The student loan part and the rainy day savings part are 2 separate things.

The student loan part would allow employer to treat student loan payments as a 401k contribution for the purposes of matching, so you would get that employer contribution to your 401k account for making a student loan payment. It would be a bad idea to rely on this alone, since the amount of the payment obviously wouldn't go into the 401k account.

The rainy day fund would essentially act as another savings account that you could contribute to as a payroll deduction (something I've approximated myself with a second savings account at my bank). Employers can match it if they want, but it has a limit of $2500.

All this really does is authorize employers to offer more benefits without requiring it, and I don't see a problem with that. This would also incentivize paying off your student loans, which is obviously a good thing. The automatic enrollment could cause problems, but unless they make it mandatory (and I don't believe they do) the effect here is making these programs opt out instead opt in as they are now. I don't agree with fucking with people's finances without their consent like this, but people can opt out of these programs if they want/need to. There are far bigger problems with their shitbill than this, like Cocaine Mitch helping Schumer fuck over the House GOP to spite the base.

The student loan part and the rainy day savings part are 2 separate things.

The student loan part would allow employer to treat student loan payments as a 401k contribution for the purposes of matching, so you would get that employer contribution to your 401k account for making a student loan payment. It would be a bad idea to rely on this alone, since the amount of the payment obviously wouldn't go into the 401k account.

The rainy day fund would essentially act as another savings account that you could contribute to as a payroll deduction (something I've approximated myself with a second savings account at my bank). Employers can match it if they want, but it has a limit of $2500.

All this really does is authorize employers to offer more benefits without requiring it, and I don't see a problem with that. This would also incentivize paying off your student loans, which is obviously a good thing. The automatic enrollment that could cause problems, but unless they make it mandatory (and I don't believe they do) the effect here is making these programs opt out instead opt in as they are now. I don't agree with fucking with people's finances without their consent like this, but people can opt out of these programs if they want/need to. There are far bigger problems with their shitbill than this, like Cocaine Mitch helping Schumer fuck over the House GOP to spite the base.