(StatePoint) Many businesses -- and almost all employees -- would like it if there was a way for companies to help members of their workforce save for financial goals or pay off student loans. While most employers would like to offer such benefits, many have limited budget flexibility. But now, new options are helping them offer more meaningful perks without making substantial increases to their benefits budget.
One such benefit utilizes an employers’ 401(k) match budget to allow employees to choose which financial need they want to support: student loans, retirement, or both. Such perks are enticing employees to stay in their current jobs, or accept positions with new companies that provide these enhanced benefits.