Traditionally, companies have only paid a 401(k) match to workers based on their voluntary contributions to the workplace retirement plan.
Now, companies can treat a worker's student loan payments like an elective 401(k) plan contribution.
Workers generally don't have to contribute to the 401(k) plan to qualify for the funds.
Here's a general example: A 30-year-old participates in a 401(k) plan in 2024.
Companies had the benefit prior to Secure 2.0Employers had begun offering a 401(k)-linked student loan benefit even before Secure 2.0.
Persons:
Jesse Moore, Moore, Rob Austin, We've, Thomas Barwick, Brian Dobbis, Abbett, Here's, Dobbis, Abbott, Austin, PSCA, Hattie Greenan, Greenan, Ellen Lander
Organizations:
Getty, Workers, Kraft, Fidelity, News Corp, Financial, Comcast, Finance, Trump, Internal Revenue Service, Companies, Secure, Employers, IRS, of America, Pharmaceutical, Renaissance
Locations:
U.S, Pearl River , New York