The federal pandemic relief package recently signed into law provided a five-year extension of a new program that allows employers to make nontaxable payments of up to $5,250 to employees as student loan repayment assistance. The student loan repayment assistance program (LRAP) authorized in March by the Coronavirus Aid, Relief, and Economic Security (CARES) Act […]
Student Loan Debt
Kate and Vinnie learn from Emeka Oguh of PeopleJoy that there are only three guarantees in this world: death, taxes and student loan payments, but employers can at least help their employees with the third.
One company’s innovative idea to help its employees cope with the problem of high student loan debt has received the go-ahead from the IRS in a private-ruling letter that federal officials recently made public. The IRS is allowing the employer to amend its 401(k) plan to allow the company to contribute to the retirement accounts […]