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In Private Letter Ruling, IRS Approves 401(k) Student Loan Repayment Benefit

The IRS has released a Private Letter Ruling (“PLR”) 201833012, in which it approved a student loan repayment program as a 401(k) benefit. Although the PLR can only be applied by the taxpayer/plan sponsor requesting it, it is a promising development for employers seeking to provide stronger incentives for a workforce increasingly saddled with student loan debt.

IRS Allows Student Loan Benefit in 401(k) Plan

In a private letter ruling (PLR), the Internal Revenue Service (IRS) approved an employer's proposed program to add a student loan benefit to its 401(k) plan. The employer will make matching contributions to its 401(k) plan for employees who make student loan repayments. The program would be voluntary and an employee could opt-out after enrolling.
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