Ted Godbout

Interest Grows for Guaranteed Lifetime Income Options

By Ted Godbout 10/11/2022

As Americans experience the impact of inflation, a new survey finds that employee interest in guaranteed lifetime income investment options has increased since 2021, but certain barriers may be holding employees back. This is according to Nationwide Retirement Institute’s survey of more than 500... READ MORE

DCIO Assets Take a Big Hit in 2022

By Ted Godbout 10/11/2022

After a year of solid gains, price declines and turbulence in bond and equity markets took a heavy toll on defined contribution investment-only (DCIO) assets in the first half of 2022, according to an annual study of the DCIO market. Now in its 16th year, Sway Research’s “The State of DCIO... READ MORE

IRS Affirms Stance on RMD 10-Year Rule

By Ted Godbout 10/10/2022

Though final regulations are still pending, the Department of Treasury and IRS have essentially reaffirmed guidance for DC plans on required minimum distributions (RMDs), addressing questions surrounding the 10-year distribution rules under the SECURE Act and providing relief for certain... READ MORE

Do Millennials Face a More Precarious Retirement Outlook?

By Ted Godbout 10/9/2022

While retirement is still more than two decades away for Americans born in the 1980s, a new report finds that the retirement outlook for early Millennials is cause for concern — particularly compared to older generations. By the time early Millennials — those born between 1980 and 1989 — reach... READ MORE

HSA Marketplace Expanding, But Still Room for Improvement

By Ted Godbout 10/6/2022

Health savings account (HSA) assets have grown at a 31% annualized growth rate over the past 15 years, and while the industry has improved its offerings in that time, more can be done, according to a new report. The rapid adoption of high deductible health plans (HDHPs) has helped grow the still... READ MORE

House Approves Bill Banning Arbitration Clauses in ERISA Plans

By Ted Godbout 10/6/2022

Shortly before recessing for the mid-term elections, the House of Representatives approved legislation opposed by the American Retirement Association that would prohibit arbitration and discretionary clauses in employer-sponsored benefit plans under ERISA. The proposed changes were passed as part... READ MORE

What’s Waiting for Lisa Gomez?

By Ted Godbout 10/4/2022

Now that the U.S. Senate has confirmed Lisa Gomez to serve as Assistant Secretary for the Department of Labor’s Employee Benefits Security Administration (EBSA), a lengthy to-do list awaits her attention. Since the start of the current administration, Ali Khawar has been serving as Acting... READ MORE

Employers See Financial Wellness Offerings as Retention Booster

By Ted Godbout 9/30/2022

With feelings of financial wellness hitting a five-year low among employees, employers increasingly are turning to financial wellness programs to address employee stress and improve retention, according to a new report. Findings from Bank of America’s 12th annual Workplace Benefits Report— ... READ MORE

Senate Finally Confirms EBSA Nominee Gomez

By Ted Godbout 9/30/2022

After waiting for more than a year since her nomination was first announced, Lisa Gomez has finally been confirmed to lead the Employee Benefits Security Administration. In what appeared to be a party-line vote, with several senators not voting, the U.S. Senate on Sept. 29 confirmed the... READ MORE

Employees Paying More Attention to Financial Benefits

By Ted Godbout 9/28/2022

Even though COVID concerns are fading, new concerns over inflation and economic uncertainty are adding to increased financial stress among employees, who increasingly are looking to their employers for support and guidance, including with retirement planning. In fact, today’s economic environment... READ MORE

First-Half Market Doldrums Don’t Deter Retirement Savers

By Ted Godbout 9/28/2022

Despite various reports showing that many people have cut back on saving, new data by the Investment Company Institute suggests otherwise — at least regarding defined contribution plans. In fact, retirement saving continued to be a strong focus for DC plan participants through the first half of... READ MORE

Public-Sector DB and DC Plan Households May Need to Review Savings Habits

By Ted Godbout 9/28/2022

New research finds that households with public-sector defined contribution (DC) plan participants who have a primary defined benefit (DB) plan feel more comfortable spending than those without a primary DB plan, but that comfort level may be short-sighted. According to the research conducted by... READ MORE

What Impact Did COVID-19 Have on Retirement Timing?

By Ted Godbout 9/26/2022

The massive labor disruptions caused by the pandemic led many to speculate that those disruptions would also lead to mass retirement, but new data from the U.S. Census Bureau tells another story. To be sure, unemployment increased from 3.5% in February 2020 to a peak of 14.7% in April 2020 amid... READ MORE

Retirement Plan Digital Experience Comes up Short for Many Participants

By Ted Godbout 9/21/2022

Concerned about their investments and deteriorating financial health, many retirement investors are turning to their plan’s websites and apps for help, but they apparently are not finding what they need. According to J.D. Power’s 2022 U.S. Retirement Plan Digital Experience Study, overall... READ MORE

Most Workers Not Planning to Delay Claiming Social Security

By Ted Godbout 9/20/2022

Despite knowing they could receive larger payments, very few American workers are planning to wait until age 70—the age at which an individual reaches their maximum monthly benefit—to begin taking their Social Security benefits. According to the Schroders 2022 U.S. Retirement Survey, 86% of non-... READ MORE

‘Super Savers’ Shrug Off Inflation, Volatility, Look to Save More

By Ted Godbout 9/19/2022

While Super Savers are concerned with inflationary impacts and a potential recession, most remain bullish they can withstand the short-term impacts — and actually plan to save more. The annual Super Savers study from the Principal Financial Group found that nearly 6 in 10 (59%) survey respondents... READ MORE

DOL Admits QPAM Exemption Changes Could Impact Small Firms

By Ted Godbout 9/16/2022

After first saying that the proposed changes to the Qualified Professional Asset Manager (QPAM) Exemption would not have a significant impact on a substantial number of small firms, the Department of Labor (DOL) has now changed its position. After consulting with the Small Business... READ MORE

Self-Directed 401(k) Investors Hit Hard in Q2

By Ted Godbout 9/14/2022

In what may come as no surprise, retirement plan participants who invest through self-directed brokerage accounts (SDBAs) saw significant losses, on average, in the second quarter. According to Charles Schwab’s SDBA Indicators Report, the average account balance across all SDBA participant... READ MORE

401(k) Trading Remains Light Despite Market Volatility

By Ted Godbout 9/14/2022

Observations from Alight’s 401(k) Index for the month of August found that plan participants remained light traders during the month’s rising and falling of stocks. While there were two above-normal trading days—the first since mid-June—net trades as a percent of balance (0.07%) reflected the... READ MORE

Investing Packs an ‘Emotional Punch’ for Retirement Savers

By Ted Godbout 9/12/2022

New research by the Principal Financial Group finds that many workers lack awareness of what’s in their retirement accounts — but at the same time, many don’t feel comfortable making their own investment decisions and are looking for help. According to the research, roughly a third of U.S.... READ MORE

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