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Ted Godbout

  Patrick Pizzella, the current Deputy Secretary of the Department of Labor, will take over as the Acting Labor Secretary in the wake of Alexander Acosta’s July 12 resignation.   Pizzella, who has served as the Deputy Secretary since April 2018, will likely serve as the Acting Secretary until a... READ MORE
Paying their children’s expenses while caring for their parents, Gen X families are facing a precarious financial situation as they close in on retirement, a new report explains.   The study by the Employee Benefit Research Institute (EBRI), which examines key financial indicators of Gen X... READ MORE
More than 20 years after the last such overhaul, on July 1 President Trump signed into law bipartisan legislation to revamp the Internal Revenue Service. The newly enacted Taxpayer First Act of 2019 (H.R. 3151) overhauls the IRS’ operations and tax administration systems and implements new taxpayer... READ MORE
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
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
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
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
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
  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
Not all broker-dealers and investment advisers are adequately addressing the various security risks in relation to their network storage solutions, which could result in unauthorized access to information stored on the device, according to a new SEC Risk Alert.   During recent examinations, staff... READ MORE
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
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
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
Despite a rocky end to 2018 and predictions of an impending recession, those who stayed the course 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 levels, Fidelity... READ MORE
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
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
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
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
  The key Senate committee with jurisdiction over retirement tax policy issues is turning its attention to reviewing proposals that encourage and facilitate retirement savings.  Sen. Charles Grassley (R-IA), Chairman of the Senate Finance Committee, has announced that the Committee will hold a... READ MORE
The pressure to live a secure retirement has led to some counterintuitive views about just what will help workers get themselves there.  While 66% of American workers are still planning to supplement their personal savings with income from Social Security, 42% also don’t believe Social Security... READ MORE

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