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Ted Godbout

Increasing concern about transforming accumulated savings into a secure retirement is driving interest in income-generating vehicles via workplace retirement plans, according to new survey results. BlackRock’s DC Pulse Survey of more than 1,000 defined contribution plan participants — including... READ MORE
A bipartisan task force in Pennsylvania is recommending the establishment of a state-run auto-IRA program to help workers who don’t have access to a private-sector retirement plan.  The task force, which was established in September 2017 by State Treasurer Joe Torsella, released a report March 27 ... READ MORE
A top fear in retirement is out-of-control healthcare costs, but a new survey finds few business owners fully understand the benefits and operations of health savings accounts (HSAs). More than half of business owners (55%) consider healthcare costs to be the biggest expense for those in... READ MORE
New survey results show that nearly half of Americans incorrectly believe all advisors are legally obligated to act in a client’s best interest.   According to findings in Personal Capital’s 2019 Financial Trust Report, 48% of survey respondents mistakenly believe that all financial advisors are... READ MORE
A top fear in retirement is out-of-control healthcare costs, but a new survey finds few business owners fully understand the benefits and operations of health savings accounts (HSAs). More than half of business owners (55%) consider healthcare costs to be the biggest expense for those in... READ MORE
Despite the 2018 market downturn, the projected retirement deficit for U.S. households has improved somewhat, though some remain at greater risk than others, according to new data from the Employee Benefit Research Institute. “Retirement Savings Shortfalls: Evidence from EBRI’s 2019 Retirement... READ MORE
President Trump’s fiscal year 2020 budget addresses the Administration’s high-priority items, such as increased spending for national security, but it doesn’t include much about retirement. Released by the White House’s Office of Management and Budget on March 11, the proposal – dubbed “A Budget... READ MORE
A group consisting of 12 separate financial services trade associations – including SIFMA, ACLI and the U.S. Chamber of Commerce – have highlighted both preemption issues and legal deficiencies with Nevada’s proposed fiduciary regulation that they say goes “well beyond” the state’s legal authority... READ MORE
Health savings account (HSA) assets grew by over $5.8 billion in January 2019 to reach $59.6 billion, up 11% since the end of 2018, according to an industry report.  In addition, the total number of HSA accounts also grew by almost 5% in January, with the total rising to an estimated 26.3 million... READ MORE
Looking to expand your client base? Then you better be familiar with the unique mindset and preferences of Millennials as a generation ripe for guidance and engagement, says a new report.  Coming of age in the wake of 9/11, the 2008 market crash and the Great Recession, Millennials’ financial... READ MORE
Despite political affiliation, large majorities of Americans believe the nation faces a retirement crisis and are largely supportive of state efforts to expand coverage, new survey results show. Findings contained in the National Institute on Retirement Security’s “Retirement Insecurity 2019:... READ MORE
Two key members of Congress are interested in learning more about potential threats cyberattacks pose to the U.S. retirement system and what industry stakeholders are doing to address them. In a Feb. 12 letter to the U.S. Government Accountability Office (GAO), Sen. Patty Murray (D-WA), ranking... READ MORE
Student loan debt relief continues to receive significant attention on Capitol Hill, as bipartisan legislation introduced Feb. 13 in the Senate would allow employers to provide tax-free student loan assistance for their employees.    Senate Republican Whip John Thune (R-SD), along with Sen. Mark... READ MORE
Consumers tend to worry about “high-touch” products, such as credit cards and bank accounts, more than they worry about long-term savings accounts, such as their workplace retirement plans and IRAs, a new study warns. Nearly 80% of American consumers are concerned about financial fraud, according... READ MORE
House Ways & Means Committee Chairman Richie Neal (D-MA) announced Jan. 30 that the committee will hold a hearing on Feb. 6 on improving retirement security for America’s workers. It is anticipated that the hearing will be the first of many focusing on retirement security issues, eventually... READ MORE
Nevada’s Office of the Secretary of State, Securities Division, on Jan. 18 released draft regulations defining the state’s new fiduciary standard based on legislation enacted by the state’s legislature in 2017 – the first of several states to do so. There does not appear to be an ERISA exemption,... READ MORE
Rep. Maxine Waters (D-CA), the new chair of the House Financial Services Committee, recently outlined a full-bodied agenda that seeks to protect consumers, safeguard investors and prevent another financial crisis. In terms of setting the committee’s agenda, Waters, who has served on the committee... READ MORE
While much of Washington has been focused on the government shutdown, House Democrats kicked off the 116th Congress by implementing a series of changes to the standing rules that will will make it harder for Congress and President Trump to agree on major legislation. Perhaps one of the more... READ MORE
Bipartisan legislation to allow plan sponsors to use e-delivery as the default distribution method for ERISA required retirement plan documents was reintroduced in the Senate in the waning days of the 115th Congress. The Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act (S.... READ MORE
waning days of the 115th Congress, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) unveiled one of the most comprehensive pieces of retirement security legislation proposed in this congressional session. The 121-page “Retirement Security and Savings Act of 2018,” introduced... READ MORE

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