Keeping Retirement Plans and Student Loan Assistance separate create the best outcome for employers and their teams

Keeping Retirement Plans and Student Loan Assistance separate create the best outcome for employers and their teams

It has now been close to a year since the Secure Act 2.0 was approved and options were added for employers to tie their retirement plans to other programs like Student Loan Assistance. In our experience, this hasn’t been taken up as a common approach for employers....
Is the SAVE Student Loan Repayment plan making a difference for your employees?

Is the SAVE Student Loan Repayment plan making a difference for your employees?

Nationwide, many individuals are utilizing the SAVE plan to lower monthly payments on their student loans and in their minds putting themselves in a better position financially. The SAVE plan is income-driven and payments are altered by each unique person’s earnings....
Private Letter Ruling Adds Unnecessary Complexity to Student Loan Assistance

Private Letter Ruling Adds Unnecessary Complexity to Student Loan Assistance

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...
Tax-Free Student Loan Repayment, Here to Stay

Tax-Free Student Loan Repayment, Here to Stay

First through the CARES Act in 2020, then the Consolidated Appropriations Act of 2021, and now through an in progress bipartisan bill in 2024. Tax-free Student Loan Assistance is once again making a statement to remain an option for employers looking to stand out in...
Peanut Butter Insights: Do Employers Typically Cap Their Total Student Loan Contributions?

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

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...
How long does it take to set-up a Student Loan Assistance Program?

How long does it take to set-up a Student Loan Assistance Program?

When considering Student Loan Assistance as a new benefits offering, employers commonly ask about program setup time. It’s important to understand the legwork required to get things off the ground.  When it comes to Peanut Butter programs, the quickness surrounding...