Ted Godbout
By Ted Godbout 3/1/2021
The House of Representatives in the early hours of the past weekend approved a nearly $2 trillion COVID-stimulus bill, including a freeze to retirement plan contribution limits.
The Butch Lewis Emergency Pension Plan Relief Act was approved Feb. 27 as part of the mammoth American Rescue Plan Act...
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By Ted Godbout 3/1/2021
Released in concert with Voya Financial, the behavioral economist’s new white paper advances several changes to help participants get back on track with their retirement savings.
Dr. Shlomo Benartzi, UCLA Anderson School of Management professor emeritus and a senior academic advisor to the Voya...
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By Ted Godbout 2/25/2021
New survey results show that a strong majority of Americans have a favorable impression of defined contribution plans and disagree with potential changes affecting current tax features.
According to the Investment Company Institute’s updated study, “American Views on Defined Contribution Plan...
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By Ted Godbout 2/23/2021
Despite economic uncertainty, ongoing individual contributions remained strong, helping to boost average retirement account balances to record levels during the fourth quarter of 2020.
According to Fidelity Investments’ quarterly analysis of retirement savings trends, the average 401(k) balance...
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By Ted Godbout 2/23/2021
The White House has put forward a series of Paycheck Protection Program changes targeted at small businesses and those not able to take advantage of the earlier relief efforts.
According to the Feb. 22 announcement, the Administration will establish a two-week period, starting Wednesday, during...
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By Ted Godbout 2/12/2021
As part of the push to enact a nearly $2 trillion stimulus bill, the House Ways & Means Committee moved forward Feb. 11 with a proposal to freeze retirement plan contribution limits to help offset the cost of multiemployer plan relief.
On a party-line vote of 25-18, the committee approved the...
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By Ted Godbout 2/11/2021
The results of a new survey reveal that certain plan features have seen a significant increase in adoption, while others have struggled to gain traction.
For instance, brokerage accounts in DC plans have grown from 19% in 2005 to 60% of plans in 2020, according to findings from NEPC’s 15th...
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By Ted Godbout 2/5/2021
In his first appearance before the Senate, President Biden’s nominee to lead the Department of Labor vowed to work with both parties to address multiemployer pensions, as well as other retirement security issues.
Boston Mayor Martin Walsh, the Secretary of Labor nominee, stated at his Feb. 4...
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By Ted Godbout 2/5/2021
The American Retirement Association, along with 30 other organizations, wrote to New York State leaders, criticizing a proposal to tax stock transfers as a misguided attempt to address the state’s budget deficit.
“While some see this as a tax on the securities industry itself, it is actually a...
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By Ted Godbout 2/5/2021
At the time of its passage, many in the retirement industry were concerned that the CARES Act would “open the floodgates” to a large percentage of workers cashing out years of retirement savings.
Fortunately, that did not happen, according to an analysis by Vanguard of its DC recordkeeping data...
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By Ted Godbout 2/3/2021
Framed as a tax on Wall Street, a new study contends that a financial transaction tax in reality would threaten the retirement savings of millions of Americans.
Legislation has been introduced at the federal and state level, including a new bill to implement an FTT in response to the market frenzy...
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By Ted Godbout 2/3/2021
A new study that looks at the implications student loan debt is having on overall financial security and retirement preparedness finds both positive developments and ongoing red flags.
In “Student Loan Debt: Who Has It and How Much?,” the Employee Benefit Research Institute (EBRI) reports that...
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By Ted Godbout 2/3/2021
A fierce and powerful Democrat will be joining one of the Senate’s most powerful committees.
On Feb. 2, Sen. Ron Wyden (D-OR), who is the new, incoming chairman of the Senate Finance Committee, announced that Sen. Elizabeth Warren (D-MA) will join the Committee in the 117th Congress.
“I’m...
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By Ted Godbout 2/1/2021
While the pandemic has provided challenges for all age groups, a new report finds that COVID-19 has produced unique challenges for young adults, particularly when it comes to their financial futures.
Even though the health implications are likely to be less severe for those in their 20s, young...
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By Ted Godbout 1/28/2021
Based on conversations with thousands of employers, surveys and internal data, Fidelity has shared what it views as some of the top employee benefit trends for 2021.
Fidelity found that employers are increasingly viewing benefits in terms of diversity and inclusion and how benefits will serve all...
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By Ted Godbout 1/28/2021
Another state legislature is moving forward with a state-run retirement savings program for private sector employees.
The Virginia House of Delegates on Jan. 26 voted 56-44 to approve House Bill 2174, establishing the “VirginiaSaves” retirement savings program to allow private sector employees...
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By Ted Godbout 1/26/2021
On Jan. 25, the Senate confirmed one of President Biden’s top economic advisors, and a key Republican senator who has been a champion of retirement policy announced his intent to retire.
Janet Yellen was approved by the Senate in an 84-15 vote, becoming the first woman to lead the department in...
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By Ted Godbout 1/21/2021
Along with the swearing in of President Joe Biden this week, three new senators were sworn in as well, swinging control of the Senate to the Democrats, along with the ability to control the agenda.
Newly elected Democrats Raphael Warnock and Jon Ossoff were officially sworn in Jan. 20, following...
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By Ted Godbout 1/21/2021
As expected—and as has routinely been done in recent memory along with a change in administrations—the incoming Biden administration moved to immediately pause all pending and recently issued regulatory projects, including new retirement guidance by the Labor Department.
In a Jan. 20 memo, White...
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By Ted Godbout 1/21/2021
Efforts to address the funding crisis facing multiemployer pension plans, as well as provide single employer funding relief, just got a big boost from a key member of Congress.
House Ways & Means Committee Chairman Richard Neal (D-MA) on Jan. 21 introduced the Emergency Pension Plan Relief...
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