MyMatch allows employees to use company match funds for student loan repayment, helping employees pay down their debt from education loans without increasing the employer's benefits budget. Funds can be directed to their retirement savings, student loan repayment, or a combination of both.
What does offer?
Employee Makes Their Election
An employee allocates their matching dollars in one of three ways: a traditional retirement plan, student loan repayment or denoting a certain percentage toward both. After the employee chooses their allocation percentages, they register their student loans.
Thrive Processes the Allocated Amounts
After an employee enrolls, we determine the amount for payroll deduction and employer match, ensuring elections follow benefits plan. The employer withholds the deduction and applies matching funds in one lump sum. Thrive processes and applies payment to each employee’s student loan.
Available Amount Is Same as Current Matching Dollars
The total amount available for employer match is governed by the company’s existing retirement plan. There’s no increase to an employer in terms of the dollars currently allocated toward matching benefits. For example: if the current match is 1:1 up to 5%, it will still only match the dollar amount of that percentage regardless of how the employee chooses to distribute the funds.