Ted Godbout

Bob Doll Offers Mid-Year Update on 2020 Predictions

By Ted Godbout 7/27/2020

At the start of 2020, Nuveen’s Senior Portfolio Manager & Chief Equity Strategist expected economic growth to pick up modestly, but then the Coronavirus threw everything for a loop. So what does he see for the rest of the year? In January, Doll offered his annual set of 10 Predictions that... READ MORE

ARA Presses DOL to Provide Level Playing Field in Upcoming PEP Guidance

By Ted Godbout 7/27/2020

The American Retirement Association is urging the Department of Labor to provide a level playing field, as it considers potential new prohibited transaction exemptions (PTEs) in relation to Pooled Employer Plans (PEPs) under the SECURE Act. In response to the DOL’s Request for Information (RFI... READ MORE

Murray Says Fiduciary Fix Needed, Blasts DOL Proposal

By Ted Godbout 7/23/2020

Considering the Department of Labor’s proposed prohibited transaction class exemption for investment advice fiduciaries, Sen. Patty Murray (D-WA) indicated at the 2020 NAPA D.C. Fly-In Forum July 21 that it may be time for a legislative rewrite. In response to a question about whether she... READ MORE

Nearly a Third of Workers May Delay Retirement Due to COVID-19

By Ted Godbout 7/23/2020

Recent survey results found that the economic fallout from COVID-19 has altered the perception of when many workers plan to retire, but retirement confidence levels appear to be rebounding somewhat. The Wells Fargo/Gallup Investor and Retirement Optimism Index, based on interviews of more than... READ MORE

EBSA’s Wilson: E-Delivery Paper Notices Can Be Deferred Under COVID-19 Relief

By Ted Godbout 7/22/2020

Addressing the 2020 NAPA D.C. Fly-In Forum July 21, a key Department of Labor (DOL) official confirmed that the DOL’s deadline relief provided in response to the Coronavirus pandemic also applies to initial paper notices under the DOL’s new electronic disclosure regulations. Responding to a... READ MORE

Nearly a Third of Workers May Delay Retirement Due to COVID-19

By Ted Godbout 7/21/2020

How Digital Enhancements Can Improve Retirement Outcomes

By Ted Godbout 7/20/2020

A review of recent research suggests that many 401(k) plan sponsors and providers are currently underestimating the power of digital design in helping participants make better retirement savings choices. Appearing in the Harvard Business Review, “How Digital Design Drives User Behavior” by... READ MORE

Proposed PEP Regs Land at OMB

By Ted Godbout 7/17/2020

About a month after the Department of Labor published a Request for Information (RFI) on prohibited transactions involving Pooled Employer Plans (PEPs), the DOL has now delivered a proposed rule on PEPs to the White House Office of Management and Budget for review. The OMB’s Office of... READ MORE

Garden State Looks to Financial Transaction Tax to Fix Budget Woes

By Ted Godbout 7/16/2020

Legislation has been introduced in the New Jersey state legislature that would impose a tax on financial transactions—including those in your 401(k)—to fix the state’s widening budget gap. Unlike other financial transaction tax (FTT) proposals, however, this bill takes a slightly different... READ MORE

Citing Racial Justice, Senate Dems Push DOL to Withdraw ESG Proposal

By Ted Godbout 7/16/2020

A group of Senate Democrats is calling on the Labor Department to withdraw its proposal clarifying the investment duties of ERISA plan fiduciaries in relation to environmental, social and governance (ESG) criteria, saying the proposal would discourage financial advisors from supporting racial... READ MORE

Markets Rebound, but 401(k) Participants Not Moved to Trade

By Ted Godbout 7/15/2020

As the S&P 500 was posting its best quarterly performance in more than two decades, 401(k) investors were light traders, according to the Alight Solutions 401(k) Index. The firm reports in its Second Quarter 2020 Observations that there were only six days of above-normal trading activity—a... READ MORE

Key Senator Presses DOL for Hearing on Fiduciary Proposal

By Ted Godbout 7/15/2020

Noting that the Department of Labor previously held several days of hearings under the former fiduciary rule, the ranking Democrat on the Senate committee with primary jurisdiction over ERISA-related issues has called on the DOL to hold a hearing. The request comes from Sen. Patty Murray (D-WA... READ MORE

Why Aren’t Employees Using Their HSAs as a Retirement Vehicle?

By Ted Godbout 7/10/2020

Saving in a health savings account for health care expenses in retirement is one of the most powerful steps employees can take for retirement planning, but most are missing out on this opportunity, according to a new survey and white paper. To better understand how employees are preparing for... READ MORE

Bipartisan Bill Would Create Lost and Found Participant Database

By Ted Godbout 7/8/2020

Legislation has been reintroduced to create a national, online “lost and found” database to help plan participants keep track of their retirement accounts as they move from job to job. The Retirement Savings Lost and Found Act sponsored by Sens. Elizabeth Warren (D-MA) and Steve Daines (R-MT)... READ MORE

Treasury, Labor Reg Agendas Face Tight Window Under APA, CRA

By Ted Godbout 7/8/2020

Near the end of a term of every presidential administration, there’s always a push to finalize key regulatory proposals before a potential new president or Congress can overturn them. And this year appears to be no different. Released by the White House’s Office of Information and Regulatory... READ MORE

PPP Deadline Extension Cleared for President Trump

By Ted Godbout 7/2/2020

The House of Representatives on July 1 approved Senate-passed legislation to extend the deadline for small businesses affected by COVID-19 to apply for loans under the Paycheck Protection Program. Both the House and Senate approved the legislation by unanimous consent. The legislation is now... READ MORE

ICI: Retirement Assets Dropped 12% in Q1

By Ted Godbout 6/29/2020

Data from the Investment Company Institute (ICI) reveals that retirement assets across the board took a hit in the first quarter, but it could have been worse. DC plan assets were down 12.3% from the beginning of the year, dropping to $7.9 trillion for all employer-based DC retirement plans... READ MORE

Balances Down, Trading Volume Up for Self-Directed 401(k) Investors

By Ted Godbout 6/26/2020

Trending with the recent market volatility, the average account balance for plan participants within self-directed brokerage accounts was down in the first quarter, while trading volumes were higher, according to Charles Schwab’s latest SDBA Indicators Report. The average account balance finished... READ MORE

Considerations for Plan Sponsors Looking to Keep Participants After Retirement

By Ted Godbout 6/26/2020

DC plan participants are increasingly keeping their retirement balances in the plan after they retire, but plan sponsors interested in retaining those balances must overcome some misperceptions, according to a recent paper by T. Rowe Price. In “Bridging the Gap Between Accumulation and... READ MORE

401(k) Plans Beware: Identity Fraud Is Headed Your Way

By Ted Godbout 6/23/2020

The results of a recent survey should serve as a wake-up call for plan sponsors, providers and related financial institutions about how they prevent, detect and resolve identify fraud. During the next 12 months, criminals will strike at the heart of the financial services industry and negatively... READ MORE

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