Kevin Solan’s Post

🙌 🎉 The long-awaited IRS guidance for Section 110 of SECURE 2.0, which enables student loan retirement matching, is finally here! Who knew IRS guidance could be so exciting!? The guidance outlines the central role of a “third-party service provider", critical to receiving and transmitting appropriately elaborate user data between the participant, lender, and employer. However, in the complicated and sometimes volatile world of student loans, it is more important than ever for plan sponsors, advisors, and recordkeepers to partner with a provider who has the knowledge, expertise, and agility to adhere to these guidelines while enabling continuity of service and a seamless participant experience, with multiple methods to ingest the data required to operationalize SECURE 2.0. 🙌 🎉 The end-to-end experience, for all stakeholders, has always been at the core of our award-winning Student Loan Retirement Match solution (which, as it happens, was the industry’s first-to-market solution, launching nearly a year before SECURE 2.0’s passage). We are proud to invite the industry to lean on and leverage our trailblazing, best-in-class enterprise solution, which offers: 1. Three distinct methods through which participants can “register” their loans with Candidly and provide the information needed to support a matching claim for qualified student loan payments in an elegant and easy way. Not only does this optimize for the participant experience, it has also proven to enable agility and continuity of service amid a technical change enacted by federal student loan servicers in recent weeks that has disrupted third parties’ ability to receive and transmit loan data (an action that directly contradicts the IRS’s suggestion that third parties are critical to fulfilling certification requirements). 2. Support for participant activation and engagement. Like any workplace benefit, an “if you build it, they will come” approach will not take you far. That’s why our solution is more than just a technology product — it’s engagement as a service with a proven participant communications playbook to drive engagement from onboarding to self-certification and beyond. 3. Integrated and non integrated implementation options. Our SLRM solution can be embedded, with flexible branding options, within a provider’s existing interface or delivered to participants through a simple outlink for a light to no lift implementation. Candidly also offers a robust suite of modular features designed to enable participants to make progress towards financial goals like planning for college, student debt management, saving for retirement, and/or building a rainy day fund with Certified Student Loan Coaches available at the click of a button. The Candidly crew is standing by to help you execute the student loan retirement match offering, even in time for open enrollment. Please leave a comment or reach out at sales@getcandidly.com if we can be of assistance.

Thrilled about the new IRS guidance for Secure 2.0! Legislation like this can truly impact lives, helping employees balance student loan repayments while building a secure retirement. As I've mentioned before, I love the idea of allowing employers to match retirement contributions for employees paying off their student loans because it will enable many to access a benefit that may have previously been out of reach due to the burden of debt. Our CEO and founder, Laurel Taylor, provides a great summary of these important changes below. 🙌

'I am graduating college in a couple of weeks and want to start saving money and pay off my student loans. Where do I start" This was a question posed to me and my response was that you need to do more than these two items. I wrote her back a checklist that I'll share below. PT1. Create a Budget -  Start by tracking your income and expenses to understand where your money is going. Create a realistic budget that allocates funds for necessities like rent, utilities, groceries, and transportation, while also setting aside some for savings and discretionary spending. Tools like budgeting apps can help you stay on track and manage your finances effectively. Establish an Emergency Fund -  Life is unpredictable, and unexpected expenses can arise at any moment. Build an emergency fund that covers at least three to six months' worth of living expenses. This fund will provide a safety net during challenging times, such as job loss or medical emergencies, without derailing your financial goals. Prioritize Debt Repayment -  If you have student loans or credit card debt, develop a repayment strategy to tackle these obligations efficiently. Consider consolidating high-interest debts or enrolling in income-driven repayment plans for federal student loans. Make consistent payments to reduce your debt burden and free up more resources for savings and investments. Save for Retirement -  It's never too early to start saving for retirement, even if retirement seems like a distant reality. Take advantage of employer-sponsored retirement plans like 401(k)s or IRAs, especially if your employer offers matching contributions. Contribute as much as you can afford, and aim to increase your contributions over time to harness the power of compounding and secure a comfortable retirement. Don't overlook the Roth 401k option. Invest Wisely -  Learn about different investment options, such as stocks, bonds, and exchange-traded funds (ETFs), to grow your wealth over the long-term. Consider consulting an investment advisor to develop an investment strategy tailored to your risk tolerance, goals, and timeline. Diversify your investment portfolio to mitigate risks and maximize returns.

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!

🎓🏦 Breaking Down Student Loan and Retirement Benefits! 🎉📚 Insightful conversation alert! 💡 Recently, I had the opportunity to sit down with a client to discuss their progress in paying down their student debt. During our discussion, we stumbled upon an exciting provision in their 401(k) plan that could be a game-changer. It turns out their employer offers a unique opportunity to match a portion of their student loan payments. While not every company provides this benefit, it's essential to be aware of it in case it could significantly improve your financial situation. Taking the initiative to reach out to your HR department to determine your eligibility could be a smart next step. 🤝 Bridging the Gap: Student Loans and Retirement Savings Many employees face the dual challenge of managing student loan debt while saving for retirement. The provision we discovered offers a compelling solution by allowing the employer to match a portion of the employee's student loan payments with contributions to their retirement account. It's a win-win scenario that can alleviate the burden of student loans and foster long-term financial security. 🔍 Exploring the Potential Benefits By taking advantage of this provision, employees can make meaningful progress in tackling their student loans while building their retirement savings at the same time. This opportunity allows individuals to address two critical financial goals simultaneously, paving the way for a more secure future. Additionally, the employer's matching contributions to retirement accounts provide an extra boost to employees' long-term financial well-being. The accumulated savings can serve as a robust nest egg, ensuring peace of mind and stability during retirement. 💼 How Can You Benefit? If you find yourself burdened by student loan debt, it's well worth considering the potential advantages of this provision within your organization's 401(k) plan. Reach out to your HR department to explore whether you qualify for this fantastic opportunity. 🗣️ Spread the Word! Feel welcome to share this post with your network and encourage them to explore if their employers offer similar benefits. Together, we can ensure that more individuals have access to the tools they need to conquer student loan debt and build a brighter financial future. The article included outlines a few examples of companies that have adopted already.https://cnb.cx/3yUoqVG #StudentLoanDebt #RetirementSavings #FinancialWellbeing #EmployeeBenefits #FinancialFuture

