Description
The CARES Act employer-based student loan relief is provided through the employer’s Section 127 Educational Assistance Program (EAP), which is established with “a separate written plan of an employer for the exclusive benefit of his employees to provide such employees with educational assistance.”
This plan document requirement is easily met with the 127 plan document package. For a low, one-time fee of just $295, this package includes the formal written plan document, summary plan description, customized election, and claim forms, and more.
Even if the company already has a Section 127 EAP in place, the plan document must be updated to reflect the CARES Act student loan repayment opportunity.