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New Trend to Attract and Retain New Employees

Posted by Paul D. Woodard | Nov 29, 2016 | 0 Comments

On Tuesday November 1, 2016, Staples announced the launch of its student loan repayment plan for its employees. Staples follows the new trend of employers who are offering student loan repayment as a workplace benefit for employees burdened by student loan debt.  Student loan repayment programs have become an attractive benefit for the graduates receiving them while also being beneficial to the employers that offer them.

Today, millennials are more focused on paying off their student loan debt compared to saving for retirement. As such, helping new graduates with their student loan debt creates a huge advantage in recruiting young talent. In light of this, loan repayment plans can be structured to incentivize and retain key younger employees. For example, some repayment programs set certain service requirements that must be met before paying loan benefits. Other repayment programs provide loan repayment funds with each paycheck, with the total amount growing the longer the employee stays at the company. Either way, employee loyalty comes with increasing rewards, which leads to employees being able to pay off their student loans sooner and then begin investing in their retirement.

If you require general business counseling, contact Butterfield Schechter LLP today with any questions on how we can help you and your business succeed.

About the Author

Paul D. Woodard

Paul Woodard practices in the areas of Employee Benefits, Employee Stock Ownership Plans, Pension and Profit Sharing Plans, ERISA, ERISA Litigation, Business Law, Qualified Domestic Relations Orders (QDROs), and Estate Planning.

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Retirement Plans

We help establish a customized plan that meets regulatory requirements as a tax qualified plan. Following implementation, our attorneys can assist clients and their plan administrator with regular reviews and updates to help with regulatory compliance for the plan's operation, and continued effectiveness in meeting the client's specific goals.

ESOPs

We are dedicated to employee ownership. When you come to us for ESOP services, you receive influential legal counsel who stand beside you to help you stay informed, in compliance, and abreast of the latest developments-all to help you realize your plan goals as fully and effectively as possible.

QDROs

A QDRO is a specially designed court order that is required for the division of retirement benefits in a family law case. Many family law attorneys do not possess the expertise necessary to divide retirement benefits or stock options upon divorce. We have extensive experience in dividing qualified plans, government plans, IRAs and stock options between the employee spouse and non-employee spouse.

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