Student loan debt benefit support
Student loan debt affects nearly one in five adults.1 It can prevent employees from saving for retirement and impact overall financial wellness.2
Help your employees manage their student loan debt by offering student loan debt support.
95% of employees say they would likely save more for retirement if they had a handle on their student loan debt.2
84% surveyed would be more likely to work for an employer that could help with debt payoff.3
New opportunity under The SECURE 2.0 Act — Student loan match, effective January 1, 2024
- Permits plan sponsors with a retirement plan match in place to make matching contributions to their retirement plan based on employees’ qualified student loan payments
- Plan sponsors can rely on employee certification of payments
Employees with student loans often have to choose between paying off their student debt and contributing to their retirement plan. With this provision, employees can get their employer’s help building retirement savings through matching contributions to their retirement plan based on their student loan payments.
Voya offers flexible student loan debt benefit resources that may help your employee population
- Education: Through Voya’s financial wellness program, we focus on educating employees on a wide range of topics including saving for college and managing student loan debt.
Student loan match: Voya supports the SECURE 2.0 Act Section 110 which permits plan sponsors to make matching contributions to their retirement plan based on employees’ qualified student loan payments
1 Nerdwallet, “How Many Americans have Student Loan Debt,” January 2023.
2 Voya Consumer Insights and Research, December 2022.
3 Voya Financial Consumer Insights & Research survey, June 2022.
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