Editor's note: As part of our ongoing mission to highlightindustry professionals who are making a difference, we asked sometop benefits professionals what they wish they had in theirportfolio of products. This is what they had tosay.
Student loan programs
I've been keeping my eye on the student loan pay down platformsas a benefit. At a meeting in late 2015 with the head of benefitsat one of the largest financial firms in the U.S., it was pointedout to me and my team that one of the most important issues manycompanies will have to deal with in the coming years is the abilityto attract and retain millennials and other recent graduates. Theburden of student debt is often their biggest financial concern,ahead of daily expenses, retirement and health care.
Currently, these pay down contributions are taxed as income, somany are waiting for legislation to pass allowing them on atax-free basis. That said, tax-free legislation has recently beenintroduced, cosponsored by 38 Democrats and 29 Republicans, makingit a popular bipartisan solution to the student loan debt crisis.While present estimates of employer participation are roughly 4percent to 5 percent, that is expected to dramatically increase,should such legislation pass.
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