Ted Godbout

Employees Flock to Financial Wellness Programs During Pandemic

By Ted Godbout 12/2/2020

Facing economic uncertainty and market volatility at the onset of COVID-19, employee usage of company financial wellness programs surged, according to a recent survey of retirement plan decisionmakers. Prudential’s 2020 Plan Sponsor Pulse Survey of nearly 700 retirement plan decisionmakers found... READ MORE

‘Sandwich Generation’ May Feel Financial Impact of COVID-19 for Years

By Ted Godbout 11/30/2020

As the pandemic shifts caregiving responsibilities, Millennials and women are increasingly among those “sandwiched,” and will likely feel the financial ramifications for many years, according to a new paper. Defined as those who care for both their children and aging parents, the Sandwich... READ MORE

Lack of Financial Literacy May Deter Retirement Plan Participation

By Ted Godbout 11/23/2020

The results of a recent survey reveal that most Americans, including retirement plan participants, failed a fluency quiz of key investment selection terms, which can translate into saving less and lower use of investment products. Hearts & Wallets’ “Financial Fluency: What Consumer... READ MORE

DOL Unveils Sample Pooled Plan Provider Registration Form

By Ted Godbout 11/20/2020

For those interested in getting a head start in registering as a pooled plan provider (PPP), the Department of Labor (DOL) has released an informational version of the form and instructions. Unveiled by the DOL on Nov. 19, the sample provides a snapshot of the final Form PR and related... READ MORE

IRS Puts Foot Down on Paycheck Protection Deductibility, Drawing Congress’ Ire

By Ted Godbout 11/20/2020

For plan advisors and small businesses that may have taken advantage of forgivable loans under the Paycheck Protection Program (PPP), newly released guidance by the IRS further digs in on its position regarding the deductibility of otherwise covered expenses. But that may not be the end of it. If... READ MORE

ARA Pushes for Clarifications on Lifetime Income Illustrations

By Ted Godbout 11/19/2020

In a Nov. 17 comment letter on the Department of Labor’s (DOL) interim final rule on lifetime income illustrations (LIIs), the American Retirement Association offers support for the rule, but recommends changes in certain key areas. “The ARA believes that the IFR strikes the right balance with... READ MORE

Final, ESG-less Rule on Financial Factors in Investing Published

By Ted Godbout 11/16/2020

The Department of Labor’s final rule preventing plan fiduciaries from selecting investments based on non-pecuniary considerations and requiring them to base investment decisions on financial factors was published in the Nov. 13 Federal Register. The final rule—which moved away from the proposed... READ MORE

Court Orders Public Release of PPP Data

By Ted Godbout 11/12/2020

Ruling that the public interest in the Small Business Administration’s (SBA) management of the PPP outweighs any limited private interest in nondisclosure, a federal judge has ordered SBA to release information about the recipients of Paycheck Protection Program loans. Judge James E. Boasberg of... READ MORE

DOL Issues Final PPP Registration Requirements

By Ted Godbout 11/12/2020

Pooled plan providers (PPPs) are now one step closer to being able to offer pooled employer plans (PEPs) under guidance released Nov. 12 by the Department of Labor. The final rule establishes the registration requirements for PPPs pursuant to the Setting Every Community Up for Retirement... READ MORE

Final PPP Registration Requirements Imminent

By Ted Godbout 11/11/2020

Release by the Department of Labor (DOL) of final regulations implementing the registration requirements for Pooled Plan Providers (PPPs) to market Pooled Employer Plans (PEPs) could come any day now. According to the White House’s Office of Management Budget website, the Office of Information and... READ MORE

Putnam’s Reynolds Shares His Take on Past and Future Change

By Ted Godbout 11/9/2020

Bob Reynolds, President & CEO of Putnam Investments, spoke recently about what he sees for the future of the retirement industry, public policy developments and his perspective on product innovation and market consolidation. Reynolds, along with John Mitchem, Principal of JM3 Projects as... READ MORE

Dual 401(k) and ESPP Participants Found to Save More for Retirement

By Ted Godbout 11/3/2020

Across income levels, employees who participate in both their company’s Employee Stock Purchase Plan (ESPP) and their company’s 401(k) plan often contribute more to their 401(k). According to the research from Fidelity Investments, those who participated in both plans tended to contribute an... READ MORE

Employer Matches Show Signs of Recovering

By Ted Godbout 11/3/2020

Since the start of the pandemic in March, retirement plan contribution activity has been volatile, but there are some encouraging signs from both employers and employees, according to new data from Ascensus. The firm notes in its October 2020 State of Savings report that over the course of the... READ MORE

DOL to Issue Guidance, Ramp up Investigations on Cybersecurity

By Ted Godbout 10/30/2020

The Department of Labor is working on a guidance package addressing cybersecurity issues as they relate to plan sponsors and third-party providers, a key official said Oct. 28. Addressing SPARK’s Cybersecurity Virtual Event, Tim Hauser, Deputy Assistant Secretary for National Office Operations... READ MORE

EBSA Enforcement Action Recovery Efforts Climb Again

By Ted Godbout 10/30/2020

Total monetary recoveries by the Department of Labor’s Employee Benefits Security Administration (EBSA) enforcement and oversight activity in fiscal year 2020 apparently hit a record. According to an annual fact sheet released by the agency, EBSA recovered more than $3.1 billion in direct... READ MORE

Final PPP Registration Requirements Arrive at OMB

By Ted Godbout 10/28/2020

As the effective date for Pooled Employer Plans (PEPs) nears, the Department of Labor (DOL) is not wasting any time in trying to finalize the corresponding Pooled Plan Provider (PPP) registration requirements. According to the White House’s Office of Management Budget website, the DOL submitted... READ MORE

House Lawmakers Target State Financial Transaction Taxes

By Ted Godbout 10/28/2020

Two Republican members of the House of Representatives are pushing back on state and local efforts to impose financial transaction taxes that would impact non-residents. Rep. Patrick McHenry (R-NC), the ranking Republican member of the House Financial Services Committee, and Rep. Bill Huizenga (... READ MORE

SECURE Act 2.0 Introduced in the House

By Ted Godbout 10/27/2020

The chairman and ranking member of the powerful U.S. House Ways & Means Committee have introduced a sequel to the SECURE Act—but have taken a step backward on e-delivery. Ways & Means Committee Chairman Rep. Richard Neal (D-MA) and Rep. Kevin Brady (R-TX), the ranking Republican on the... READ MORE

COVID-19 Raises Fresh Concerns About Retirement Preparedness

By Ted Godbout 10/23/2020

As the impact of COVID-19 on retirement continues to emerge, new survey results show that many workers and retirees are optimistic about their financial future, while others say the pandemic has permanently impacted their ability to save. Particularly for workers whose employment has been... READ MORE

NJ Lawmakers Get Pushback on Proposed Financial Transaction Tax

By Ted Godbout 10/21/2020

Witnesses testifying at a hearing before the New Jersey state legislature voiced strong opposition to a proposed financial transaction tax that would impact retirement plans. At the Oct. 19 hearing held by the New Jersey Assembly Financial Institutions and Insurance Committee, 17 organizations... READ MORE

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