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In this economic environment, employers are doing almost anything to attract and retain a quality workforce. Improving the suite of employee benefit offerings, sometimes without incurring major new expenditures, is top of mind for many.
Enter SECURE 2.0, which includes a long-awaited 401(k) feature that has sparked employer interest for years.
The new legislation lets employers treat an employee’s payments toward student loan debt as if they were 401(k) contributions.
Employers are permitted to make “matching contributions” into the employee’s plan account even though the employee didn’t contribute anything to the plan. This is a
