Walgreens, one of the largest retail pharmacy and healthcare providers, announced the launch of the Walgreens Student Loan 401(k) Match Program. This new benefit, available beginning in January 2025, will allow their plan participants to qualify for company 401(k) match contributions as they pay down their student loans.
The Walgreens Student Loan 401(k) Match Program treats participant student loan payments like contributions to the Walgreens Retirement Savings Plan “401(k).” Walgreens matches eligible student loan payments up to 4% of eligible pay. Participants are generally eligible for company matching contributions after one year plus 1,000 hours of service.
For small and medium-sized businesses, I don’t see much demand for adding this benefit. Larger corporations like Walgreens, will certainly want to add this as some sort of incentive for their current and potential employees.
