Overview

• The Secure 2.0 Act, effective from 2022, allows employers to contribute to employees' 401(k) plans based on their student loan payments.
• Companies like Abbott, Verizon, and Chipotle have already implemented 401(k) matching for student loan payments, with varying contribution rates.
• Despite the potential benefits, many employers remain hesitant to adopt the new perk due to economic uncertainties and cost concerns.
• The benefit aims to alleviate the burden of student loan debt, which affects the retirement savings of nearly 85% of Americans.
• Interest in student loan repayment benefits is growing, with some companies offering direct payment assistance in addition to or instead of 401(k) matching.