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CCBA Feature
UTILIZING A STUDENT LOAN
REPAYMENT PROGRAM FOR
DEBT-CHALLENGED EMPLOYEES
Increasingly, individuals comprising today's workforce
are saddled with significant levels of student loan debt.
At the same time, these workers are often conflicted
as to whether they should focus on paying off their
debt or set aside funds to pay for retirement. As an
employer, adding a student loan repayment program
to your employee benefit portfolio not only helps
them address this dilemma, but also represents a
tremendous opportunity to help attract and retain
key talent.
To further benefit employers, as well as employees,
the Coronavirus Aid, Relief and Economic Security
Act (CARES ACT), passed in March of 2020, added a
little-known provision regarding student loans. The
provision allows an employer to make up to $5250 in
student loan payments for an employee within a year.
Regardless of whether the payments go directly to the
employee or to the student loan servicing entity, the
money is considered tax-free to the employee and the
employer is excluded from paying payroll taxes on the
funds. As of this writing, the provision, originally set to
expire at the end of 2020, has been extended through
December, 2025.
By structuring the program as a part of your voluntary
benefits package, you have the ability to customize the
program according to your workplace demographics
and budgetary capabilities.
Employers can utilize a variety of methods, including
fixed contributions, matching contributions,
consolidating loans or refinancing the loan. With these
programs, the employer first decides how much, if any,
they are willing to contribute into the program.
By creating a differentiated, unique benefit package
that addresses a specific employee need, employers
benefit by boosting employee engagement, increasing
productivity levels, and improving employee retention
rates.
The Chester County Bar Association offers its members
access to My Benefit Advisor as a solution for employee
benefits, including voluntary offerings. For more
information about My Benefit Advisor, visit our website
at ccba.mybenefitadvisor.com or contact Christopher
Sloane at (610) 684-6933.
30 | New Matter
We are thrilled to welcome Shalene Zaucha to our ADR Department!
Shalene completed her mediation certification in 2021 and is ready
to use her skills to assist divorcing parties mediate or arbitrate their
personal property, financial and custody disputes. Since 2019
Shalene has assisted Potts, Shoemaker & Grossman, LLC. in several
family court matters in divorce, custody, support, and adoptions.
Shalene has over 15 years of experience working through internal
and external conflicts in a corporate setting. Shalene is excited to
utilize her experience and expertise to excel as a neutral party to
resolve conflict without the stress and cost of going to court.
E-mail Shalene at shalene@pottsshoemaker.com.
Shelly Grossman founded the Family Arbitration and Mediation Center where she provided
alternative dispute resolution (ADR) options such as arbitration, mediation, and parenting
coordination. Potts, Shoemaker & Grossman, LLC, has afforded Shelly the opportunity to merge
the ADR services with her passionate advocacy. Her 15 years of experience as a Family Court
Hearing Officer and 15 years prior as a divorce lawyer have provided her with both a broad-based
perspective in her role as a neutral or advocate as well as an appreciation for the nuances
required to guide parties to resolution. E-mail Shelly at shelly@pottsshoemaker.com.
Tiffany Shoemaker represents clients in all areas of family law litigation including divorce, equitable
distribution, custody, support, alimony, protection from abuse, adoption and name changes. Tiffany
earned a certificate of completion for mediation training in 2017 and has experience in successfully
mediating a wide range of family law matters including division of complex assets in divorce cases,
custody agreements and high-income support matters. She utilizes her experience and knowledge as
a former Family Court Hearing Officer as well as a family law practitioner to assist parties in reaching a
cost-effective, efficient and conciliatory resolution. E-mail Tiffany at tiffany@pottsshoemaker.com.
http://ccba.mybenefitadvisor.com

ChesterNewMatter4thQtr2021

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