Tips For Offering Student Loan Benefits Under 401(k) Plans

By Richard Chargar, Pamela Kaplan, Christine Quier-Sheth and Marc Nawyn (September 24, 2018, 3:01 PM EDT) -- Over 44 million Americans have outstanding student loan debt totaling in excess of $1.5 trillion, with the average borrower owing more than $32,000. A 2016 study by the Employee Benefit Research Institute found that families headed by employees ages 45 through 54 with no student loan debt had a median defined contribution plan account balance that was 2.7 times larger than those with student loan debt. In a move that could help employers encourage greater retirement savings among employees with student loan debt, the IRS recently ruled that employer nonelective contributions to a 401(k) plan for employees who make student loan...

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