Ted Godbout
By Ted Godbout 3/25/2021
A new survey reveals that more Americans have made saving a top priority during the pandemic, but also that many aren’t sure whether they’ve saved enough for retirement.
According to Schroders’ second annual U.S. Retirement Survey, saving for the future is among the top three activities...
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By Ted Godbout 3/25/2021
About those American Retirement Association-based credentials you’ve been putting off—bipartisan legislation was just introduced that would make it easier to pay for them.
Rep. Abigail Spanberger (D-VA), along with Reps. Fred Upton (R-MI), Dean Phillips (D-MN) and Rob Wittman (R-VA), introduced...
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By Ted Godbout 3/24/2021
After prioritizing COVID-related initiatives in 2020, a new survey finds that many defined contribution plan sponsors expect to return to their pre-pandemic priorities.
The results of NEPC’s Defined Contribution COVID Impact Poll reveal that nearly half of all respondents expect a return to “...
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By Ted Godbout 3/23/2021
The Senate has confirmed President Biden’s nominee to lead the Department of Labor.
Boston Mayor Marty Walsh was confirmed by the Senate March 22 by a vote of 68-29. He is the last of Biden’s cabinet nominees to be confirmed.
Walsh, a former union leader, has been serving as Mayor of Boston...
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By Ted Godbout 3/17/2021
Julie Su, who was nominated to serve as Deputy Secretary of Labor, spent much of her nomination hearing defending her record as California’s labor secretary, but she did field a couple of questions about retirement policy.
Su, who currently serves as Secretary of the California Labor and...
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By Ted Godbout 3/12/2021
Only one day after the House of Representatives gave final approval, President Biden on March 11 signed the $1.9 trillion COVID relief bill into law.
The 600-plus page American Rescue Plan Act of 2021 (H.R. 1319) contains numerous provisions affecting nearly every sector of the economy, including...
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By Ted Godbout 3/11/2021
While there is a lot of discussion about how COVID-19 has affected retirement security, a new paper suggests that things could have been a lot worse.
COVID could have worsened the picture for 401(k) plans if financial markets had collapsed, the recession had led to widespread withdrawals, or...
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By Ted Godbout 3/11/2021
After a brief volley between the two chambers and some late nights, the House of Representatives on March 10 gave final approval to the $1.9 trillion COVID relief bill, which includes the Butch Lewis Emergency Pension Plan Relief Act.
Approved by the House on a near party-line vote of 220-211,...
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By Ted Godbout 3/10/2021
A March 10 announcement by the Department of Labor’s Employee Benefits Security Administration provides a precursor to the direction it plans to take on the recently finalized rules.
Released as an enforcement policy statement under Title I of ERISA, the DOL advised that it will not enforce the...
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By Ted Godbout 3/9/2021
Two Republican members of the House of Representatives have reintroduced legislation that pushes back on state and local efforts to impose harmful financial transaction taxes (FTTs) that would impact non-residents.
Rep. Patrick McHenry (R-NC), the ranking Republican member of the House Financial...
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By Ted Godbout 3/9/2021
Following a marathon session that literally went all night, on March 6 the Senate passed an amended version of the $1.9 trillion COVID relief bill that removed the COLA freeze to plan limits, while retaining other pension provisions.
Moving one step closer to enactment, the American Rescue Plan...
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By Ted Godbout 3/9/2021
While it seems clear the pandemic has caused financial strain to many, a new study suggests there are signs of hope when it comes to retirement planning activity.
According to Allianz Life’s 2021 Retirement Risk Readiness Study, nearly half (49%) of respondents to the firm’s survey said they...
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By Ted Godbout 3/4/2021
Despite one of the most challenging periods in recent memory, a new study finds that DC plans continued to perform their critical role in preparing workers for retirement.
Throughout 2020, the majority of the more than 1.1 million participants in over 1,000 John Hancock open architecture DC...
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By Ted Godbout 3/4/2021
The Saver’s Credit is available to eligible taxpayers who are saving for retirement through a qualified retirement plan at work or in an IRA, yet it seems that every year millions of Americans are missing out on it.
In fact, only 43% of U.S. workers say they are aware of the tax credit that may...
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By Ted Godbout 3/4/2021
[UPDATED MARCH 5 AT 9:00 A.M. ET]
Following weeks of intensive lobbying, the American Retirement Association has gotten a provision pulled from the COVID relief bill that could have undermined retirement savings.
The nearly $2 trillion American Rescue Plan Act of 2021 (H.R. 1319) passed by the...
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By Ted Godbout 3/2/2021
Making good on a past promise, the newest member of the Senate Finance Committee has introduced legislation to impose a wealth tax on so-called “ultra-millionaires.”
Sen. Elizabeth Warren (D-MA) on March 1 introduced the Ultra-Millionaire Tax Act to impose:
a 2% annual tax on the net worth of...
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By Ted Godbout 3/1/2021
The House of Representatives in the early hours of the past weekend approved a nearly $2 trillion COVID-stimulus bill, including a freeze to retirement plan contribution limits.
The Butch Lewis Emergency Pension Plan Relief Act was approved Feb. 27 as part of the mammoth American Rescue Plan Act...
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By Ted Godbout 2/24/2021
While both employers and their employees generally see the value of guaranteed lifetime income options, differences emerge among 401(k) and 403(b) providers when it comes to retirement plan design.
Retirement savings is by far the most common area that companies are working on in order to help...
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By Ted Godbout 2/22/2021
Released in concert with Voya Financial, the behavioral economist’s new white paper advances several changes to help participants get back on track with their retirement savings.
Dr. Shlomo Benartzi, UCLA Anderson School of Management professor emeritus and a senior academic advisor to the Voya...
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By Ted Godbout 2/12/2021
As part of the push to enact a nearly $2 trillion stimulus bill, the House Ways & Means Committee moved forward Feb. 11 with a proposal to freeze retirement plan contribution limits to help offset the cost of multiemployer plan relief.
On a party-line vote of 25-18, the committee approved the...
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