A new study by the Plan Sponsor Council of America on how student loan debt impacts participants’ retirement savings rates shows that only 1.4 percent of plan sponsors offer student loan repayment programs.
Recently, several large sponsors made news in announcing the new benefit offering. Fidelity, PwC, and Natixis are among those sponsors that will contribute to help workers offset loan debt.
The nascent benefit offering is a spin on tuition reimbursement programs, which employers have traditionally used to encourage employees to further their education. PSCA’s study shows that for all plan sizes, more than 70 percent have a tuition reimbursement program in place.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
