Ted Godbout

Employee Attitudes Towards Their Retirement Benefits Contain Contradictions

By Ted Godbout 11/20/2023

While employees expect their defined contribution (DC) plan to be a key vehicle for funding their retirement, most are worried their retirement savings will not be enough to cover their expenses, according to new research from Buck. To gain insight into employees’ satisfaction with their... READ MORE

DOL Schedules ‘Online’ Hearing on Proposed Retirement Security Rule

By Ted Godbout 11/17/2023

After denying a request to extend the comment period for its proposed guidance to update the definition of an investment advice fiduciary, the Department of Labor (DOL) announced that the Employee Benefits Security Administration (EBSA) will hold an online hearing beginning Dec. 12. According to... READ MORE

More Employers Positioning HSAs as a Retirement Savings Strategy: PSCA

By Ted Godbout 11/15/2023

The Plan Sponsor Council of America’s (PSCA) 5th annual health savings account (HSA) Survey of more than 500 employers indicates that more employers are framing HSAs as part of a holistic retirement savings approach and not just a spending account for current health care expenses. In fact, the... READ MORE

DOL Denies Request to Extend Fiduciary Rule Comment Period, as House Moves to Block Rule

By Ted Godbout 11/15/2023

It’s been a couple of fast-moving days for the Department of Labor’s (DOL) proposal to amend the definition of investment advice fiduciary, as the House GOP has stepped up efforts to block the DOL from implementing its proposal, while the department has now denied a request to extend the comment... READ MORE

DOL’s ‘Lost and Found’ Database Gets a Boost

By Ted Godbout 11/15/2023

The SECURE 2.0 Act’s creation of an online searchable lost and found database at the Department of Labor (DOL) to help American workers find lost retirement savings benefits has moved one step closer to becoming a reality. The Technology Modernization Fund (TMF)—which invests in technology... READ MORE

Back to the Future with 4% Safe Withdrawal Rate for Retirees

By Ted Godbout 11/15/2023

During the previous two editions of The State of Retirement Income, researchers at Morningstar recommended that the so-called 4% safe withdrawal rate for retirees should be lowered given current market conditions, but that has now changed. Owing largely to higher fixed-income yields and a lower... READ MORE

Making the Case for Auto-Escalation in 401(k) Plans?

By Ted Godbout 11/13/2023

With many workers electing workplace benefits during open enrollment this month, a new survey finds that less than half will review or increase their retirement plan contributions, suggesting a missed opportunity to improve their retirement readiness. In fact, findings from the Corebridge... READ MORE

DOL’s Proposed ‘Retirement Security’ Rule Officially Published

By Ted Godbout 11/6/2023

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

What’s Holding Small Businesses Back from Offering Retirement Plans?

By Ted Godbout 11/5/2023

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

Hawaii Lawmakers Move to Boost Disaster Relief Assistance

By Ted Godbout 11/3/2023

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

How Social Security Reforms Could Impact Beneficiaries

By Ted Godbout 11/3/2023

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

HSA Assets Continue to Show Solid Growth as the Space Matures

By Ted Godbout 11/1/2023

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

New PTE Procedures Could Be Coming Soon

By Ted Godbout 10/26/2023

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

Lawmakers Introduce Bill to Boost Start-up Credit for Micro-Businesses

By Ted Godbout 10/26/2023

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

Like Generations Before Them, Gen Z Has Lofty Goals to Retire Early

By Ted Godbout 10/20/2023

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

DOL Embarks Upon SECURE 2.0 Plan Disclosure Reforms

By Ted Godbout 10/20/2023

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

GOP Reveals Acting DOL Secretary Su's Views on New Fiduciary Rule

By Ted Godbout 10/18/2023

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

Retirement Transitions: Expectations Versus Reality

By Ted Godbout 10/9/2023

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

Plan Design Improvements Have Helped, But Access Still an Issue

By Ted Godbout 10/9/2023

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

House Lawmakers Approve Legislation to Dramatically Expand HSA Limits

By Ted Godbout 10/4/2023

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

You are here

Ted Godbout

Pages

Most Popular