Walgreens announced the launch of its Student Loan 401(k) Match Program, a benefit for student loan borrowers who are 401(k) participants that were made available by the SECURE 2.0 Act of 2022.<\/p>\n
The benefit will be available to plan partcipants in January 2025 and will allow participants to qualify for company 401(k) match contributions as they pay down their student loans.<\/p>\n
The plan had more than $11 billion in assets as of plan year 2022.<\/p>\n
According to Walgreens, roughly 30% of their employees are facing financial debt from education\u2014including more than half of its pharmacy team members. Pharmacists have an average student loan debt of $170,000.<\/p>\n
Walgreens will match eligible student loan payments up to 4% of eligible pay. Employees are generally eligible for employer matching contributions after one year of work and 1,000 hours of service.<\/p>\n
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