Tuition.io的动态

The IRS on Monday detailed the steps employers must take when?contributing student loan payment matches?to workers’ defined contribution plans — a benefit offering that became available this year. (Kate McGovern Tornone) #humanresources #hr #irs #401k #studentloans #benefits

Student debt is a growing problem for U.S. workers. New provisions in the SECURE 2.0 Act address that by allowing employers to match employees’ qualified student loan payments with retirement contributions to a 401(K) plan. As shared, though, in this article from WorldatWork’s Workspan Daily, the benefit has been slow to get off the ground. https://lnkd.in/gpEuWWgS #WorldatWork #WorkspanDaily #Benefits #TotalRewards #TR #Workforce #HR #HumanResources #HumanCapital #HRStrategy #StudentLoans #SecureAct #401K #RetirementSavings #FinancialWellbeing

Why as an employer should you offer a student loan benefit to your employees? ??♀? #humanresources #benefits #advisors #studentloans #financialwellness Offering student loan benefits can be a powerful tool for companies looking to retain and recruit talent. If you are looking at your current benefit package for the new year and want to set your company apart from the others, Thrive Matching can assist. Here are some key benefits of using student loan assistance programs to attract and retain employees. 1. Attracting top talent:??????? Competitive edge: Student loan benefits are still relatively uncommon compared to traditional benefits like health insurance or retirement plans. Offering these benefits can help companies stand out in a crowded job market. Appeal to Millennials and Gen Z: Many younger employees are particularly burdened by student debt, and loan repayment assistance can be a key factor in their decision making process when choosing an employer 2. Boosting Retention Rates: Reduced Turnover: Employees with student loan benefits are more likely to stay with a company longer, especially if the benefit is tied to a length-of-service requirement. Increased loyalty: By helping ease financial stress, companies can build loyalty, showing employees that they're invested in their financial well-being and long term-success 3. Enhancing Productivity and Job Satisfaction: Financial Wellness: employees are less stressed which can improve productivity and focus Higher Engagement: providing meaningful benefits like student loan assistance helps employees feel valued 4. Positive Employer Branding: Attractive workplace culture: Companies that invest in unique benefits often have a stronger reputation as employee-focused, which can improve employer branding and help attract high-quality candidates. 5. Potential Tax Benefits:?? IRS Student Loan Repayment Benefit: Under the CARES Act, employers can contribute up to $5,250 annually toward an employee's student loans tax-free (currently extended through 2025) This makes it easier for companies to provide this benefit without additional tax costs. ? Go to https://lnkd.in/gibg5ehq to learn more.

It surprises me how many employers are not this considering benefit. This article calls out two possible roadblocks. First many organizations do not account for the number of employees impacted by student loans. This affects employees at all age levels. Second, the tracking these contributions is cumbersome. Not sure how to resolve this issue. If you recognize the true number of employees affected by student loans in your organization, it may be well worth the challenges associated with tracking contributions! #benefits #hrleaders

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

???????? ??????'???? ???????????????? ???????? ?????????????? ??????????, planning for retirement might seem like a distant concern. However, starting early can significantly impact your financial security later in life. ??????????????????????, ?????? ???????????? ???????????? ??.?? ???????????????????? ?????????????? ?????? introduces an innovative way to help employees focus on both immediate and long-term financial goals. This legislation allows employers to contribute to your 401(k) plan equivalent to what you're paying towards your student loans. Essentially, while you chip away at your student debt, your employer helps build your retirement savings, making each student loan payment doubly beneficial. This new act is particularly advantageous ?????? ?????????????? ?????????????? ?????????????????? ?????????? ?????????????? ?????? ?????????? ?????????????????? ?????? ?????????? ???? ????-?????????????? ???? ?? ??????????’?? ?????????????? ??????????. It's starting to catch on with forward-thinking employers, and as a recruiter at KIP Search, I’m positioned to help you find organizations that not only offer but champion these progressive benefits. ???? ??????'???? ?????????????????? ?????? ?????? ??????????????????????????, consider this retirement matching feature as a critical factor in your decision. It’s an excellent opportunity to grow your nest egg passively while managing your immediate financial obligations. #savings #leadershipdevelopment #coaching #bestadvice

???????? ??????'???? ???????????????? ???????? ?????????????? ??????????, planning for retirement might seem like a distant concern. However, starting early can significantly impact your financial security later in life. ??????????????????????, ?????? ???????????? ???????????? ??.?? ???????????????????? ?????????????? ?????? introduces an innovative way to help employees focus on both immediate and long-term financial goals. This legislation allows employers to contribute to your 401(k) plan equivalent to what you're paying towards your student loans. Essentially, while you chip away at your student debt, your employer helps build your retirement savings, making each student loan payment doubly beneficial. This new act is particularly advantageous ?????? ?????????????? ?????????????? ?????????????????? ?????????? ?????????????? ?????? ?????????? ?????????????????? ?????? ?????????? ???? ????-?????????????? ???? ?? ??????????’?? ?????????????? ??????????. It's starting to catch on with forward-thinking employers, and as a recruiter at KIP Search, I’m positioned to help you find organizations that not only offer but champion these progressive benefits. ???? ??????'???? ?????????????????? ?????? ?????? ??????????????????????????, consider this retirement matching feature as a critical factor in your decision. It’s an excellent opportunity to grow your nest egg passively while managing your immediate financial obligations. #savings #leadershipdevelopment #coaching #bestadvice

The financial burden of paying down student loan debt can prevent employees from saving for retirement, particularly in early working years (when I'd argue it's most important to invest). Thanks to Secure 2.0, employers are beginning to add a new benefit - matching student loan payments in employee 401(k)s. Benefits for employees: pay down debt and invest for retirement. Benefits for employers: attract and retain top talent. Win, win.

A whopping 86% of employees would commit to their employer for five years if they helped them pay back their student loans. That’s considerable, given there are over 40 million adults with outstanding student loans in the U.S. Allie Danziger, a 2x exited founder who has dedicated her career to upskilling, empowering, and mentoring early career professionals and students, shares three ways employers can help employees navigate their student loan debt for Forbes: 1?? Assess your entry-level salaries and encourage advancement. 2?? Cultivate financial literacy for your employees. 3?? Attract talent with student loan relief benefits. https://lnkd.in/g3mgQuGe Supporting employees with student loans isn’t just good for retention. We found that many borrowers are experiencing mental distress as a result of their student loans in our research with Savi https://lnkd.in/g-XgX5q3). A stressed workforce is a less productive workforce, which is why more and more employers are recognizing their responsibility to help — not only to support their workers but also to improve their bottom line.

It’s well known that Millennial and Gen-Z employees are often overburdened by student debt, but recent data shows that the need for assistance saving for retirement while paying off loans may be even greater than we think. In a recent survey conducted by Betterment at Work, we found that 64% of workers say that student loan debt impacts their ability to save for retirement and 70% say it causes them stress (Betterment, Retirement Readiness Report, 2023). So how can employers meet this need, while also working towards hiring and retention goals? A provision from the new Secure 2.0 Act enables employers to offer a 401(k) match on student loan payments. Learn more about how this benefit can work for you: https://bit.ly/3SCB4Pp