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Ted Godbout

A powerful group of lawmakers has introduced legislation to help children start saving early for retirement by establishing a savings account for every child in America.  The bicameral 401Kids Savings Act was introduced Jan. 31 in the Senate (S. 3716) by Sen. Bob Casey (D-Pa.), along with Senate... READ MORE
More American savers will turn 65 this year than at any point in history, with roughly 12,000 people a day reaching the age that most target for retirement, but a new report suggests that many are second-guessing whether they are ready to retire.   The Nationwide Retirement Institute surveyed 1,... READ MORE
The American Retirement Association (ARA) is calling on the IRS to revise several provisions contained in the proposed long-term, part-time employee (LTPTE) rules for 401(k) plans.  Chief among the ARA’s recommendations is for the IRS to revise the proposed rule regarding vesting service to... READ MORE
Employer plan sponsors and fiduciaries that are subject to the prohibited transaction rules as set forth in ERISA and the Internal Revenue Code (IRC) will want to take note of new procedures for granting administrative transaction exemptions.  The Department of Labor’s Employee Benefits Security... READ MORE
With several references made to the movie Groundhog Day, witnesses testifying at a House subcommittee hearing to examine the DOL’s proposed investment advice fiduciary rule suggested the proposal goes beyond its legal authority and called on Congress to act before the guidance ends up in litigation... READ MORE
A new study finds that two-thirds of people are confident they will be able to maintain a comfortable lifestyle in retirement, but diving deeper into the data shows that sentiment varies dramatically across demographic segments. Overall, roughly 1 in 4 Americans (24%) strongly agree they are... READ MORE
New results from the Retirement Clearinghouse’s Auto Portability Simulation (APS) model further reveal the potential for auto portability to dramatically increase retirement savings.    Based on new assumptions that increase the model’s predictive accuracy, the firm’s resulting paper—Revisiting... READ MORE
The IRS has just released new guidance in the form of questions and answers addressing several key provisions contained in the SECURE 2.0 Act of 2022. The IRS advises that the notice (Notice 2024-02) is not intended to provide comprehensive guidance as to the specific provisions of the SECURE 2.0... READ MORE
Proposed guidance implementing the SECURE 2.0 Act’s provision providing an exemption for certain automatic portability transactions has moved one step closer to being publicly released.  The Department of Labor on Dec. 5 submitted to the White House Office of Management and Budget for review a... READ MORE
A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them.  In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the... READ MORE
In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American... READ MORE
When asked what actions they were likely to take in 2024 as to their overall savings picture, new research finds a hint of optimism appears to be shining through, even though challenges remain.   In fact, findings from Voya’s Q4 Retirement Report based on the firm’s Financial Consumer Insights... READ MORE
While contribution levels have remained consistent, a troubling trend is that many individuals increasingly have been tapping their retirement savings through hardship withdrawals or loans.  This is according to the latest data from Fidelity Investments’ Q3 2023 retirement analysis, which shows... READ MORE
To better understand how people make retirement savings decisions, Goldman Sachs Asset Management (GSAM) recently collaborated with behavioral finance research firm Syntoniq to evaluate the factors that may influence Americans’ retirement savings tendencies.  In the resulting analysis, released... READ MORE
While employees expect their defined contribution (DC) plan to be a key vehicle for funding their retirement, most are worried their retirement savings will not be enough to cover their expenses, according to new research from Buck.  To gain insight into employees’ satisfaction with their... READ MORE
After denying a request to extend the comment period for its proposed guidance to update the definition of an investment advice fiduciary, the Department of Labor (DOL) announced that the Employee Benefits Security Administration (EBSA) will hold an online hearing beginning Dec. 12.  According to... READ MORE
The Plan Sponsor Council of America’s (PSCA) 5th annual health savings account (HSA) Survey of more than 500 employers indicates that more employers are framing HSAs as part of a holistic retirement savings approach and not just a spending account for current health care expenses. In fact, the... READ MORE
It’s been a couple of fast-moving days for the Department of Labor’s (DOL) proposal to amend the definition of investment advice fiduciary, as the House GOP has stepped up efforts to block the DOL from implementing its proposal, while the department has now denied a request to extend the comment... READ MORE
The SECURE 2.0 Act’s creation of an online searchable lost and found database at the Department of Labor (DOL) to help American workers find lost retirement savings benefits has moved one step closer to becoming a reality.  The Technology Modernization Fund (TMF)—which invests in technology... READ MORE
During the previous two editions of The State of Retirement Income, researchers at Morningstar recommended that the so-called 4% safe withdrawal rate for retirees should be lowered given current market conditions, but that has now changed.  Owing largely to higher fixed-income yields and a lower... READ MORE

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