Ted Godbout

EBRI Studies Possible Impact of Extreme Changes to DC Plans

By Ted Godbout 6/24/2019

Ever wonder what would happen in a world without defined contribution plans? Or a world in which everyone had one? A new study by the Employee Benefit Research Institute examines what impact these scenarios would have on retirement income adequacy. In recent years, various policy proposals have... READ MORE

Ways & Means Offers Retirement Plan Disaster Relief

By Ted Godbout 6/21/2019

The House Ways & Means Committee has voted to extend a vast array of individual and corporate tax provisions, including special disaster-related rules for use of retirement funds. Disaster Relief Assistance The Committee late June 20 approved the Taxpayer Certainty and Disaster Tax Relief Act... READ MORE

NJ to Hold Hearing on Proposed Fiduciary Standards

By Ted Godbout 6/19/2019

Not wasting any time, the Garden State has announced that it will hold a July 17 hearing in connection with its proposed new fiduciary standards. According to an announcement in the New Jersey Register, the Bureau of Securities also simultaneously announced that it is extending the comment period... READ MORE

Garden State Gets it: ARA

By Ted Godbout 6/17/2019

Consistent with prior input from the American Retirement Association, New Jersey correctly excluded ERISA plan fiduciaries from the application of its proposed new fiduciary standards. In a June 14 comment letter, the ARA – parent organization of the ASPPA/NTSA – expressed support for the proposed... READ MORE

Financial Wellness Seen as a Win-Win for Employers, Employees

By Ted Godbout 6/17/2019

A new study suggests that employers that focus on the financial well-being of their workers have a significant opportunity to improve employees’ financial health, while also benefiting their business. Conducted by the Financial Health Network on behalf of Morgan Stanley at Work, the survey of 1,... READ MORE

Plan Design, Participant Behavior Spark Improved Retirement Outlook

By Ted Godbout 6/13/2019

An annual bellwether report on corporate retirement plans finds that the retirement readiness for participants in those plans is brighter due to plan design enhancements and adoption of prudent investing practices. In fact, the usage of automatic enrollment has tripled since year-end 2007 and has... READ MORE

Multiemployer Pension Funding Bill Moves Forward in House

By Ted Godbout 6/12/2019

Following a contentious markup session, a key House Committee approved legislation on June 11 that would address the funding problems facing multiemployer pension plans. The House Education & Labor Committee’s approval of an amended version of the Rehabilitation for Multiemployer Pensions Act... READ MORE

Senate Working to Overcome Holds on Retirement Security Legislation

By Ted Godbout 6/7/2019

Following House passage of the bipartisan SECURE Act last month, it looked like the legislation was headed for quick enactment. Since then, however, the realities of the Senate’s legislative process appear to have taken over. A quick recap from where we last left off: On May 23, the House... READ MORE

Fed: Finances of Most Americans OK, but Retirement Saving Lags for Many

By Ted Godbout 6/6/2019

A large majority of individuals say they are comfortable financially, but many also report that they are struggling to save for retirement, according to the Federal Reserve Board. It its latest “Report on the Economic Well-Being of U.S. Households,” the Fed found that most measures of economic... READ MORE

Crisis of Confidence Seen Among Participants

By Ted Godbout 6/3/2019

To help alleviate a perceived crisis of confidence among participants, retirement plan providers should rethink their approach when it comes to both digital tools and human advisors, a new report suggests. According to J.D. Power’s 2019 U.S. Retirement Plan Participant Satisfaction Study, now in... READ MORE

House Overwhelmingly Backs SECURE Act; Focus Now Turns to Senate

By Ted Godbout 5/23/2019

UPDATED MAY 24 AT 9:30 A.M. ET One of the most consequential pieces of retirement security legislation in more than a decade has been approved overwhelmingly by the U.S. House of Representatives. In a May 23 House floor debate that featured much praise and few objections, the Setting Every... READ MORE

A Target Date for DOL Fiduciary Rule Redo?

By Ted Godbout 5/23/2019

The federal government’s updated Spring 2019 unified regulatory agenda sheds some light on prospects for the Department of Labor’s next steps on a fiduciary rule revamp. The DOL’s updated regulatory agenda confirms that the agency has set a target date of December 2019 to issue a Notice of... READ MORE

House Moves a Step Closer to Approving SECURE Act

By Ted Godbout 5/22/2019

The House of Representatives is moving forward with its promise to approve the Setting Every Community Up for Retirement Enhancement (SECURE) Act during the month of May. On May 21, the House approved on a party-line vote the so-called “rule” for the SECURE Act (H.R. 1994) – a key procedural... READ MORE

Senators Call for Creation of Federal Retirement Commission

By Ted Godbout 5/20/2019

Bipartisan legislation to create a new federal commission that would study and recommend ways to improve Americans’ retirement security has been reintroduced in the Senate. The Federal Retirement Commission Act, reintroduced May 14 by Sens. Todd Young (R-IN) and Cory Booker (D-NJ), would charge... READ MORE

Last Minute Changes Could Shake SECURE Act Support

By Ted Godbout 5/17/2019

Changes that don’t have anything to do with retirement might undermine bipartisan support for retirement security legislation. House Majority Leader Steny Hoyer (D-MD) late last month had announced that the House planned to take up the Setting Every Community Up for Retirement Enhancement (SECURE... READ MORE

401(k) Investors Who Stayed the Course Rewarded with Significant Gains

By Ted Godbout 5/15/2019

Despite a rocky end to 2018 and predictions of an impending recession, those who stayed the course with their 401(k) were rewarded with a generous first quarter rebound on the 10-year anniversary of the stock market low. Buoyed by positive stock market performance as well as record contribution... READ MORE

Senators Aim to Complete RESA, Move on to Broader Reforms

By Ted Godbout 5/15/2019

Members of the Senate Finance Committee expressed hope May 14 that Congress would move quickly to approve the long-pending Retirement Enhancement and Savings Act (RESA) before moving to the next round of broader retirement savings reforms. “I’m hoping that the House will send its version of RESA... READ MORE

Portman-Cardin Retirement Reform Bill Resurfaces in Senate

By Ted Godbout 5/15/2019

Picking up where they left off in the last Congress, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) reintroduced their comprehensive “Retirement Security and Savings Act” on May 13. The 132-page bill includes more than 50 provisions designed to strengthen Americans’... READ MORE

Legislation Paves Way for Retirement Match on Student Loan Repayment

By Ted Godbout 5/14/2019

A key member of Congress has reintroduced legislation that would permit 401(k), 403(b), SIMPLE and governmental 457(b) retirement plans to make matching contributions to workers as if their student loan payments were salary reduction contributions. Sen. Ron Wyden (D-OR), Ranking Member of the... READ MORE

Potential Strategies to Reduce Retirement Plan Leakage

By Ted Godbout 5/13/2019

With billions of dollars continuing to leave the retirement system early every year, a new report looks at factors that lead individuals to take early withdrawals, as well as policies that may help reduce the incidence. In “Additional Data and Analysis Could Provide Insight into Early Withdrawals... READ MORE

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