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News & Views | Q3 2021 Page 3 of 4

MORE ABOUT STUDENT LOANS

The proposals introduced by Senators Portman, Cardin and Wyden couldn’t be more timely. Student debt is a crisis, affecting 44
million Americans and 70% of new college graduates. These new graduates are the future workforce, and their debt will affect
jobs, housing, credit and retirement. Student loan debt can have a tremendous impact on millennials’ lives, influencing where they
choose to live, work, and how they spend their money.

Student loan statistics are staggering:
• 44 million borrowers have accrued $1.8 trillion in student debt

• Over $60 billion of student loan debt is in default, and more than 1 million borrowers default each year

• 70% of recent college grads have student loans
• 35% of student debt is held by individuals over age 40

• Among millennials, student loan repayment is the #2 most desired perk

College graduates are increasingly looking to employers that can help them tackle this debt burden. And employers are getting
the message and taking action. The challenge for most employers, though, is that direct student loan assistance can be a major
additional benefit expense. With the changes proposed in S.1770 and S.1443 above, employers may soon have another benefits
option. While retirement matching programs are relatively scarce in the public sector, they are not unheard of. NFP has assisted
several public sector clients with implementing match programs for their employees. Because the student loan matching language
is in multiple bills and has wide bipartisan and industry support, NFP is encouraged that this new feature will become available to
our client plans. Please contact your NFP advisor if you would like to explore this potential new option to enhance your retirement
benefits programs.
NAGDCA GOES VIRTUAL IN 2021

The National Association for Government Defined Contribution Administrators is holding a virtual annual conference in 2021. The
NAGDCA annual conference is seen as the nation’s premier event for public sector defined contribution plans The virtual conference
will offer plan sponsors and industry representatives the opportunity to learn innovative techniques for improving retirement
programs, hear the latest on legislative developments, share ideas and network with peers, and much more!

The virtual conference will be held September 13 – 16 and registration is now open. Registration includes access to all conference
sessions and recordings after the conference ends. Continuing education credits are available in partnership with the Society for
Human Resource Management (SHRM) and for CFP and CRC designations. NFP is a proud sponsor of NAGDCA’s 2021 conference.

For more information about the 2021 NAGDCA annual conference, click here⁸.
NAGDCA COMMITTEES – CALL FOR VOLUNTEERS IS OPEN

NAGDCA is the Country’s leading association for Defined Contribution Plans. Much of NAGDCA’s success comes from the members
who volunteer for different committee throughout the year. By participating on these committees, NAGDCA is able to gain valuable
insights into the inner workings of defined contribution plans, trends and opportunities and for improvement, real-world issues
facing plan administrators and participants. This helps NAGDCA identify future association trends and issues, topics for webinars
and other educational initiatives, and gain a deeper understanding of the issues their members face on a day to day basis. Volunteers
can benefit by making valuable business and personal connections, to broaden their peer network and build connections with
partners across the country, as well as to enhance leadership skills in ways that are different than those available in your current
position.

A large number of NFP consultants and clients volunteer on these committees, and NFP encourages everyone to take advantage
of the opportunity to participate. The annual call for volunteers has just opened and members can apply for their committees of
interest here⁹.