A New Benefit for Certain Student Loan Recipients: A Matching 401(k)

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A new benefit that may soon be available to student loan debtors who are blessed enough to be given exposure to a 401(k)-style plan but are unable to save in it is: Their company may contribute to their retirement funds if they pay off their school loans.

Employees with student loans will be eligible to get employer matching funding in workplace plans as of this year, even if they are unable to save any money on their own. Rather, the loan payments are what matter.

Legislation referred to as Secure 2.0, which featured a number of retirement-related regulations aimed at increasing savings, made the new function possible.

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