Resources

rss

Spectrum Resource Center

Advice, Articles, Events, Insights, News, Newsletters, Opinions, Press Releases, Updates, and More from Spectrum.

College-Students-Graduating
14 May

Student Loan Debt | Boost Retirement Savings | IRS Private Rulings | And More

May 14, 2019 By Petros Koumantaros Newsletter student loans, debt, irs, db/dc, plan design  

The U.S. has more than $1.5 Trillion in student loan debt! Innovative 401(k) plan designs can help.

Student loan debt is now the second largest consumer debt in the United States. A recent study at Boston College revealed that college graduates with student debt accumulate 50% less retirement wealth in 401(k) plans by age 30 than those without. Our featured article analyzes how employers can design plans to help workers with student loan debt.

If you prefer our printable PDF newsletter, we included it as an attachment to this article. As always, we hope you find our newsletter informative. We invite you to comment on and share this article.

Attached Files

Related Articles

  • legislation-photo.jpeg
    How the SECURE 2.0 Act will Impact your Retirement Plan in 2024
    As the SECURE 2.0 Act makes its way through the headlines, plan sponsors may start to feel overwhelmed by the many provisions contained within this Act. To help alleviate some of this concern, plan sponsors may want to focus on the provisions that are both mandatory and will be effective within the next 2 years.
  • Specify Alternate Text
    Participant Loan Strategy for Enterprising Investors
    Analysis of a 401k plan participant loan strategy to help investors accumulate greater wealth, and take advantage of a tax deduction opportunity.
  • Specify Alternate Text
    Millennials and Retirement | Overconfidence | Cybersecurity | and More
    Our third quarter 2018 newsletter features an article on Millennial retirement savings. Also included are articles on Retirement Overconfidence, Cybersecurity, and more.
  • the-loan-they-never-take-may-make-all-the-difference-image
    The Loan They Never Take May Make All the Difference
    Today, there's a good bit of debate about how participant loans affect long-term retirement outcomes. So, how do we best view these plan options and – more importantly – how do we coach employees on their use? In this video, we offer a perspective of loans and hardships within the context of financial wellness. We invite you to watch the video and review the accompanying Action Doc to gain insight on how to help employees think more critically about managing their financial realities and saving for their future.
  • COVID-19 Retirement Plan Help
    COVID-19 Retirement Plan Help and the CARES Act
    The President recently signed into law the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The CARES Act amends and introduces new retirement plan provisions to support employers and plan participants. Spectrum's Consultants have gone through the CARES Act and summarized the retirement plan changes for you. We invite you to contact us to help you or your plan participants further.
  • legislative.jpeg
    How The SECURE 2.0 Act Will Impact Your Retirement Plan in 2023
    On December 29, 2022, the Consolidated Appropriations Act of 2023 was signed into law which included the highly anticipated Securing a Strong Retirement Act (SECURE 2.0). This Act brings major changes to the U.S. Retirement System and builds upon the enhancements that were implemented under the SECURE Act of 2019.

blog comments powered by Disqus

Categories

Tags

professional plan design practice 401k defined benefit pension loan participant loan investing margin spectrum open golf pano cancer event tournament philanthropy retirement readiness fiduciary rule tax cuts newsletter cybersecurity plan termination merger acquisition gender retirement gap lifetime income investment returns women men fees dol documents compliance press release bi cloud technology azure plan intelligence docusign microsoft myretirement limits irs retirement plan contribution plan faq participant questions payroll finwell plan education financial wellness employees financial stress education entreprenuers business accumulation startup wealth asset allocation investments fis innovation ira technology charity award 40th anniversary celebration impact fiduciary tax deduction participant outcomes uncashed checks distributions automation recordkeeping case study millennials soc-1 portal psoy cash balance plan sponsor of the year abg mfa enrollment escalation video automatic qdia qualified default investment alternative roth debt credit saving safe harbor nondiscrimination adp acp top-heavy plan sponsor 3(16) erisa hardship withdrawal audit bond owner bundled unbundled forfeiture forfeit vested vesting consulting employer connect reports student loans db/dc providers services guide erisawrap welfare benefit plan fundraiser document cancer reserach retirement confidence unvested vested account balance wrap spd wrap document plan document welfare benefits employee benefits healthcare wrap market volatility participant behavior socially responsible esg plan participation spectrumopen spd wrapspd spectrumplatform qaca participation restate restatement erisa bond fidelity bond bonding goals plan amendment secure act SECURE secure act of 2019 legislation secureact secureact2019 secureactof2019 election 2020 coronavirus covid-19 business continuity cares act cares covid19 relief retirement plan relief the cares act covid the secure act workforce demographics older employees engagement SECURE 2.0 Act Retirement Plan Legislation 401(k) cbpp defined contribution

ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.

Newsletter

Keep up on our evolving products, services, solutions, and technology through our Newsletters.

About Our Firm

Spectrum is a B2B consulting firm, which enables American Workers to plan and save towards a dignified financial future by designing, administering, and operating the ranges of retirement and financial plans for U.S. employers.

Get in touch

  • Address: 6402 19th Street, Tacoma, WA 98466, USA

  • Phone: +1 (253) 565-2100

  • Email: Contact Us Form

© Copyright 2024 by Spectrum Consultants Terms Of Use Privacy Statement