Student Loan Matching Form

[austin3515]

I'm hearing different things from TPA's regarding whether or not they are making a Student Loan Matching Certification Form available to participants.  Has anyone seen TPA's putting anything together?  I'm also surprised I haven't seen anything from document providers?

[Peter Gulia]

The few situations I’ve heard about use a service provider to confirm to an employer its employee’s student-loan repayments.

I have not seen a form, whether website app or paper, for a participant’s self-certification.

[Artie M]

Yeah, I don't know of any plan sponsors that do this on their own.  I know Fidelity does it and I know some other recordkeepers that use third-party vendors such as BenefitEd, Highway Benefits, SoFi at Work, and Candidly to verify student loan payments, etc. for qualified plans.

[austin3515]

Well the issue here is that my clients are too small to pay the exorbitant fees for that kind of a service.  I think those services (which are awesome and well worth the fees charged) are really only available to the larger plans (say $50MM or more).  As an example I have a plan with 15 people who wanted to add it!

[Peter Gulia]

Is it feasible for austin3515 to write the self-certification form? Could you do that task in an hour or less? Would your client pay your fee?

For an IRS explanation of what a certification must state, see Q&A B-2 in Notice 2024-63. https://www.irs.gov/pub/irs-drop/n-24-63.pdf

This is not advice to anyone.

[austin3515]

I;ve already done all of the above, LOL . But it did occur to me that someone would put something out there. 

[Belgarath]

Hey, for an International Man of Mystery, anything is possible!