The IRS has provided long-awaited guidance for 401(k) and 403(b) plans on how to treat workers’ student loan payments like retirement plan deferrals when employers choose to offer matching contributions.
The agency’s new interim guidelines (2024-63) released on Monday instruct plans on how and when to offer matching funds for participants repaying student loan debt, aligning with a provision of the SECURE 2.0 Act.
The sweeping two-year-old retirement law sought to let employers choose to count student loan repayments as part of a worker’s retirement deferrals for the purposes of calculating matching contributions. The provisions were designed to ...
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