Betterment at Work has rolled out a product that lets small businesses automatically match workers’ student loan payments with 401(k) contributions.
Betterment’s solution arrives as a provision of the SECURE 2.0 legislation goes into effect that makes employees’ qualified student loan repayments eligible for 401(k) matching contributions from their companies.
"We know that student debt can be a major impediment to saving for retirement," Sarah Levy, CEO of Betterment, said in a statement. "Our industry-first student loan 401(k) matching solution is a compelling addition to our modern 401(k) that will help to broaden plan participation to those whose student debt previously kept them from saving for retirement."
Workers can record qualified loan payments on Betterment’s 401(k) platform and their employers can then match those with a contribution to the workers’ 401(k) accounts.
The solution lets employers make the match on loan repayments annually, even if they make other 401(k) matches at each payroll period.
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