In 2024, many of the SECURE Act 2.0's groundbreaking provisions go into effect, providing employers with the ability to support their employees with new education benefits. Employers now have the ability to match employee student loan repayments as part of their retirement plans, and savers will also have the ability to roll over their 529 savings to a Roth IRA savings account.

According to a recent Financial Health Network/Morgan Stanley study, four in five workers who report high financial stress say that they are distracted by this stress at work. Financial concerns are also the top source of stress for employees, even more than issues at work or their health. More than 40 million Americans carry a collective burden of $1.6 trillion in student loan debt, and they are in need of support. Nearly half of employees surveyed by SHRM consider student loan repayment assistance the most important workplace benefit. However, only 17% of employers offer this benefit to their employees.

In addition to the many retirement benefits, SECURE 2.0 provides a great opportunity for employers to address their employees' financial stresses as well as attract new talent through two new education provisions.