Student loan debt in the U.S. totals an astonishing $1.7 trillion, impacting 45 million American workers. Unlock the tools to stand out from the competition and offer your employees a way to save while they pay off student loans. ADP Retirement Services has teamed up with Summer to offer a digital financial wellness solution designed to make it easy for employees to tackle their student loan debt and save for retirement. Check out the Webinar!
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Matching student loan payments could serve as a recruitment and retention tool for employers. 💡You may want to consider discussing with your HR team about adopting this provision to enhance employee benefits. #Sentry
This year, businesses now have the option to provide retirement plan matching for qualified student loan payments—a provision in SECURE 2.0. Our 401(k) team shares how the new provision works in Yahoo Finance.
Here's how SECURE 2.0 helps student loan borrowers save for retirement
finance.yahoo.com
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By offering an ADP retirement plan with Summer's student loan solutions, you can help employees potentially save hundreds of dollars each month with federal loan programs or matching student loan payments into retirement plans. Employees no longer have to put off saving for retirement due to the pressure of student loan debt. Reach out to find out more!
Pay Off Student Loans or Save for Retirement? Help Employees Do Both
adp.com
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If you work for an employer that offers a 401(k), 403(b), or similar workplace plan, there’s a new option rolling out this year that can help you save for retirement and pay off student loans in one fell swoop. 💸 #studentloans #retirementsavings #studentloan401kmatch
Paying off a student loan? Your company could match that money in your 401(k)
finance.yahoo.com
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Secure 2.0 offers a significant benefit for student loan borrowers by allowing them to qualify for employer matching contributions to their retirement plans, even if they're not able to contribute themselves due to loan repayments. This means borrowers can effectively "pay" into their retirement by paying down their student loans, helping them to build long-term savings while managing debt. It's a dual-benefit approach that addresses the immediate financial challenge of student loans while securing future financial well-being through retirement savings. #SecureAct2 #StudentLoans #FinancialWellness #DebtManagement #EmployeeBenefits https://lnkd.in/guBqTEmj
Here's how SECURE 2.0 helps student loan borrowers save for retirement
finance.yahoo.com
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Check out the PLANSPONSOR article below, which provides some insights on larger employers providing leadership in rolling out Student Loan Debt Repayment Matching Benefits on Fidelity's platform. Since participants are not allowed to "double-dip", the calculation and funding for contributions based on student loan repayments will be made after the end of the plan year. It is reasonable to expect this will become part of the year-end testing process, and completed in February/March of 2025. A lot of companies will be very interested in the participant utilization, once the leading recordkeepers are able to compile the results.
Four Sponsors Add Fidelity Investments’ Student Loan Debt Repayment Matching Benefit A luxury goods company, media company, beauty retailer and media and entertainment company are all employers implementing student loan debt repayment matching this year. Four plan sponsors are among the large employers, offering their defined contribution retirement plan participants a student loan debt repayment matching benefit—tapping Fidelity Investments’ student debt workplace program, according to documents viewed by PLANSPONSOR. #studentloan #studentloandebt #retirement #retirementsavings #401k
Four Sponsors Add Fidelity’s Student Loan Debt Repayment Matching Benefit
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Did you know that your employer can now match the payments you make on your student loans into your 401(k)? As of this year, they can! I'm excited to be featured in Employee Benefit News today talking about the new Secure 2.0 provision and some common misconceptions I've heard in my conversations over the past year. This is a great opportunity for both employers and employees to increase retirement savings, offer a tax-advantaged benefit, and prevent student loans from standing in the way of employees' financial futures. Let me know what other questions you have about the new provision and how it works!
Scared of student loan matching via SECURE 2.0? Drop these common misconceptions
benefitnews.com
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📢 Attention all employers! 📢 As of this year, your employees can take advantage of an incentive that treats student loan payments as elective deferrals for matching retirement. That’s right — when your employee makes a payment on their student loan, you can make a matching contribution into their retirement account. Read all about it here 👉 https://lnkd.in/dH3tubAF. Ready to start implementing this benefit or other student loan repayment assistance benefits? #Attigo’s student loan repayment assistance platform makes it easy 👉 https://lnkd.in/dNtxPcWx. #StudentLoans #EmployeeBenefits
A step-by-step plan detailing how to participate in your employer’s student loan payment as a 401(k) contribution through the SECURE 2.0 Act.
msn.com
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There are several required provisions from Secure Act 2.0 that will go into effect this year. An optional one that is gaining the most traction is the student loan match provision. It allows employers to treat student loan payments as elective deferrals for the purpose of determining matching contributions. As we're all aware, student loan debt is a huge issue across multiple generations that can impact people's ability to save for retirement. Employers are continuously looking for ways to better support their employees, so it will be interesting to see its adoption over the next few years. #secureact2 #401kplans #studentloanrepayment #financialwellbeing
Companies can now help workers pay off student debt while saving for retirement—these 3 already offer the benefit
cnbc.com
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Fidelity supports the recent introduction of the Employer Participation in Repayment Act. This bipartisan legislation would make permanent a temporary provision that originated from the CARES Act of 2020, allowing employers to contribute up to $5,250 tax-free to their employees’ student loans. Today, Americans owe over $1.7T in student debt and the cost of college has increased 45% in 20 years. This bill ensures a public-private, win-win solution to the country’s growing student debt issue by creating a permanent path for employers to seamlessly contribute to and ease the student debt burden of their employees. As a market leader in student debt workplace benefits, Fidelity has seen the significant impact this provision has had. We look forward to working with Congress to advance this important policy into law.
Fidelity Tackles Student Loan Debt
fidelity.com
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As employers look for new ways to support their employees' financial well-being, the IRS has provided guidance for navigating student loan retirement matching under the Secure 2.0 Act. 💡 But implementing these programs can be complex. Our latest blog post gives you the most important takeaways on the guidance, like how employers can now match 401(k) contributions based on student loan payments and the specific documentation required—and how Summer handles loan certification and compliance for you. Make implementing this benefit a breeze. Summer keeps student loan matching stress-free, seamless, and one of the best ways to boost retention. 🚀 Read more on the blog here: https://lnkd.in/eKWUUpZf
New IRS Guidance for Student Loan Retirement Match Makes Summer an Easy Choice I Summer Blog
meetsummer.com
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