Configure Employer-Match Contributions for Qualified Student Loan Payments

Section 110 in the SECURE 2.0 Act allows employees to receive matching contributions for the repayment of their student loans. The payroll process treats these student loan payments as elective deferrals for matching contributions. Their annual contribution limits still apply.

Note:

This is in addition to existing employer-match contributions. If you choose to offer matching contributions on qualified student loan payments, you must match in the same manner that you would other contributions in your plans.

Steps include:

1. Configure the elements.

   See Configure Elements for Qualified Student Loan Payments.

2. Configure the balances.

   See Configure Balances for Qualified Student Loan Payments.

3. Configure the employer-match Fast Formula.

   See Configure Employer-Match Fast Formula for Qualified Student Loan Payments.