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For many people saddled with student loan payments, saving for retirement may feel impossible. But some employers are starting to incentivize making progress against student loan debt.
Through the Secure Act 2.0, which took effect at the beginning of the year, employers can offer matching 401(k) contributions to their workers currently making student loan payments. Walgreens recently announced it would offer such a benefit for its more than 300,000 employees, matching up to 4% of eligible pay for workers who are paying down student loans.
The move will especially benefit the company’s pharmacists, who, on the whole, have an average of $170,000 in student debt, according to the American Association of Colleges of Pharmacy.
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