Milliman launches student loan certification for retirement plans
Milliman, Inc., a consulting and benefits administration firm, has introduced a student loan certification capability within its 401(k) recordkeeping services. The solution, delivered in partnership with Candidly, gives defined contribution plan sponsors a clear way to recognize qualified student loan payments and use that information when administering plan matching contributions.
How matching on student loan payments works
With this certification in place, a plan sponsor can make matching contributions based on an employee’s qualified student loan payments. Employees self-certify their payments through Candidly, and Milliman uses that certification to calculate the applicable match. The aim is straightforward: help people keep paying down student debt without losing ground on retirement savings.
Why this matters for long-term savings
Kari Jakobe, a principal at Milliman and leader of the firm’s defined contribution practice, underscored the need for this approach. "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. The offering is designed to meet employees where they are financially, so saving for tomorrow doesn’t stall while they manage debt today.
Milliman’s focus on financial wellness
This effort sits within Milliman’s broader work to support employee financial health. By addressing student debt and retirement readiness at the same time, Milliman—together with Candidly—aims to make it easier for employees to build security over time. Many student loan borrowers put becoming debt-free first, often at the expense of long-term wealth, including retirement savings; this solution is meant to lessen that tradeoff.
Insights from Candidly’s leadership
Laurel Taylor, Founder and CEO of Candidly, pointed to the scale of the challenge. "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." Through this collaboration, Candidly and Milliman are expanding options that help borrowers make progress on both debt repayment and retirement savings at once.
About Milliman
Milliman is a global leader in consulting services, benefit administration, and employee communication. Founded in 1947, the firm works across sectors including healthcare, insurance, and financial services. As an independent firm with offices in major cities worldwide, Milliman continues to serve clients with a focus on practical solutions that support long-term financial well-being. The throughline here is simple: help employees pay down loans and keep saving for retirement, step by steady step.
Frequently Asked Questions
What is Milliman’s student loan certification, in plain terms?
It’s a way for plan sponsors to recognize qualified student loan payments and base matching contributions on those payments. Employees self-certify through Candidly, and Milliman uses that certification in its 401(k) recordkeeping.
How do employees take part?
Employees use Candidly to self-certify their qualified student loan payments. That information lets Milliman calculate the appropriate matching contributions under the employer’s retirement plan.
What’s the benefit for me as a participant?
You can keep paying down student loans while your employer has a path to make matching contributions to your retirement plan tied to those payments—supporting both debt repayment and long-term saving.
What role does the SECURE 2.0 Act play here?
It includes a provision that allows employers to match an employee’s contributions toward student debt payoff as a tax-advantaged addition to the retirement plan.
Who are the organizations involved?
Milliman is a consulting and benefits administration firm with a history dating back to 1947. Candidly focuses on helping borrowers with student loans and financial planning, and it partners with Milliman to enable the self-certification process.
