What can employers do to assist workers with student loan debt? According to this PlanSponsor article, some strategies include direct-to-worker payments or an indirect option for student debt repayment benefits. McDermott Partner Jeffrey Holdvogt said a loan consolidation or refinancing option can help workers get a lower interest rate.
“There’s an expectation that many individuals will begin repaying student loans again sometime soon and what should employers be thinking about in terms of student loan benefits [for workers]? There’s a few different buckets of options for employers to provide student loan benefits,” Holdvogt said.
The House recently passed the most significant piece of proposed retirement plan legislation in more than a decade: the SECURE Act. Although the Senate must also approve the bill before it becomes law, its proposed changes have considerable bipartisan support in Congress. Plan sponsors should start considering how changes included in the SECURE Act could impact their retirement plans. Employers who do not currently offer retirement plans should also review the new retirement plan incentives included in the proposed legislation.
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