Following Congressional Decision to Pass SECURE 2.0, SoFi at Work Launches New Service to Expand Access to Employer Matching Contributions by Counting Student Loan Payments as Selected Retirement Contributions
San Francisco, June 8, 2023–(BUSINESS WIRE)–Today, SoFi at Work, a leading comprehensive, financial and educational assistance benefits partner with over 1,000 organizations, announced the launch of a new Student Loan Verification (SLV) service. His SoFi, a digital personal finance company and all-in-one app, has announced this new addition to its portfolio of employer financial benefits solutions following Congress’ approval of the Strong Retirement Securing Act (SECURE 2.0). SECURE 2.0 includes significant changes to retirement laws that allow employers to match employee student loan payments with retirement plan contributions as part of existing benefit programs. . For organizations looking to take full advantage of this policy change, SLV will simplify the process of linking employer retirement contributions with employee student loan repayments.
SLV helps employees pay off student loan debt while maximizing their retirement plans through 401(k) or 403(b) contributions. As the cost of education soars, student loan debt has more than doubled over the past two decades, increasing the impact on retirement savings. According to a 2019 MIT survey, 84% of adults with student loan debt said it affected their retirement savings. As for those who haven’t saved at all for retirement, more than one in four respondents said it was because they had to pay off student loans.
“At SoFi, we are dedicated to helping people get their money right. SECURE 2.0 and provisions that make it easier for companies to support the financial well-being of all their employees are great examples of that,” said the vice president. said Barrett Scruggs of President and Business Lead of SoFi at Work. “Our Student Loan Verification service makes it easier for businesses to implement this emerging yet highly impactful benefit into a more inclusive future.”
SoFi at Work partners with major financial groups and recordkeepers to manage student loan verification. The service provides a low-cost way to verify eligible student loan payments and make contributions for retirement matching. All the employer needs to do is determine the employee’s eligibility based on the outstanding student loan debt. From there, SoFi at Work handles the rest of planning design, data security, reporting, and more.
SLV is part of SoFi at Work’s holistic financial well-being platform. The SoFi at Work dashboard includes a variety of tools for employees, including a debt navigator, refinancing options, and financial education resources. This comprehensive solution enables employers to meet the evolving needs of their diverse workforce.
For more information on this new service, please visit www.sofi.com/sofi-at-work-slv/.
SoFi (NASDAQ: SOFI) is a member-centric, one-stop-shop for digital financial services with a mission to help people achieve their financial independence and achieve their ambitions. The company’s full suite of financial products and services empowers over 5.7 million SoFi members to borrow money by giving them quick access to the tools they need to get their money right, all in one app. , helps you enhance your savings, spending, investments and protection. . SoFi also provides members with the resources they need to advance their path to financial independence, including career advisors, Certified Financial Planners (CFP®), exclusive experiences and events, and a thriving community.
SoFi has three businesses: lending, financial services (including SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect and SoFi Insights), and a technology platform that offers the only end-to-end vertically integrated financial technology. We are innovating across segments. stack. SoFi’s affiliate, SoFi Bank (NA), is a nationally licensed bank and is regulated by the Federal Reserve, OCC and FDIC. The company is also the naming rights partner for SoFi Stadium, home of the Los Angeles Chargers and Los Angeles Rams. For more information, visit SoFi.com or download the iOS and Android apps.
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SoFi Student Loan Refinancing Loans, Personal Loans, Private Student Loans, and Home Loans are offered through SoFi Bank, NA, NMLS #696891 (FDIC member), (www.nmlsconsumeraccess.org). The Student Debt Navigator Tool and the 529 Savings and Selection Tool are provided by SoFi Wealth LLC, an SEC Registered Investment Advisor. See SoFi.com/legal for additional product-specific legal and licensing information. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, Utah 84121. ©2023 Social Finance, Inc. All rights reserved. Information as of June 2023 and subject to change. RO 2933354
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