One of the most intriguing provisions of SECURE 2.0 went into effect at the beginning of this year. The student loan matching provision is designed to allow workers to address their student loans while continuing to save for retirement. Studies have demonstrated that student loan repayments can negatively impact how much or even if employees contribute to a 401(k) plan.
Betterment at Work is among the first to offer a commercial product that leverages this provision. The product allows small business employers to match employee student loan payments with a 401(k) contribution.
Edward Gottfried, senior director of product management at Betterment at Work, answered questions about the SECURE 2.0 provision, why employers and employees should care, and how its new product works.
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