New Student Loan Legislation Helps Save for Retirement While Repaying Loans

For Immediate Release

Washington, DC – The following statement should be attributed to Aliya Robinson, Senior Vice President of Retirement and Compensation Policy, The ERISA Industry Committee (ERIC):

“The ERISA Industry Committee (ERIC) appreciates Congressman Danny K. Davis (D-IL) and Representative Darin La Hood (R-IL) for taking steps to help workers save for retirement at the same time they are repaying student loan debt by introducing the Retirement Parity for Student Loans Act of 2020.

Employers recognize the burden that student loan debt can have on their workers’ ability to save for retirement and would like to help these workers in preparing for a secure retirement. The introduction of today’s bill would allow 401(k) plan sponsors to make matching contributions to workers as if their student loan payments were salary reduction contributions.

ERIC strongly believes that this legislation would encourage more employers to design retirement savings programs that assist their employees struggling with repaying their student loans.

We urge lawmakers to move swiftly and vote this impactful bill into law.”

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All media inquiries to The ERISA Industry Committee should be directed to:

Kelly Broadway, 202.627.1918, kbroadway@eric.org

About the ERISA Industry Committee
ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.