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Ted Godbout

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
After seeing their earlier proposal come under attack, House Republican leaders have revised their end-of-year tax and retirement savings legislative package, and carried forward key provisions from the Retirement Enhancement and Savings Act (RESA). Beyond that, the revised package seeks to... READ MORE
Will the 115th Congress act on a broad tax and retirement savings package before adjourning? It looks like we’ll have to wait a little longer to find out. Following the memorial events following the death of President George H.W. Bush, lawmakers approved a two-week funding extension on Dec. 6 to... READ MORE
With only about two weeks left in the legislative calendar, the House of Representatives is expected to approve a revised tax and retirement savings package as early as today. But can the legislation be enacted in its current form? House Ways and Means Committee Chairman Kevin Brady (R-TX)... READ MORE
HSAs continue to increase in popularity thanks to their triple tax advantages and increased adoption in health plans, but there is room for improvement, according to a new study. Morningstar’s second annual study assessing HSAs from 10 of the largest providers finds that most have improved the... READ MORE
In what will be his third stint as chairman, veteran senator Charles Grassley (R-IA) has decided to return as head of the powerful Senate Finance Committee. When the 116thCongress convenes in January, Grassley, 85, plans to step down from his current position as chairman of the Senate Judiciary... READ MORE
There are a surprising number of “yes” answers to this question, but not necessarily for the reasons you might think. The LIMRA Secure Retirement Institute recently followed up on a 2016 survey that found that more than half (55%) of plan sponsors said they would be “very” or “somewhat” likely to... READ MORE
The 2018-2019 Treasury Priority Guidance Plan includes more than 60 regulatory projects relating to implementation of the Tax Cuts and Jobs Act that the agency intends to address in the coming year. Overall, the plan contains 239 guidance projects that will be the focus of efforts through June 30... READ MORE
The Department of Labor (DOL) wants to know what you think about auto-portability. In a Nov. 7 request for comments, the DOL noted that employees leaving their current place of employment with small account balances in the company’s 401(k) plan often either take a distribution of their retirement... READ MORE
UPDATED NOV. 8, 2018 As expected, the Democrats took control of the House of Representatives in the congressional midterm elections, portending a major shift in focus for retirement policy issues. Currently the party affiliation in the House stands at 219 Democrats and 193 Republicans. In the... READ MORE
At first blush, many in the industry assumed that the Department of Labor’s proposed rules expanding access to multiple employer retirement plans would include allowing for open MEPs by unrelated employers. The idea hasn’t gone away, but it’s not included in the current DOL proposal. Issued in... READ MORE