While this is a positive sign, it is important to note that a private letter ruling is directed to the specific taxpayer requesting the ruling, and it is applicable only to the specific set of facts and circumstances included in the request. That means others cannot rely on the private letter ruling as precedent. It is neither a regulation nor even formal guidance.So as Americans resolve to tackle their personal student loan debt and improve their financial wellness in 2019, let’s ask the new Congress to resolve to give them tools to do so. One such tool is codifying the arrangement approved by the private letter (known as “PLR 201833012”). With clear formal guidance, record keepers will be encouraged to add this feature to their plans. In a tight labor market, employers will be keen to add this benefit to help attract talent. Americans will be given a means to pay off debt and save for retirement within tightening personal budgets.