With student loan debt reaching astronomical numbers, employers are increasingly looking for ways to add student loan assistance programs to their benefits packages.
While current student loan repayment programs can relieve financial stress, they do not offer tax benefits to employees. However, a recent IRS Private Letter Ruling allowing a major pharmaceutical company to add loan repayment benefits to its 401(k) plan has sparked interest in this approach.
See how you may be able to design a solution that aligns with the IRS ruling here.
Adding student loan repayment to a qualified plan is not the right solution for everyone. If you are considering this enhancement, contact Innovative to discuss your specific situation and objectives.
