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Ted Godbout

In an opening bid by the Senate, the chair and ranking Republican of the Senate Health, Education, Labor and Pensions Committee have released a discussion draft of legislation that builds off the House-passed SECURE Act 2.0 legislation.  Sens. Patty Murray (D-WA) and Richard Burr (R-NC) on May 26... READ MORE
Sens. Todd Young (R-IN) and Cory Booker (D-NJ) have introduced legislation that they say would “facilitate convenient and affordable access to workplace emergency savings accounts, improving financial security and reducing retirement savings leakage.” According to the bill’s sponsors, the... READ MORE
While the Great Resignation may have lost a bit of its novelty, it certainly is not slowing down young professionals from evaluating their next career move, including the employer benefits that are most meaningful to them.  According to Fidelity’s 2022 Career Assessment Survey, 6 in 10 young... READ MORE
The American Retirement Association is strongly opposed to legislation moving through Congress that would prohibit arbitration of claims and discretionary clauses in all ERISA covered retirement plans.  “On behalf of the over 30,000 members of the American Retirement Association (ARA), we hereby... READ MORE
As businesses contend with geopolitical issues, interest rate hikes and a shifting labor force, improving the employee experience is key for retention, the findings in a new report suggest.  Consequently, the significant role employee benefits play is more important than ever, according to the... READ MORE
In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.    The SEC announced May 17 that it had charged AGI U.S. and three former... READ MORE
The impact of the pandemic over the last two years has prompted businesses of all sizes to reevaluate their benefit packages—and small businesses are no exception.   In fact, nearly all small business owners surveyed (93%) have reevaluated their strategy and plan to make changes to their business... READ MORE
Despite the pandemic and inflation, American workers and retirees remain optimistic about living a comfortable retirement—and one key factor that has helped is having a workplace retirement savings plan. This is according to the 32nd annual Retirement Confidence Survey (RCS) measuring worker and... READ MORE
Given the outsized impact the pandemic has had on the health care sector, it’s not surprising that employee benefits have taken center stage to help address organizational challenges.   In fact, Voya Financial’s biennial survey of retirement plan management in the health care sector conducted in... READ MORE
After filing a cloture petition on April 25 to limit debate on the nomination of Lisa Gomez to serve as Assistant Secretary of the Department of Labor, Senate Majority Leader Chuck Schumer (D-NY) was forced to withdraw the petition late April 26 after two Senate Democrats—Sens. Ron Wyden (OR) and... READ MORE
Between inflation and an international conflict, Americans’ financial behavior will likely be affected for months to come, making financial literacy even more important.  According to Primerica’s first quarter 2022 Middle-Income Financial Security Monitor, middle-income households remain concerned... READ MORE
As the rising cost of goods and services strains the wallets of many Americans, the growing concern of being able to save enough for retirement apparently is also on the rise.  Findings from Voya Financial’s consumer research survey reveal that two-thirds (66%) of Americans “agree or strongly... READ MORE
Emboldened by starting to save at an earlier age, Millennials apparently have an evolving vision of what it means to retire, with an emphasis on flexibility and lifestyle, according to a new study by Schwab.  Among the key findings in the firm’s new Retirement Reimagined Study is that while... READ MORE
Despite ongoing challenges bought about by the pandemic, 2021 withdrawal and contribution data indicate that essentially all DC plan participants continued to save in their retirement plans at work. Only 2.2% of DC plan participants stopped contributing in 2021, compared with 2.3% in 2020 and 3.4... READ MORE
When it comes to financial wellness benefits, it’s clear that more than just financial well-being is at stake, as it’s not just employees who are impacted by financial stress, but employers suffer the consequences as well.  In fact, three out of four U.S. workers are facing at least one source of... READ MORE
As the pandemic passes the two-year mark, there seems to be an emerging gap in the financial security of younger Americans compared with their retired counterparts, new survey findings suggest.  Americans who have yet to retire and are still balancing careers, family and saving are feeling more... READ MORE
As small and mid-sized businesses continue to look for ways to attract and retain key employees, a new survey finds they’re putting employee benefits in place. The Principal Financial Group conducted a “check-in” with more than 1,000 business owners at the beginning of 2022 and found that 84% of... READ MORE
Thanks in part to the growth of collective investment trusts (CITs) and a rebound in investor contributions, total assets in target date strategies grew to a record high in 2021.  CITs apparently are on pace to overtake mutual funds as the most popular target-date vehicle in the coming years,... READ MORE
The House of Representatives’ overwhelming passage last week of the Securing a Strong Retirement Act (H.R. 2954, a.k.a SECURE 2.0) helps set the stage for action by the U.S. Senate later this year, Brian Graff explained at the April 3 opening session of the 2022 NAPA 401(k) Summit in Tampa, FL.  “... READ MORE
The Bay State’s fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker dealers and agents.  The March 30 ruling by Suffolk County Superior Court Judge Michael Ricciuti held... READ MORE

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