Press Release
☷Readout of White House Listening Session on Leveraging the Workplace to Improve Financial Resilience Emergency Savings Student Loan Matches
White House ( By Press Release office)
Jan 19,2024
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On Wednesday , January 17th , officials from the Biden - Harris Administration got together for a meeting to talk about workplace emergency savings programs and employer matches for employee student loan payments . These are two initiatives that the Administration has been pushing for since SECURE 2 . 0 was passed in December 2022 . The goal is to help American workers and their families improve their financial resilience . Representatives from public policy groups and the business community looked at the benefits of these programs for workers . They saw how emergency savings can help vulnerable communities and how they can be a lifeline for people going through financial emergencies . Some big companies that have already implemented these programs shared their positive experiences . They found that workers of all ages were enrolling and sticking with these benefits , and it even helped the companies retain their employees and increase productivity . Representatives from the Department of the Treasury , the Internal Revenue Service , and the Department of Labor talked about their efforts to provide guidance for these programs . They recently released some new guidance for employers on setting up emergency savings accounts within retirement plans . There will also be guidance coming soon on both emergency savings and student loan matching contribution programs . They wanted input from participants on what needs to be clarified and how future guidance can make it easier for employers to set up and maintain these programs while also protecting consumers . Representatives from financial services firms talked about their plans for creating new benefit programs for employers of all sizes . They noted that more employers are becoming interested in offering these programs . They also mentioned the importance of partnering with FinTech firms and providing different benefit packages to meet the diverse needs of workers and employers . Everyone agreed that SECURE 2 . 0 provides great new options for employers and has raised awareness about the importance of emergency savings and student loan matching contribution programs . The Listening Session is part of the Biden - Harris Administration ' s efforts to help American families financially . They have made changes to protect retirement savers , provided relief for pension plans , and offered student loan assistance . The Consumer Financial Protection Bureau has also cracked down on excessive fees . The session will include participants from various organizations and government officials .
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