We operate in an industry where higher education requirements and the costs of a degree in architecture do not match early career salaries, particularly in the United States. To address the competing burdens of paying off student loans and saving for retirement, SOM has launched a new program that matches student loan payments by up to 3 percent of qualified earnings as a 401(k) contribution. The program is available to current staff and future employees.
“This new program will offer more financial support to those who need it most,” said Partner Julia Murphy, who was recently elected to SOM’s Executive Committee. “Building retirement savings early in our careers makes a huge difference on our future well-being, and we hope this program signals that our profession is aligning with the benefits often offered outside our industry.”