling in the JPMorgan Chase Transportation Spending Accounts, you authorize JPMorgan Chase to reduce your base salary/benefits pay on a before-tax and after-tax basis to pay for eligible commuting and parking expenses incurred after the date of your enrollment. The contribution amount you elect is a monthly amount that will be equally divided based on the number of pay periods in the month. Your election will automatically renew from month to month unless you make a change or elect a one-time contribution. In most instances, if the cost of your commuter pass/ticket increases, your payroll deductions will automatically increase to cover the cost.

If you choose to contribute, your contributions will begin to be deducted from your pay based on your election period as shown in the chart below:

Please Note: You must have a valid U.S. state and zip code for your home address on file with JPMorgan Chase to be able to participate in the Transportation Spending Accounts.

The Transportation Spending Accounts allow you the convenience of pre-electing your eligible monthly commuter pass/ticket and/or parking expenses for the coming month. As a result, your payroll deductions for a given month will be used to fund eligible commuting expenses for the following month. Because of this, you should be aware of certain short-term effects on your personal financial situation when you first enroll in the program.

For example, if you elect to participate for the month of June 2008, you may need to pay out-of-pocket for May 2008 commuting expenses, as well as experience payroll deductions in May 2008 for your pre-elected June 2008 commuting expenses. For instance, if your monthly train ticket costs $150 and you enroll by May 1, 2008, during the month of May you'll have payroll deductions of $150 ($115 before-tax, based on the monthly before-tax limit, and $35 after-tax). These deductions will be used to pay for your June 2008 ticket. You'll need to purchase your May ticket separately. Please plan accordingly.

You can change your contribution amounts during the year, subject to the monthly limits.

You must change your contribution amount by the first of each month so that deductions can begin and be used to purchase a pass or parking for the following month. See the chart under "When Participation Begins" for more information. However, in the event your circumstances change, you cannot be reimbursed for periods during which you are not commuting.

The Transportation Spending Accounts, under section 132 of the Internal Revenue regulations, allow qualified transportation expenses to be excluded from an employee's gross income. Under these regulations, before-tax contributions are non-refundable to the employee under any circumstances, including termination of employment, retirement, or death.

Under the "Pay Me Back" option, you have 180 days following the end of the benefit month to file claims for reimbursement. After the claims filing deadline, the unclaimed balance will be applied toward future payroll deductions. The month in which a claim is reimbursed under this option depends on the day of the month on which the claim is submitted. This determination is made following the same election period schedule as that which determines when payroll deductions are taken as outlined under "Schedule of Monthly Enrollment Dates." For example, a claim filed from September 2 - October 1 would be reimbursed in October, while a claim filed from October 2 - November 1 would be reimbursed in November.

The specific expenses listed below are currently considered by the Internal Revenue Service (IRS) to be eligible commuting expenses. Please Note: This list is subject to change at any time based upon IRS guidance.

In calculating the cost of your monthly expenses, you should take into account any discounts that you receive. If you fail to do so, you may be in receipt of taxable income.

The following expenses do not qualify as eligible expenses under the Transportation Spending Accounts. This list may change at any time.

In general, your participation under the Transportation Spending Accounts will end on the day that:

Please Note: If you receive a non-working severance notice, please contact the Transportation Spending Accounts Call Center and inform them you are in a non-working severance period so that your participation in the account and your related payroll deductions may be discontinued.