The program will go into effect for Travelers' U.S. employees in January 2020.
Tag: student loan debt
Employees can determine how they want to allocate employer 401(k) matching dollars.
By talking about the power of compounding and emphasizing the importance of investing at the same time one is paying down debt, advisers can inspire younger clients to save more and save earlier.
While college savings and student loan debt aren’t typically an area of focus for retirement plan advisers, new survey data suggests a few simple reminders can be a big help to clients; this is especially true when it comes to filling out the Free Application for Federal Student Aid.
The ERISA Industry Committee is asking the IRS to broaden the Private Letter Ruling guidance via a revenue ruling or other guidance.
“In this year’s survey, an astounding 85% of respondents paying toward student loans reported that their obligation to repay the funds are impacting their ability to prepare for retirement,” warns Marsha Whitehead, OneAmerica vice president of enterprise marketing.
Overwhelmingly, employees surveyed by IonTuition agree with the statement, “I would like my company to offer a voluntary student loan assistance benefit.”
The majority describe the American Dream as financial security for themselves and their family, and 54% think it is unattainable.
Workers can move the entire match over or just a portion of it.
Younger workers who came of age during the Great Recession are now making decisions that will have a lasting impact on their ability to generate wealth, including their ability to prepare for retirement, according to a new survey.
Two experienced ERISA attorneys at Drinker, Biddle and Reath warn against the idea of participants seeking a hardship withdrawal for the purpose of paying down student loan debt; requesting a hardship withdrawal for upcoming tuition expenses is another matter entirely.
A brief by the Center of Retirement Research studied how the size and scope of student loans affects 401(k) participation and retirement wealth accumulation.
A PwC survey finds employees are struggling with debt and supporting adult children and aging parents, but also are not investing in their retirement plans properly or using health savings accounts (HSAs) to save for retirement health care costs.
Data provided by CommonBond shows that workers in the technology and retail industries are most straddled with student loan debt; even workers in industries less impacted by student debt say they believe employers should help.
The Student Security Act of 2017 would grant $550 in student loan forgiveness for each month a student debtor was willing to raise his or her full retirement age, or $6,600 per year.