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Ted Godbout

The two top Republican lawmakers serving on the House and Senate committees with jurisdiction over ERISA have called on the Department of Labor (DOL) to halt any further changes to the definition of fiduciary.  The Aug. 31 letter from Rep. Virginia Foxx (R-NC), who is chair of the House Education... READ MORE
Robinhood’s bid to undo the Bay State’s fiduciary rule holding broker-dealers to the same standard as investment advisers hit a roadblock after the state’s high court reversed a lower court’s ruling that the Massachusetts Secretary of Commonwealth lacked authority to adopt the rule. The Aug. 25... READ MORE
Born from 1997 to 2012, Generation Zers have often been called the most ethnically diverse generation who have grown up entirely with modern technology. But as they begin to enter the workforce, what impact will they have on the retirement industry and what expectations do they bring to the table... READ MORE
To better support retirement savers, Vanguard and the Retirement Clearinghouse (RCH) announced that they are expanding their relationship to include services to individual retirement account (IRA) holders.  According to the announcement, the expanded collaboration by the two firms will help... READ MORE
Building off the SECURE 2.0 Act and taking a page out of the “behavioral finance playbook,” two influential senators introduced bipartisan legislation to establish an automatic reenrollment safe harbor.  SECURE 2.0 soon will require new 401(k) and 403(b) plans to automatically enroll participants... READ MORE
As Generation X becomes the country’s next generation on deck to retire, a new report finds that many of those born between 1965 and 1980 are woefully unprepared for retirement.   When looking at median retirement savings levels for Gen X, the bottom half of earners has only a few thousand dollars... READ MORE
After months of speculation, the Department of Labor’s (DOL) newly released Spring 2023 regulatory agenda confirms that a fiduciary rule rewrite could be released later this summer; it also provides other key insight for the department’s regulatory plans for the coming months.   In fact, the fall... READ MORE
More consumers are multi-sourcing their investment decisions, with financial professionals being most influential. But reliance on online—as well as employer resources such as 403(b) providers and their representatives—is also increasing, according to a new research report.  Saving and investing... READ MORE
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

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