Ted Godbout

Senate Approves Broad-Based Tax Reform Legislation

By Ted Godbout 12/4/2017

UPDATED 10:30 AM ET 12/6/2017 After a long and sometimes heated debate, the Senate took a major step toward enactment of landmark tax reform legislation, approving its version of the Tax Cuts and Jobs Act (H.R. 1) at nearly 2:00 a.m. Saturday, Dec. 2. The bill, as amended by the Senate, was... READ MORE

Additional Changes Possible for Senate Tax Reform Legislation

By Ted Godbout 12/1/2017

Late Thursday, the Senate was nearing the end of debate on its tax reform legislation, but it appears the chamber must first address concerns about the federal budget deficit voiced by certain senators. The Senate began debating H.R. 1, the Tax Cuts and Jobs Act, on Wednesday, Nov. 29, after... READ MORE

Finalized: 18-Month Extension of Fiduciary Rule’s Transition Period

By Ted Godbout 11/28/2017

An 18-month extension of the transition period for the Prohibited Transaction Exemption (PTE) amendments and applicability dates for the Department of Labor’s fiduciary rule has been finalized. The special transition period under sections II and IX of the Best Interest Contract Exemption (PTE... READ MORE

How Employer Communication Strategies Can Improve Benefits Decisions

By Ted Godbout 11/27/2017

As employees are asked to take on more responsibility for managing and financing their benefits, new research shows that employees want and need help making better decisions about their benefits.Results from Lincoln Financial Group’s 2017 Employee Benefits Study indicate that a large majority of... READ MORE

Consumers Hold Unfavorable View of Debt in Retirement

By Ted Godbout 11/27/2017

American consumers apparently hold negative views of being in debt during retirement, even for so-called “good” debt, according to a new report.Based on survey results of 945 Americans fielded in July 2017, the LIMRA Secure Retirement Institute finds that 67% of consumers believe that retirees... READ MORE

Tax Reform: Focus Turns to Senate in Final Push

By Ted Godbout 11/27/2017

As we all emerge from our turkey-induced food coma, all eyes will now be on the U.S. Senate, as Congress returns this week from its Thanksgiving break to make the final push to approve tax reform by the end of the year. To pick up where we left off, both the House and the Senate Finance Committee... READ MORE

Are Retirement Plan Fee Disclosures Being Ignored?

By Ted Godbout 11/22/2017

Several years ago, the Department of Labor engaged in a major regulatory effort to improve retirement plan fee disclosures, but new research suggests that many workers are not reading their plan disclosures and are unfamiliar with the fees being charged for managing their funds. The report by the... READ MORE

Tax Bills Would Modify Section 162(m) Exec Comp Deduction, Other Provisions

By Ted Godbout 11/22/2017

While much of our focus on the current House and Senate tax bills has been on the retirement-related provisions, there are a number of provisions worth noting that would alter the existing tax treatment of executive compensation and various other compensation and benefit provisions.Both the House... READ MORE

What’s the Correct Measure of Retirement Income Adequacy?

By Ted Godbout 11/17/2017

Current measures of the adequacy of retirement income provide diverse answers about the state of retirement income security in the U.S., but what is the correct level?Should the retirement replacement measure be based on meeting your basic needs in retirement, or is it maintaining your... READ MORE

Tax Reform Moves Forward in House and Senate

By Ted Godbout 11/17/2017

On Capitol Hill on Nov. 16 both the House and Senate took major steps toward completing the much-anticipated tax reform overhaul.Following a mid-day pep talk by President Trump, the House on Nov. 16 approved the Tax Cuts and Jobs Act (H.R. 1) on a near-party line vote of 227-205. Thirteen... READ MORE

‘Labor’ Day on Capitol Hill

By Ted Godbout 11/16/2017

While all eyes have been on the latest tax reform changes, there were two important hearings taking place on Capitol Hill Nov. 15 concerning the Department of Labor (DOL).Labor Secretary Alexander Acosta testified before a key House committee on the DOL’s priorities, while Preston Rutledge —... READ MORE

Tax Reform Update – A (Mostly) Good First Step

By Ted Godbout 11/3/2017

House Republican leaders on Nov. 2 released their much-anticipated tax reform plan that left 401(k)s and IRAs alone, but contained a number of proposals to modify various pension and retirement savings provisions. The first wave of documents released by the House Ways and Means Committee included... READ MORE

The Fourth, Less Well Known BICE Requirement

By Ted Godbout 11/1/2017

While many are likely aware that the Best Interest Contract Exemption (BICE) requires satisfaction of three impartial conduct standards, there is a fourth, less well known requirement.In a blog post concerning the Department of Labor’s (DOL) fiduciary rule and exemptions, ERISA attorney Fred Reish... READ MORE

Senate Democrats to GOP: Hands Off Middle-Class Retirement Savings

By Ted Godbout 11/1/2017

In a preemptive move against retirement provisions in the forthcoming House Republican tax reform plan, Senate Democratic leaders on Oct. 31 unveiled an alternative proposal that would increase 401(k) contribution limits.In a press conference with several other Democratic senators, Senate... READ MORE

It Pays to Consistently Participate in a 401(k) Plan

By Ted Godbout 10/30/2017

How important is it to consistently participate in a 401(k) plan? According to new research from the EBRI/ICI 401(k) database, the average account balance among consistent participants at year-end 2015 was almost double the average account balance among all participants in the database.EBRI’s issue... READ MORE

Study Reinforces Benefits of Access to a 401(k)

By Ted Godbout 10/30/2017

The results of a new study make it clear that having access to a 401(k) plan is critical in helping workers get on a path to having a secure retirement. Workers age 50 or older who have access to a 401(k) plan have saved six times more for retirement than those without access, according to... READ MORE

The Moment of Truth: Will Tax Reform Include Rothification?

By Ted Godbout 10/30/2017

If last week’s volley between President Trump and House Ways and Means Committee Chairman Kevin Brady (R-TX) over the potential Rothification of 401(k)s has you perplexed, rest assured, we should have some initial answers this week.Following final House passage of the FY 2018 budget resolution last... READ MORE

Pew: Access, Participation in Employer Plan Keys to Retirement Saving

By Ted Godbout 10/27/2017

In July, Pew Charitable Trusts issued a report on employer perspectives on the barriers to offering retirement plans; now, the organization has a new report on worker perspectives on barriers to saving and the results suggest, not surprisingly, that access to an employer-sponsored plan is key. The... READ MORE

GAO Suggests Commission to Examine U.S. Retirement System

By Ted Godbout 10/27/2017

The Government Accountability Office is recommending that Congress consider establishing an independent commission to examine the U.S. retirement system and offer recommendations to clarify key policy goals for the system and improve how the nation promotes retirement security.According to the... READ MORE

Legislative Fixes Would Make MEPs More Attractive Option

By Ted Godbout 10/23/2017

Previous regulatory actions by the Department of Labor have made open multiple employer plans a less attractive option for employers, but legislative fixes proposed by Congress could significantly improve the overall appeal of MEPs, a speaker explained at ASPPA’s 2017 Annual Conference. Noting... READ MORE

You are here

Ted Godbout

Pages

Most Popular