Cash Out Program
Cash Out Program
As part of its ongoing commitment to offering a variety of mobility options for the campus community, University of Kentucky Transportation Services is launching a pilot “cash out” incentive program for employees who choose to forgo bringing a motor vehicle to campus for one year. The program will give up to 200 qualified employees each up to $200 over a one-year period, which will be divided evenly on each paycheck during that time period. Participants wcloseill have the opportunity to renew for a second consecutive year if they would like to continue their participation in the program.
The purpose of the cash out program is to reduce the number of single-occupancy motor vehicle trips to, from and around campus, and to promote modes of transportation that save money (for individuals and the University), foster healthier lifestyles and have lower environmental impacts.
The cash out program is part of a suite of alternative transportation options available to the UK community that also includes the BluPass partnership with Lextran, the bike voucher program, and the Big Blue Cycles fleet for residential students. These programs are designed to simplify the process of shifting from driving a single-occupancy vehicle to campus to an alternative form of transportation, and to reward those individuals who make the change in their routine.
The cash out program aligns with the goals set forth in the UK Transportation Master Plan (TMP). The TMP aims to improve access and mobility to, from, and around campus for all members of the UK community.
How It Works
The program will give up to 200 qualified employees each up to $200 over a one-year period, which will be divided evenly on each paycheck during that time period. The cash out program operates on the fiscal year (July 1 to June 30). Participants enrolling in the program after the start date will receive a prorated amount. Participants will have the opportunity to renew for a second consecutive year if they would like to continue their participation in the program. Program participants will also receive ten (10) scratch-off parking passes, one-day permits that may be used on occasions when participants must bring a motor vehicle to campus. Participants will have the opportunity to purchase up to 40 additional scratch-off permits per fiscal year. Scratch-off permits are intended to be used on days when alternative transportation modes are not a feasible option for the participant, and are not intended to take the place of a regular motor vehicle parking permit.
Specifically, the financial rewards of the cash out program extend well beyond $200. Over the enrollment period, participants would also benefit from substantial cost savings associated with not purchasing a parking permit, as well as reduced fuel and maintenance expenditures.
For example, at current E permit rates, an employee would save $444 per year by not buying a permit and $250 or more in reduced gas mileage and maintenance costs. Including the cash out incentive, and an employee could see a total impact of nearly $900 per year that they are enrolled in the program. Participants who choose walking or bicycling as their primary mode of transportation may also realize reduced health-related costs.
The program is essentially a year-to-year commitment for up to two years. Participants will not be authorized to purchase a parking permit while participating. All requests to leave the program will be reviewed on a case-by-case basis.
Applications for the cash out incentive program are currently closed. Information about the 2018 program will be announced soon.
- Participants must sign a car-free commitment that will prohibit them from purchasing a vehicle parking permit for one year. Participants may still purchase a limited number of scratch-off permits for occasions when they must bring a motor vehicle to campus, as outlined above.
- Cash outs are awarded with the goal of removing motor vehicles from campus. To that end, priority will be given to employees who have had a vehicle parking permit for the past fiscal year (July 1 - June 30), but those new to the university will also be given consideration.
- Cash out enrollment is not transferable.
- Only faculty and staff with main campus assignments are eligible to participate. Those who work at any of UK’s outlying offices where permits are not required for parking may not apply.
- Faculty and staff with temporary work assignments must have a work assignment end date of at least two (2) years later than the date of incentive issue to be considered for the program.
- Graduate students who are also employees through an assistantship will be eligible for cash out only if they currently have a parking permit from the previous year and only if their position extends for the two year duration of the program.
- To be eligible, participants must be employed in a taxable position at the University and receive a regular paycheck. Ex. on-call employees, visiting scholars and those with non-taxable fellowships are not eligible.
- Prior to receiving the cash out, prospective participants must attend a short program orientation covering alternative mobility options, as well as campus and community resources for commuters. Prospective participants may reschedule their orientation date; however, prospective participants who are absent from orientation without notice may be subject to removal from consideration.
- Participants suspected of engaging in fraudulent behavior may be subject to further restrictions, repayment of the cash received, removal from the program and future disqualification from other alternative transportation programs.
- If participants stop receiving a paycheck (i.e. unpaid leave, Family Medical Leave, etc.), they will forfeit their cash out incentive for that pay period.
- Participants who are bi-weekly employees will not receive the cash out incentive on the third paycheck of the month during months that have three pay periods.
- Participants are limited to one iteration of one alternative transportation incentive program; they may not participate in the programs concurrently or consecutively. This means that you could do either cash out or bike voucher, but not both.