61-to-62%

Employee Benefit News

Yasemin Sim Esmen

July 13

Torn between paying student debt and saving for retirement? Many young people find themselves in the same situation. According to a new survey, many are trying to pay off the debt before they start to fill their 401(k)s. However, a study conducted by Boston College's Center for Retirement Research found that participation in a retirement program is around 61-62% for both university graduates with student debt and those without. Because of this, pharmaceutical company Abbott Laboratories is offering a new benefit through its Freedom 2 Save program: they will pay an amount equivalent to 5% of an employee's salary toward his or her 401(k) retirement plan when the employee contributes 2% of his or her salary to pay student loans.

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