Milliman introduces Candidly student loan certification for retirement plans
September 10 2024 - 7:00AM
Business Wire
Student loan debt solution enables employers
to match student loan payments with tax-advantaged retirement plan
contributions
Milliman, Inc., a global consulting, actuarial, and benefits
administration firm, today announced the introduction of a student
loan certification solution for its 401(k) recordkeeping clients
through Candidly.
This innovative solution allows defined contribution plan
sponsors to provide matching contributions based on participants'
qualified student loan payments, thereby encouraging greater
retirement savings. Through this collaboration, Candidly enables
participant certification of qualified student loan payments, while
Milliman calculates the match and fulfills the contributions based
on the certified loan payments. Participants can easily
self-certify their student loans using the Candidly platform, which
also offers comprehensive support in planning and paying for
college, repaying student debt, and preparing for retirement.
"Long-term savings often take a hit when employees are burdened
with student debt. A new provision of SECURE 2.0 allows employers
to match the amount an employee contributes to their student debt
payoff as a tax-advantaged contribution to the employee’s
retirement plan,” said Kari Jakobe, Milliman principal and defined
contribution practice leader. “We selected Candidly for their
expertise and seamless integration, ensuring our clients receive a
robust and user-friendly solution that addresses a critical
financial need.”
This initiative underscores Milliman's commitment to providing
innovative and practical solutions that enhance financial wellness
and retirement readiness for employees. By addressing the dual
challenge of student debt and retirement savings, Milliman and
Candidly are empowering employees to achieve greater financial
security.
“The data show that 80% of student loan borrowers are focused on
achieving freedom from debt at the expense of building wealth,
including retirement savings, which can have long-lasting
consequences,” said Laurel Taylor, Founder and CEO of Candidly.
“Candidly is thrilled to collaborate with Milliman to bring this
solution to market and enable borrowers to make simultaneous
progress so that they no longer have to choose between their past
and their future when it comes to their financial health.”
About Milliman
Milliman is a leading provider of consulting services, benefit
administration and employee communication. The firm has practices
in healthcare, property and casualty insurance, life insurance and
financial services, and employee benefits. Founded in 1947,
Milliman is an independent firm with offices in major cities around
the globe. For further information, visit milliman.com.
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Kari Jakobe Milliman, Inc. Tel: 952 820 2423
kari.jakobe@milliman.com