Ted Godbout
By Ted Godbout 5/8/2022
Despite the pandemic and inflation, American workers and retirees remain optimistic about living a comfortable retirement—and one key factor that has helped is having a workplace retirement savings plan.
This is according to the 32nd annual Retirement Confidence Survey (RCS) measuring worker and...
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By Ted Godbout 5/6/2022
The Department of Labor’s March warning about cryptocurrency, along with Fidelity’s decision to move forward with a new “digital assets” capability for 401(k) plans, has set off a firestorm in Washington.
One of the latest developments comes from Sen. Tommy Tuberville (R-AL) who has introduced...
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By Ted Godbout 5/4/2022
Final regulations implementing changes under the SECURE Act updating the Form 5500 filing requirements and instructions for a group of plans (GoP) may be released in the coming weeks.
The White House’s Office of Management and Budget completed its review of the final regulations (RIN: 1210-AB97...
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By Ted Godbout 5/3/2022
Given the outsized impact the pandemic has had on the health care sector, it’s not surprising that employee benefits have taken center stage to help address organizational challenges.
In fact, Voya Financial’s biennial survey of retirement plan management in the health care sector conducted in...
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By Ted Godbout 4/29/2022
After filing a cloture petition on April 25 to limit debate on the nomination of Lisa Gomez to serve as Assistant Secretary of the Department of Labor, Senate Majority Leader Chuck Schumer (D-NY) was forced to withdraw the petition late April 26 after two Senate Democrats—Sens. Ron Wyden (OR) and...
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By Ted Godbout 4/28/2022
Between inflation and an international conflict, Americans’ financial behavior will likely be affected for months to come, making financial literacy even more important.
According to Primerica’s first quarter 2022 Middle-Income Financial Security Monitor, middle-income households remain concerned...
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By Ted Godbout 4/27/2022
As the rising cost of goods and services strains the wallets of many Americans, the growing concern of being able to save enough for retirement apparently is also on the rise.
Findings from Voya Financial’s consumer research survey reveal that two-thirds (66%) of Americans “agree or strongly...
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By Ted Godbout 4/25/2022
Emboldened by starting to save at an earlier age, Millennials apparently have an evolving vision of what it means to retire, with an emphasis on flexibility and lifestyle, according to a new study by Schwab.
Among the key findings in the firm’s new Retirement Reimagined Study is that while...
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By Ted Godbout 4/25/2022
Despite ongoing challenges bought about by the pandemic, 2021 withdrawal and contribution data indicate that essentially all DC plan participants continued to save in their retirement plans at work.
Only 2.2% of DC plan participants stopped contributing in 2021, compared with 2.3% in 2020 and 3.4...
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By Ted Godbout 4/18/2022
“Auto everything” has solved a lot of problems, but the personalization required for decumulation strategies requires a different approach, Prof. Schlomo Benartzi suggested at an April 3 general session at the 2022 NAPA 401(k) Summit.
Benartzi, Professor Emeritus of the UCLA Anderson School of...
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By Ted Godbout 4/14/2022
When it comes to financial wellness benefits, it’s clear that more than just financial well-being is at stake, as it’s not just employees who are impacted by financial stress, but employers suffer the consequences as well.
In fact, three out of four U.S. workers are facing at least one source of...
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By Ted Godbout 4/14/2022
An annual analysis of 401(k) plan data finds that the top five industries with the best plans continue to outpace the competition in nearly all metrics.
The results of Judy Diamond Associates’ sixth annual 401(k) Plan Benchmark Report finds that for the second year in a row, the 11,532 firms that...
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By Ted Godbout 4/13/2022
As the pandemic passes the two-year mark, there seems to be an emerging gap in the financial security of younger Americans compared with their retired counterparts, new survey findings suggest.
Americans who have yet to retire and are still balancing careers, family and saving are feeling more...
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By Ted Godbout 4/7/2022
As small and mid-sized businesses continue to look for ways to attract and retain key employees, a new survey finds they’re putting employee benefits in place.
The Principal Financial Group conducted a “check-in” with more than 1,000 business owners at the beginning of 2022 and found that 84% of...
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By Ted Godbout 4/6/2022
Employers are eyeing changes to their DC plans in an effort to improve their employees’ retirement security and financial wellbeing and to help with recruitment and retention.
In a survey of 363 DC plan sponsors representing a broad range of industries, Willis Towers Watson found that 75% of...
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By Ted Godbout 4/4/2022
Thanks in part to the growth of collective investment trusts (CITs) and a rebound in investor contributions, total assets in target date strategies grew to a record high in 2021.
CITs apparently are on pace to overtake mutual funds as the most popular target-date vehicle in the coming years,...
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By Ted Godbout 4/4/2022
The House of Representatives’ overwhelming passage last week of the Securing a Strong Retirement Act (H.R. 2954, a.k.a SECURE 2.0) helps set the stage for action by the U.S. Senate later this year, Brian Graff explained at the April 3 opening session of the 2022 NAPA 401(k) Summit in Tampa, FL.
“...
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By Ted Godbout 4/1/2022
Last year, more workers took advantage of the convenience of virtual and on-demand 401(k) educational sessions, and it appears this trend will continue even as workplaces move back to in-person work.
According to data from Schwab Retirement Plan Services, participant viewership for virtual live...
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By Ted Godbout 4/1/2022
The Bay State’s fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker dealers and agents.
The March 30 ruling by Suffolk County Superior Court Judge Michael Ricciuti held...
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By Ted Godbout 4/1/2022
With past behavioral economics research demonstrating that nudges can be a potent tool for increasing savings rates, the results of a recent study suggest that fresh start framing can be an effective nudge.
In “Using Fresh Starts to Nudge Increased Retirement Savings,” John Beshears of Harvard...
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