Employer Match
Help your employees pay off their student loan debt easier and faster by matching their contributions to student loans.
Benefits of Partnering with BenefitEd
Gain an Edge by Matching
Many of today’s best employees are struggling with student loan debt – or trying to save for future education costs. As a smart recruitment and retention strategy, this program lets you match your employees’ contributions.
Reduce Administrative Hassle
Your assigned account manager and support team make implementation simple, and they handle administration, too. Plus, there are no changes required to your company’s retirement plan benefits.
How the Program Works
Employee Makes Their Election
The employee selects a post-tax payroll deduction amount. This can go to their student loans – or to a 529 college savings plan if you choose to incorporate that option into your plan. After the employee determines how their matched funds will be distributed, they register their student loans (or their college savings plan, if that’s an option with your plan and they’ve chosen to have matched funds go toward college savings).
BenefitEd Processes the Allocated Amounts
After the employee enrolls, BenefitEd calculates the amount for payroll deduction and employer matching, ensuring elections follow the employee benefits plan. The employer withholds the deduction and applies matching funds in one lump sum. BenefitEd processes and applies payments to the employee’s student loans and/or college savings plan account.
Getting Started is Easy
Employee Elects Allocation
Company contributions mirror current retirement plans, but employees can make changes to their benefit election amounts. Once elections are set, the change takes place the following month.
Employees have options, especially if an employer allows matching for 529 plans:
- Contribute all toward student loans.
- Contribute all toward 529 college savings plan.
- Contribute to both.
Easy Plan
Implementation
At BenefitEd, we do the heavy lifting so employees and employers can focus on other important tasks. As an employer, all you need to do is:
- Provide the employee eligibility file.
- Verify employee’s status and provide a lump sum payment.
Reporting and
Follow-up
We make sure employers can gauge the impact of Employer Match on employee retention – and that employees are reminded of the financial assistance they’re receiving from their employer.
- Monthly enrollment reports help you keep tabs on program activity and track program impact on employee retention.
- Employees receive email confirmation of payments and/or deductions, reinforcing the value of the program.
We were looking for some kind of benefit that would allow us to appeal to those recent graduates who have social science degrees and meet the needs of our existing employees who are looking for student loan repayment or 529 college savings plans. [Using Employer Match at recruiting events] brought in a lot of people for us.
Frequently Asked Questions
We make it easy to find answers to your questions about creating and implementing your employee benefits programs. Here are common questions we encounter.
Featured Resources
In our Resource Center, you’ll find useful articles, videos, case studies, whitepapers, and more. These resources provide information on how to achieve your business objectives by effectively using education benefits to attract and engage employees.