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Ted Godbout

Retirement Clearinghouse, a Charlotte, NC-based firm, which helps to automatically move participant’s retirement account balances from a former employer to their new employer, has notified individuals in various states of a data breach.   As many as 10,509 individuals may have had their personal... READ MORE
Legislation supported by the American Retirement Association (ARA) that would allow 403(b) plans to invest in collective investment trusts (CIT) has taken a significant step forward in the House of Representatives.  Late May 24, the House Financial Services Committee in a markup session approved... READ MORE
With inflation running at record levels last year, the IRS provided a sizeable boost to the inflation-adjusted health savings account (HSA) limits for 2024, as determined under Section 223 of the Internal Revenue Code.  The announcement came in Revenue Procedure 2023-23, released May 16.  HSA... READ MORE
The American Retirement Association applauds the Department of Labor’s proposed addition of a self-correction option for delinquent participant contributions and loan repayments under the Voluntary Fiduciary Correction Program (VFCP) but contends that important clarifications are needed for plan... READ MORE
Even though the ink is barely dry on the SECURE 2.0 Act, there’s no rest for the weary, as some in Washington are pushing a federal government-run retirement system that would unfairly compete with the private sector, warned Brian Graff on April 2. Graff, who serves as CEO of the American... READ MORE
While Millennials remain the largest cohort in the workforce and bring their own unique perspectives and expectations, the so-called Zoomer Generation born between 1997 to 2012 is beginning to enter the workforce and is already starting to have an impact on the retirement industry.   This is... READ MORE
After many years of saving in a defined contribution (DC) plan, what does a retirement-age participant typically do with the money they’ve accumulated? New research by Vanguard breaks it down. As an issue that has increasingly piqued the interest of policymakers, plan sponsors and recordkeepers,... READ MORE
The Administration’s fiscal year 2024 budget proposes massive tax increases on corporations and upper-income taxpayers, including a proposal from the Build Back Better Act[1] to limit how much taxpayers are allowed to accumulate in their retirement plans.   According to the Treasury Department’s... READ MORE
A bipartisan group of Senators is spearheading an effort to draw attention to Social Security’s shortfalls and to help retirees better determine when to claim benefits. Comprised of Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME) and Tim Kaine (D-VA), the lawmakers on March 6... READ MORE
There’s good news and bad news in Fidelity Investments’ year-end 2022 analysis of savings behaviors and account balances.  First the bad news. Fidelity’s analysis shows that average account balances for 401(k)s, 403(b)s and IRAs all dropped by more than 20% from year-end 2021 to year-end 2022. The... READ MORE
One day after the Republican-led House of Representatives approved a resolution to block the Labor Department’s so-called environmental, social and governance (ESG) rule, the Senate followed suit. Joining all Republican senators in supporting the resolution (H.J. Res. 30) were Democrats Joe... READ MORE
The White House has announced that Julie Su will be nominated to serve as Secretary of Labor, replacing Marty Walsh who recently announced his intention to step down to take a position with the NHL Players Association. Su has been serving as Deputy Labor Secretary — the No. 2 post at the... READ MORE
As promised, the Republican-led House of Representatives moved forward with a congressional disapproval resolution against the Department of Labor’s recently finalized environmental, social and governance (ESG) rule. On a near party-line vote of 216-204, the House approved H.J. Res. 30 introduced... READ MORE
A new consortium called the Portability Services Network (PSN) that helps employees who change employers automatically move their workplace retirement savings to their new retirement plan has gained another partner.   Colorado-based Empower will join forces with the Retirement Clearinghouse (RCH... READ MORE
Enactment of the SECURE 2.0 Act, ongoing industry innovations, and the aim to provide greater personalization are among the many opportunities that plan sponsors have to align DC plan features, practices and investments with participant needs. Indeed, the need for greater personalization of the... READ MORE
In the face of prolonged economic uncertainty and volatility, many investors are rethinking what life after retirement may look like and are adjusting their priorities accordingly.  According to Nationwide Retirement Institute’s eighth annual Advisor Authority, nearly 7 in 10 (69%) non-retired... READ MORE
Many financial advisors are skeptical about serving young investors because they don't think they can afford advice or be served profitably in the short term, but new research suggests that — contrary to stereotypes — young investors can be attractive clients for wealth management firms. In fact,... READ MORE
Asked about their views on defined contribution plans, an overwhelming majority of respondents in a new survey say they value the investment opportunity 401(k) plans provide and are opposed to changing the tax preferences or investment control in those accounts.  In fact, nearly 9 in 10... READ MORE
A new report reveals that individual retirement account (IRA) assets reached nearly $14 trillion in 2021, thanks in large part to rollovers from defined contribution (DC) plans. According to The Cerulli Report — U.S. Retirement Markets 2022: The Role of Workplace Retirement Plans in the War for... READ MORE
In MarketBeat, Ted Godbout discusses a new report that says that market volatility, increasing compliance pressures and a competitive landscape for wealth management professionals continue to challenge independent broker-dealers (IBDs) and registered investment advisors (RIAs), requiring them to... READ MORE