Milliman Unveils Innovative Student Loan Certification Solution
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Milliman Launches Student Loan Certification for Retirement Plans
Milliman, Inc., a prominent consulting and benefits administration firm, has announced an innovative solution designed to assist its clients with 401(k) recordkeeping. This new offering facilitates student loan certification through their partnership with Candidly, providing a significant advantage for defined contribution plan sponsors.
Enhancing Retirement Savings Through Student Loan Payments
The unique certification solution allows plan sponsors to make matching contributions based on the qualified student loan payments made by their employees. This initiative is designed to encourage participants to save for retirement despite the financial burden of student debt. The collaboration with Candidly ensures that employees can easily self-certify their loan payments, enabling Milliman to calculate the matching contributions effectively.
Addressing a Critical Financial Need
Kari Jakobe, a principal at Milliman and leader of their defined contribution practice, emphasized the significance of this offering. "Long-term savings often take a hit when employees are burdened with student debt. A provision of the SECURE 2.0 Act allows employers to match an employee's contributions toward their student debt payoff as a tax-advantaged addition to their retirement plan," she explained. This approach underscores Milliman's dedication to meeting the financial needs of employees.
Milliman's Commitment to Financial Wellness
This initiative is a part of Milliman's broader mission to promote financial health among employees. By simultaneously tackling the issues of student debt and retirement savings, Milliman, in partnership with Candidly, aims to empower employees toward greater financial security. Statistics reveal that a significant number of student loan borrowers focus on becoming debt-free, often at the expense of their long-term wealth, such as retirement savings.
Insights from Candidly's Leadership
Laurel Taylor, the Founder and CEO of Candidly, highlighted the urgency of the situation. "The data show that 80% of student loan borrowers prioritize getting out of debt, which hinders their ability to build wealth—an alarming reality with potentially lasting effects." With this collaboration, Candidly and Milliman are enhancing options that allow borrowers to make simultaneous progress in both debt repayment and retirement savings.
About Milliman
Milliman is a global leader in consulting services, benefit administration, and employee communication. With a history dating back to 1947, the firm operates in various sectors including healthcare, insurance, and financial services. Milliman remains a trusted independent firm with offices in major cities worldwide, continually delivering exceptional service to its clients.
Frequently Asked Questions
What is the new student loan certification solution offered by Milliman?
Milliman's new certification solution allows employers to match contributions based on employee student loan payments, promoting retirement savings.
How does this solution benefit employees?
The solution enables employees to self-certify their student loans, facilitating employer contributions to their retirement plans, thereby enhancing their financial wellness.
Who is partnering with Milliman for this initiative?
Milliman has partnered with Candidly, a company that specializes in assisting borrowers with their student loans and financial planning.
What impact does student debt have on retirement savings?
Student debt often hampers employees' ability to save for retirement, as many prioritize debt repayment over long-term savings.
How long has Milliman been in operation?
Milliman has been providing consulting and employee communication services since 1947 and continues to be a leading firm in the industry.
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