And stop f-kn over your employees every opportunity you get! Enough of the deceptive spin on benefits! Most of those “enhancements” are very limited in audience, or not costing USAA anything! Student loan repayment, so you’re offering me the option to either pay my student loan or contribute to my 401k retirement. So i can pay my student loan and you’ll match what i paid in into my 401k, but at no more than the regular match. Arent you just sayin you’ll match the normal amount if you pay your loan instead of putting that money towards your retirement? Why not just offer some sort of student loan repayment separate from retirement? Commuter benefit, really? So you’ll allow someone to deduct from their paycheck taxes that they’ll later see impacted come tax time! Thats not really USAA providing anything, other than a way to deduct commuter related tax deduction (where applicable) early on that will most likely be regretted by the average tax filer come tax time!
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Apologies, my last post was off the mark because I misunderstood from this post: @2enp+1oO8BQSM
I don’t see anything about taking away our 8% match, this is just an additional flexibility option. If retract my complaint.
@2wbe+1oO8BQSM
So… we’re greedy with our 401k benefit based on which we accepted an offer here and turned down others, and we should instead transfer it over to student loan benefits for others?
It’s a direct loss for us, and what you said that you can’t afford to max it out (4% of your pre-tax income is definitely something you can budget around, even if your budget is tight), that’s a d-mb excuse. You just need to pay the loan and don’t care much about the 401k, even though you should given that student loan interest percentages are not particularly brutal.
Here’s what’s actually happening: USAA is trying to signal that it wants a younger workforce that have less risk tolerance for leaving. Those with student debt are perfect in that regard. The older folks who want to pump money into their 401k, those are the “entitled” folks they want to target. See how they massively reduced the pension recently? It’s covert agism savings, not that I think it should be disallowed, but stop pretending like this is genuine virtue signaling from USAA.
For context, I am very far from retirement age, i just don’t have student debt because I worked my butt off to get merit-aid, worked during college, and I picked a good school I could afford rather than blinding accepting a massive load of unbankruptable debt. But I don’t begrudge a new benefit. Just understand we’re not going to see that as fair. In our eyes, you’re taking away part of our benefit, and there’s a not-so admirable motive behind the propaganda behind it.
If it doesn’t help you, don’t use it. Your student loans are your own responsibility anyway. The company pays you wages for the education you received, and they pay to help you get more education thru Ed Assist if you choose to. If they offered $5k to everyone for student loans and even just a third of employees used it, it would cost the company $65 million a year. Where would that money come from? At least with this benefit people who can’t afford to pay both their student loans and contribute to their 401k can get some help. If it doesn’t benefit you just move on and be grateful you can already afford to max your own company match. Not all of us can.
USAA does this with everything in a very deceptive manner! “You talked, we listened, we now offer student loan repayment “! But what they don’t tell you is its at the expense of your normal retirement. With everything they give, they deceptively take something away! Few years back it was “we’re giving back to the community (volunteers hours) “ meanwhile take away employee holiday bonus days meant to be with your family. Now we get to deal with our mgrs trying to do team volunteer events and forcing us to use our volunteer days. Everything is a bait n switch there!
@vhp+1oO8BQSM USAA had the option of giving employees $5250 tax-free for student loan repayment due to a new IRS ruling. That way you'd be able to use all of that money towards paying your student loans and you'd also be able to put 4% into your 401(k) and get the 8% match so you'd have 12% of your income in your 401(k) each year now you're only going to have 8% from USAA nothing from you so it's not really a benefit
There's no benefit for a person to stay long term at USAA. I think job seekers are starting to know this. I left after 12 years and the first few years I believed that USAA would be the company I would retire from. Mindset has changed. I now know that employers don't actually care about me as a person. I think the thing that annoys me about USAA is they want to gaslight you into thinking they are a company that cares when their actions and the treatment of current employees don't say it at all .
As someone who contributes more than 4% to my 401k already and is unwilling to sacrifice 401k contributions to free up cash in the budget for my student loan payments…I was very underwhelmed by that benefit as well. Unless I’m understanding it incorrectly, there is no way to use this benefit and still make a minimum 12% contribution (employee + employer match).
Just quit
The only thing that’s been enhanced is executive level paychecks.
Student repayment actually sounds like it will be beneficial to those who have to make the decision between paying it down or 401k. Props for it
Nobody should have to repay student loans. Money is fake. We are set up for failure from the beginning.
I love the new student loan benefit!
I’ve sometimes felt squeezed — do I put money toward repaying my student loan or do I contribute to retirement to get the match? I don’t always have enough money to do both.
Now I can put money toward my loans while still getting the match. It makes me feel less conflicted about paying down loans vs saving for retirement.