Cash Out Program = Extra Money on Your Paycheck
UK Transportation Services is now accepting applications for its Cash Out Program. This program is limited to the first 100 qualified applicants.
The Cash Out Program is now in its fourth year and financially rewards employees who choose to forego a parking permit for one year. Participants will receive $200 over a one-year period, evenly divided across paychecks.
This program is designed for employees who are interested in alternative modes of transportation, such as riding the bus, bicycling, carpooling or walking to campus.
“Many people’s habits have changed as a result of COVID-19. We’re seeing less cars on the road during this time and more people riding bikes, walking, and sharing rides with family and roommates. If people choose to continue these habits as they return to campus, we hope that the Cash Out Program can incentivize these healthy behaviors as an ongoing lifestyle choice when driving is not a necessity.” said Sandra Broadus, Transportation Services’ Alternative Transportation Manager.
The financial benefits to participating in the Cash Out Program extend well beyond $200. Over the enrollment period, participants could see a total cost savings of nearly $900 per year associated with not purchasing a parking permit, as well as reduced fuel and vehicle maintenance expenses. Participants may also see reduced health-related costs if they choose walking or bicycling as their primary method of commute.
The Cash Out Program is designed to help reduce the number of motor vehicles trips to, from and around campus, and to promote modes of transportation that save money, foster healthier lifestyles and have lower environmental impacts. Based on those goals, the program is only open to employees who have had a parking permit for the past fiscal year (July 1-June 30), or are a new employee with a start date of September 2019 or later. Applicants must also have work assignments that are day shift and based on main campus.
The online application for the Cash Out Program is now open and will close after the program is full. Transportation Services will begin reviewing applications in June and will notify recipients as they are approved. Interested employees are encouraged to apply as soon as possible.
UK Transportation Services strives to improve the quality of life on campus by offering responsive, sustainable and reliable access to infrastructure and mobility solutions. To learn more about transportation options, follow Transportation Services on Twitter @UKParking, or visit us online at www.uky.edu/transportation.