Employer payments of principal or interest on an employee's "qualified education loan" may be eligible for tax-free treatment up to the $5,250 annual maximum, as part of an employer's "educational assistance program."
Employers should take a holistic view of their 401(k) that considers plan design, employee profile and behaviors and communication programs so that the plan can be tailored to the profile of the employees at their firm, says a John Hancock report.
In this must-watch episode of Shift Shapers, Jennifer Berman, JD, CEO of MZQ Consulting, provides a comprehensive breakdown of everything plan sponsors and advisors need to know about these critical compliance requirements.
As health care costs rise, employers and their advisors face increasing pressure to make benefits decisions that protect their company's financial health — without shortchanging employee well-being.