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Ted Godbout

The Department of Labor’s (DOL) proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA) has now been officially published in the Federal Register. The DOL also published Nov. 3 the proposed amendments to Prohibited... READ MORE
The SECURE 2.0 Act marked a significant step towards enabling more small business owners to offer retirement savings plans, yet 65% still don’t offer one to their employees.   To better understand their motivations and challenges, the Capital Group, in partnership with data analytics firm Escalent... READ MORE
Not long after the wildfires in Lahaina, Maui destroyed more than 2,000 buildings and caused billions of dollars in damages, a delegation of Hawaii lawmakers introduced legislation to significantly expand the disaster relief provisions contained in the SECURE 2.0 Act.  Rep. Jill Tokuda (D-HI) and... READ MORE
While it may come as no surprise, the sooner Congress implements reforms to the Social Security system, the lesser the impact might be on beneficiaries; but the closer it gets to 2034, when the trust fund reserves are estimated to be depleted, the more the options become limited—and potentially... READ MORE
Morningstar’s 7th annual landscape study on health savings accounts (HSAs) available to individuals shows continued industry improvement, even though persistent issues with transparency and fees remain.   The study evaluated 10 of the top HSA providers on two different use cases[JI1]: (1) as... READ MORE
Final regulations updating the existing procedures governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of ERISA, the Internal Revenue Code and the Federal Employees’ Retirement System could be released soon. The White House... READ MORE
To encourage so-called micro-businesses with less than 10 employees to adopt retirement plans, a bipartisan pair of House lawmakers introduced legislation that would increase and alter the way the start-up credit is calculated. Reps. Claudia Tenney (R-NY) and Dan Kildee (D-MI)—who are both members... READ MORE
The nation’s youngest members of the workforce have ambitious goals to retire at an early age, though they also believe they are facing more obstacles to do so than those before them. In fact, according to Charles Schwab’s annual nationwide survey of 401(k) plan participants, Gen Z workers (21–26... READ MORE
The Department of Labor (DOL) has taken the first step in exploring ways to improve the effectiveness of retirement plan disclosures under ERISA, consistent with Section 319 of the SECURE 2.0 Act of 2022.  More specifically, the DOL’s Employee Benefits Security Administration (EBSA) on Oct. 18... READ MORE
In response to numerous questions posted by House Education and the Workforce Committee members, Acting Labor Secretary Julie Su told the lawmakers that the Labor Department is committed to moving forward on a new rule.  “Our concern consistently has been and continues to be with financial... READ MORE
Today’s workers’ expectation of when and how they will retire is a radical departure from how retirees actually retired.  That’s according to Transamerica Center for Retirement Studies’ (TCRS) survey report, Life in Retirement: Pre-Retiree Expectations and Retiree Realities.  In comparing the... READ MORE
Improvements in retirement-plan design have put more workers in a better position to meet their retirement goals, yet for Americans who lack access to a plan, the outlook remains challenging. That was one of the key takeaways from Vanguard’s inaugural Retirement Outlook report, which evaluates... READ MORE
In a move that would allow more individuals to save more for their health care expenses in retirement, the House Ways and Means Committee on Sept. 28 approved legislation to significantly expand the health savings account (HSA) contribution limits, as well as broaden the number of individuals... READ MORE
As if the stress from high inflation and the possibility of an economic downturn wasn’t already enough, add concerns about higher taxes on 401(k) plans and IRAs to the list of worries.  According to Allianz Life’s 2023 Q3 Quarterly Market Perceptions Study, Americans are increasingly worried about... READ MORE
Over the last year, the impact of inflation and economic uncertainty has contributed to increased financial stress, leading many employees to focus on short-term financial needs instead of saving for retirement.  That’s one of the key findings from Bank of America’s 13th annual Workplace Benefits... READ MORE
After enduring one of the worst stock markets in decades, health savings account (HSA) investment assets have grown rapidly, according to Devenir’s 2023 mid-year HSA market survey report.  As part of its 26th semi-annual HSA survey, Devenir reports that, at the mid-point of 2023, $116 billion in... READ MORE
New research by the Employee Benefit Research Institute (EBRI), conducted in partnership with J.P. Morgan Asset Management, reveals that households with spending “spikes” are more likely to increase their credit card debt or take a 401(k)-plan loan.  Leveraging data across 29 million Chase... READ MORE
There’s some good new and some bad news in Goldman Sachs Asset Management’s (GSAM) just-released retirement report, which examines how plan participants are preparing for, transitioning to, and managing their finances in retirement. On a positive note, more U.S. workers over the last year have... READ MORE
While financial worries remain among the top reasons Americans are delaying retirement or are returning to work, a surprising number cite other, more personal reasons for doing so, a new survey finds.  According to the survey from Fidelity & Guaranty Annuities & Life (F&G), which... READ MORE
Amid ongoing market volatility, it’s little wonder that plan participants are keeping a close eye on their retirement account balances, and they increasingly are doing so via mobile apps.  As a result, mobile apps have taken center stage as critical tool for retirement investors, according to J.D... READ MORE

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