More employers add 401(k) plan match for those paying student loans [CNBC]
News Corporation - Class B (NWS)
US:NASDAQ Investor Relations:
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Source: CNBC
A recent law, Secure 2.0, allowed employers to essentially treat student loan payments like a 401(k) contribution for the purposes of offering a match, starting in 2024. Large companies like Kraft, Workday, News Corp. and Comcast are examples of early adopters. Most employers are not yet offering or planning to offer the benefit, though. Companies can now offer their workers a “match” on their student loan payments in the form of a contribution to their 401(k) plan — and a small but growing number of employers are taking advantage. Traditionally, companies have only paid a 401(k) match to workers based on their voluntary contributions to the workplace retirement plan. A worker choosing to save 3% of their annual pay in a 401(k) might get a 3% match from their employer, for example. Now, companies can treat a worker's student loan payments like an elective 401(k) plan contribution. Federal law allows employers to give a match based on a worker's payments toward student deb
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