Should employers process employee payments via payroll?

Should employers process employee payments via payroll?

by | Dec 5, 2024 | Benefits, Decisions, FAQ, Features, Human Capital, Human Resources, Insights, Plan Design, Program Management, Student Loan Assistance, Student Loan Repayment

During discussions with potential clients, one question that comes up from time to time is based on employee student loan payments and payroll. Wondering if they can/should process employee payments through their payroll system. This post helps answer this question...
Are employees’ spouses or family members able to participate in a Student Loan Repayment program?

Are employees’ spouses or family members able to participate in a Student Loan Repayment program?

by | Nov 26, 2024 | Benefits, Decisions, Differentiation, Employee Benefits, FAQ, Features, Human Resources, Insights, Plan Design, Program Management, Student Loan Assistance, Student Loan Repayment

When meeting with potential clients and partners, one of the common questions we get on program best practices surrounds spouse and family member participation. To answer this question, no, an employee must be listed as the primary borrower on the student loan in...
Private Letter Ruling Adds Unnecessary Complexity to Student Loan Assistance

Private Letter Ruling Adds Unnecessary Complexity to Student Loan Assistance

by | Oct 11, 2024 | Benefits, Decisions, Differentiation, Employee Benefits, FAQ, Features, Human Resources, Insights, Plan Design, Program Management, Student Loan Assistance, Student Loan Repayment, Tax-free

In a recent statement from the IRS, an unnamed employer received access through a private letter ruling to defer 401k matching dollars to student loans through a Section 127 plan tax-free. Similar to the private letter ruling Abbott Labs received in 2018 to count...
Peanut Butter Insights: Do Employers Typically Cap Their Total Student Loan Contributions?

Peanut Butter Insights: Do Employers Typically Cap Their Total Student Loan Contributions?

by | Oct 4, 2024 | Benefits, Decisions, Differentiation, Employee Benefits, Employee Engagement, FAQ, Features, Financial Wellbeing, Human Resources, Insights, Plan Design, Program Management, Student Loan Assistance, Student Loan Repayment

In our discussions with potential clients, employers commonly ask about lifetime maximum caps on their student loan contributions for employees. Hoping to draw comparisons to other benefits. In this post, we’ll describe the best practices surrounding this concept. In...
Peanut Butter Feature to Know: What do employees agree to do as program participants?

Peanut Butter Feature to Know: What do employees agree to do as program participants?

by | Jul 22, 2024 | Benefits, Employee Benefits, FAQ, Features, Human Capital, Human Resources, Insights, Plan Design, Program Management, Student Loan Assistance, Student Loan Repayment

When considering Student Loan Assistance, many employers are curious about what employees agree to as benefit participants. Along with their responsibilities in the program. Employees that elect to participate in a student loan repayment program with Peanut Butter...