Candidly, an AI-driven student debt and savings optimization platform issues a report on the effectiveness of their Student Loan Retirement Match program, which was allowed SECURE 2.0.
The SECURE 2.0 provision that enabled employers to match employees’ student loan payments with retirement contributions led to a 13.5% increase in first-time retirement plan participation and a 27% increase in employees maximizing their employer’s 401(k) match offering.
The report also indicated that 401(k) participants in Candidly’s program had average annual retirement contributions of $3,300 per participant; projected additional retirement savings of $48,800 per participant by the time of retirement; and a 58% reduction in the likelihood of turnover among participating employees.
