As part of its ongoing commitment to offering a variety of mobility options for the campus community, University of Kentucky (UK) 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 $200 over a one-year period, which will be divided evenly on each paycheck during that time period. Participants will have the opportunity to renew for the following year if they would like to continue their participation in the program.
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 fuel and maintenance costs. Including the cash out incentive, 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 'cash out' incentive is primarily targeted at employees who have convenient access to commuting alternatives, such as BluPass, bicycling, or carpooling, or who live within a walkable distance of campus,” said Lance Broeking, director of Transportation Services. “However, it also offers a reward for those who may have been considering shifting to an alternative mode of transportation.”
The cash out program is designed with the goal of reducing the number of motor vehicles on campus as well as creating a more pedestrian friendly community. 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. For the purposes of the "cash out" program, graduate students with assistantships are considered employees. However, their graduation date must be at least two years away to be eligible.