New Employee Education Benefit: Student Loan Repayment Benefit

SYRACUSE, NY – Lifetime Benefit Solutions, Inc. (LBS), with offices in Syracuse, Rochester, and Buffalo, will offer a new Student Loan Repayment Benefit product beginning October 17, 2022.

“Student loan debt is a major concern for millions of employees around the country,” says LBS President Trish Mooney. “Student loan repayment programs give employers a way to help employees reduce their student loan burden and reach their financial goals. In today’s competitive hiring environment, this benefit can help an employer attract and retain talent.”

The Consolidated Appropriations Act of 2021 allows employers to pay up to $5,250 annually in employee student loan principal and interest on a non-taxable basis through the end of 2025. LBS will act as a third-party administrator and help employers develop their student loan policy, track enrollment in the program, and pay toward their employees’ student loan debt.

LBS offers a full suite of ancillary benefits and specialty programs, including spending and reimbursement accounts, to enhance and supplement an employer's traditional benefits. This new offering will round out LBS’s employee education benefit options that include tuition reimbursement.

Your dedicated LBS team can provide support for an existing employee education program or help clients build a new program; for more information, see our Employee Education brochure.

This press release was featured in the Rochester Business Journal on October 24, 2022 -- RBJ subscribers can see it here.