The Secure 2.0 Act became law in 2022, but a component of it didn’t take effect until 2024.
DENVER — For many people, paying off student loan debt and saving for retirement feels like an impossibility — a new law is giving companies an opportunity to change that.
The Secure 2.0 Act became law in 2022, but a component of it didn’t take effect until 2024. Section 110 of the law allows companies to match their employees’ student loan payments with a contribution to their 401k or retirement account in exchange.
“The opportunity for companies to provide an opportunity for us to contribute our retirement, is a game changer,” said Candice Smith, the founder of Boss Generation, a nonprofit that addresses the student debt crisis that impacts Black women and women of color through coaching, connections, and resources to thrive.
“There is a wealth gap that persists for Black women, challenges such as the …