Employers try a new perk: Matching student loan payments with 401(k) contributions

Many workers with student loans postpone saving for retirement. Now, a handful of companies are trying to prevent them from falling behind on retirement savings by matching their student-loan repayments with contributions to a 401(k) plan.

In recent months, companies including Abbott Laboratories, Travelers Cos. and Raytheon Co. have either launched or announced plans for such programs, joining companies like Unum that are helping employees reduce student debt in other ways. 

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About Unum Group

Unum Group provides a broad portfolio of financial protection benefits and services through the workplace, and is the leading provider of disability income protection worldwide. Through its Unum US, Unum UK, Unum Poland, and Colonial Life businesses, the company provides disability, life, accident, critical illness, dental and vision benefits that protect millions of working people and their families. Unum also provides leave and absence management services that streamline the leave experience for employers and employees, and stop-loss coverage to help self-insured employers protect against medical costs. Unum reported revenues of $11.6 billion in 2018 and paid $7.2 billion in benefits.

 

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