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ARTICLE · 12 JUNE 2024

SECURE 2.0 And The Student Debt Solution For Retirement Plans

Barrett McNagny
Explore more from Barrett McNagny

On December 29, 2022, President Biden signed into law SECURE 2.0, an Act which implicates a variety of different legal fields, none more significantly than ERISA law.

United StatesEmployment and HR
Barrett McNagny
Barrett McNagny

On December 29, 2022, President Biden signed into law SECURE 2.0, an Act which implicates a variety of different legal fields, none more significantly than ERISA law.It would take hundreds of pages to describe in detail all of the changes SECURE 2.0 implements into the law regarding both retirement plans and health plans. This post focuses on a simple, but important, change in the law that allows talented employees with student loan debt to be compensated for their work through employer matching contributions to a retirement plan.

Some members of the workforce are faced with the nearly impossible choice of making monthly student loan payments to pay off large amounts of student debt and contributing money to a retirement account courtesy of their employer.Section 110 of SECURE 2.0 now allows for employers to offer an alternative solution to those employees with significant student loan debt who are faced with that choice.Beginning January 1, 2024, an employer, if

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