PLANADVISER - July/August 2018 - 50
beyond(k)
Giving Them a Break
F
orty percent of workers not saving for retirement blame
it on student loan debt, according to a recent survey by
Prudential Financial.
" If workers get help with their student loans, they are
more likely to contribute to their retirement plan, " observes
Joe Ellis, senior vice president at CBIZ Employee Benefits in
Philadelphia. " I see the role of the adviser as being critical
and student loan repayment programs as a great way to get
more money into the 401(k) plan. "
Student loan debt relief programs, whereby an employer
pays a portion of a worker's student debt, are offered at only
4% of companies today, according to data from both Aon
Hewitt and Mercer. However, the burgeoning of student debt,
the highly competitive job market and employers' growing
adoption of financial wellness programs as a company benefit
may increase interest and use of such debt relief. Advisers
who suggest a relief program to retirement plan sponsors
can distinguish their practice and align themselves more
strongly with clients and participants, experts say.
The role of the traditional retirement plan adviser has
expanded, beyond just the 401(k) plan, to encompass " financial
wellness, and student loan relief is one of the issues
under that umbrella, " says Snezana Zlatar, senior vice president
and head of full service product and business manageStudent
loan debt relief programs may grow in prominence
ment at Prudential Retirement in Woodbridge, New Jersey.
The marketplace for
these programs offers many
different repayment approaches, says Rob Reiskytl, principal
and retirement consultant at Aon Hewitt in Minneapolis.
Skilled advisers can play a role in helping plan sponsors
assess their options.
Student-Loan-Relief Approaches
One way employers can provide student loan debt relief is by
partnering with an outside vendor that offers refinancing,
with the employer picking up the transaction cost, Reiskytl
says. " This is a real benefit because many individuals have
more than one loan from different institutions, so it can be
confusing, " he notes.
Student Loan Genius in Austin, Texas, provides both a
refinancing and a repayment platform. Matt Beecher, the
company's CEO, says users of the platform owe an average
of $52,000, spread over 10 different loans. His platform has
an algorithm than can take an individual's student loans
through " 200 various planning models that analyze the
interest on the 100 federal debt consolidation programs
and 5,000 private refinance programs that exist. It's a very
complex portfolio management system, " he says.
A second way an employer can help its workers address
50 | planadviser.com july-august 2018 Art by Cate Andrews
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PLANADVISER - July/August 2018
Table of Contents for the Digital Edition of PLANADVISER - July/August 2018
Speaking Their Language
Stretching the Match
Giving Them a Break
Managed Accounts' Value
Principal Transactions
Statute of Limitations
Prohibited Transaction Relief
PLANADVISER - July/August 2018 - C1
PLANADVISER - July/August 2018 - FC1
PLANADVISER - July/August 2018 - FC2
PLANADVISER - July/August 2018 - C2
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PLANADVISER - July/August 2018 - 42
PLANADVISER - July/August 2018 - 43
PLANADVISER - July/August 2018 - Speaking Their Language
PLANADVISER - July/August 2018 - 45
PLANADVISER - July/August 2018 - 46
PLANADVISER - July/August 2018 - 47
PLANADVISER - July/August 2018 - Stretching the Match
PLANADVISER - July/August 2018 - 49
PLANADVISER - July/August 2018 - Giving Them a Break
PLANADVISER - July/August 2018 - 51
PLANADVISER - July/August 2018 - Managed Accounts' Value
PLANADVISER - July/August 2018 - 53
PLANADVISER - July/August 2018 - Principal Transactions
PLANADVISER - July/August 2018 - Statute of Limitations
PLANADVISER - July/August 2018 - Prohibited Transaction Relief
PLANADVISER - July/August 2018 - C3
PLANADVISER - July/August 2018 - C4
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