IRS Guidance Could Help Workers With Student Debt: Group
By Emily Brill (August 29, 2018, 7:13 PM EDT) -- The Internal Revenue Service could clear the way for more debt-ridden workers to save for retirement by clarifying that companies won't lose tax benefits if they make 401(k) contributions when workers make student loan payments, a trade group that advocates for corporations' benefit interests said Tuesday.
The ERISA Industry Committee thanked the IRS for issuing a private letter ruling assuring employers that this 401(k)-contribution method is legal, but it urged the agency to go one step further.
"While we believe that current law allows employers to make contributions to their retirement plans on behalf of workers who repay student loan debt,...
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