Employees paying student loan debt may greatly benefit from a provision of the SECURE 2.0 Act, which took effect as of Jan. 2024. Employers can now make matching contributions to 401(k) accounts (and certain other retirement plans) with respect to qualified student loan payments (QSLPs). This is true even for taxpayers who aren’t contributing to their own accounts. To be deemed a QSLP, the employee must be legally obligated to pay the loan. The idea behind this provision is to allow employees who can’t afford to save for retirement while also paying their student loan debt to balance both goals simultaneously. Here’s more information from the IRS: https://bit.ly/46Y5CCa
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