401(k) Law’s Appeal Fades as Workers Face Student Debt Deadlines

Fast-approaching fall deadlines ending pandemic-era student debt forgiveness programs have increased pressure on employers to help workers with impending payments, but eroded the early allure of a 401(k) loan matching program set to take effect next year.

A provision in the SECURE 2.0 Act (Pub. L. No. 117-328) will allow employers to treat student loan repayments like retirement plan deferrals when calculating matching contributions, helping boost employee 401(k)s.

But workers are demanding even more direct help than the landmark 2022 retirement law can provide in paying off their educational debt as the federal government winds down Covid-19-related loan ...