The SECURE Act 2.0 brings significant changes to tax-advantaged retirement savings, including student loan repayment matching. Payitoff’s solutions can help you leverage these benefits for your customers. Find out more at the link. https://hubs.ly/Q02MncGM0 #secureact #fintech #studentloanmatching #401k

Are You Using Best Financial Advice for Young People? Young adults face many financial challenges. These days, student loan debt, rising interest rates and inflation all make it harder to grow wealth. Meanwhile, financial education is inconsistent in schools, which can leave you feeling underprepared when making financial decisions. Financial Literacy Is Important for Young Adults Any decisions that a young adult makes today have the ability to compound and impact their futures tomorrow. * Do you pay off your student loan debt first, or do you build up an emergency fund? * Do you pick pretax contributions to your 401(k), or should you make Roth contributions to it? * What’s the best way to save for a house? To add to the difficulties young adults face, the answer often is: It depends. Everyone’s situation is unique, and it can be hard to wade through all the financial advice online to find what is relevant to you. While it’s important to educate yourself on finances, life can get in the way. If you’re feeling overwhelmed or too busy to figure it all out by yourself, it might be time to find a financial advisor. Things To Consider as a Young Adult First, you’ll want to define what you want or need. Most people think only of investments or insurance when thinking about finances, but there is much more. Common financial topics young adults need help with: Student loans. According to Federal Reserve Board data, 34% of people under the age of 30 have student loan debt. Student loans, especially federal loans, have a lot of nuances and the wrong move can cost you. Occupation-specific. Many industries and jobs have their own unique financial planning needs. Some examples include financial advisors for doctors, nurses or teachers. Budgeting. Building good spending and savings habits when you’re still young can give you a solid foundation for a lifetime of financial success. Socially Responsible Investing. More and more young adults want their investments to reflect their personal views on environmental and social issues. A recent survey showed that younger generations are even willing to trade some investment performance for more socially conscious companies. Taxes. Optimizing your taxes while young can save you hundreds of thousands of dollars over your lifetime. Life is full of choices that change our destiny. By deciding you want more you’ll be making the choice that will give you an unlimited financial life. Contact and join us to help you build a financial foundation. When you have a step-by-step process to follow, you’ll start to see real results. Can’t wait to hear what you accomplish this year! Live Long and Prosperously, Reitenbach-Kissinger Institute Sydney and Michael Text: 650-515-7545 Email: mjkkissinger@yahoo.com Review: 1. MKS Master Key Coaching: mksmasterkeycoaching.com 2. 15 Books That Made Us Wealthy: Listen for Your Financial Success: https://lnkd.in/gPVxcf3J

According to Handshake, 1 out of every 4 new grads consider student loan repayment as a "must have" benefit in their next job. However, less than 10% of employers currently offer it. Today, the Internal Revenue Service released guidance on how to treat student loan payments like retirement plan deferrals. It's getting easier and easier to create match programs and help your employees pay down their loan balances. Consider creating such a program to increase the attractiveness of your company versus your peers. https://lnkd.in/gMK_d8aN

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!

As the student debt crisis continues to weigh heavily on millions of Americans, credit unions have a powerful opportunity to make a meaningful difference in their communities. Offering affordable student lending products is key for credit unions to attract younger members, support existing members, and drive positive economic impact.   The numbers are staggering - outstanding student loan debt in the U.S. has surpassed $1.7 trillion, with private student loans accounting for around $128 billion of that total as of early 2024. This debt burden is preventing younger generations from achieving major milestones like buying homes, starting families, and launching businesses – which prevents credit unions from getting more business.    Credit unions were founded on the principle of people helping people, but it goes beyond financial counseling and ensuring you’re offering the products they need also. By providing responsible private student loan options and flexible repayment terms, you can establish trusted relationships with students and families from the very start of their financial journeys. These early connections foster long-term loyalty and open doors for deeper engagement over time with products like mortgages, auto loans, and investment services.   But the impact goes beyond just attracting the next generation of members. Many existing credit union members are co-signers or directly financing their children's education costs. Affordable student lending gives you a way to provide relief and strengthen ties with these valued members as well.   In communities across America, credit unions have a reputation for personalized service, competitive rates, and putting people over profits. Offering student loan solutions allows you to live out those values while gaining an edge over big banks and online lenders. More importantly, it empowers your members to invest in education and pursue their dreams without the albatross of unmanageable debt dragging them down.   At LendKey, we've built an innovative lending platform to partner with credit unions in delivering transparent, fairly-priced private student loans and student loan refinancing options. Our mission is to help you meet this critical need in your communities.   The student debt crisis weighs heavily, but credit unions have an opportunity to be a force for positive change. I encourage you to explore adding student lending to your product suite. The benefits for your members, potential for attracting younger members, and impact on your local economy make it well worth moving past any lingering stigma.   I welcome your thoughts on how we can collaborate to make education more affordable. Let's work together to shape a brighter future.