DOT’s Federal Transit Benefit Program Designated Compliant by GAO
In a newly released report issued by US Government Accountability Office (GAO), the U.S. Department of Transportation’s (DOT) Debit Card program is determined to be in compliance with all Federal standards. TRANServe, DOT’s shared service provider, delivers the transit benefit program to over 100 Federal agencies and sub-agencies. The report found that TRANServe's multiple internal control activities align with GAO's Standards for Internal Control in the Federal Government and validates the on-going work performed by TRANServe to protect the Federal dollars via the transit benefit against fraud, waste, and abuse. The full report can be found at: http://gao.gov/products/GAO-15-497.
TRANServe’s proven approach to regulatory compliance ensures that the transit benefit provided electronically through the TRANServe Debit Card remains tax free and excluded from the Federal employee’s gross income.
Federal Agency Cost Savings
In addition to IRS compliance, agency savings are inherent to the TRANServe Debit Card. The transit benefit is loaded each month, with the added feature that unused benefits are automatically returned to the agency each month. This seamless operation has produced verifiable savings to TRANServe’s customer agencies thanks to a transformation of the TRANServe program from paper to electronic. Over the last four years the number of participants receiving the benefit via the Debit Card increased steadily as TRANServe partnered with IRS to ensure compliance with the major transit providers city by city. The return of funds to the agency is shown below and occurs every month while maintaining the tax free nature of the benefit!
Monday – Friday,
9:00 a.m. – 1:00 p.m.