Ted Godbout
By Ted Godbout 7/16/2020
A group of Senate Democrats is calling on the Labor Department to withdraw its proposal clarifying the investment duties of ERISA plan fiduciaries in relation to environmental, social and governance (ESG) criteria, saying the proposal would discourage financial advisors from supporting racial...
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By Ted Godbout 7/15/2020
Noting that the Department of Labor previously held several days of hearings under the former fiduciary rule, the ranking Democrat on the Senate committee with primary jurisdiction over ERISA-related issues has called on the DOL to hold a hearing.
The request comes from Sen. Patty Murray (D-WA...
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By Ted Godbout 7/9/2020
A review of recent research suggests that many plan sponsors and providers are currently underestimating the power of digital design in helping participants make better retirement savings choices.
Appearing in the Harvard Business Review, “How Digital Design Drives User Behavior” by Shlomo...
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By Ted Godbout 7/8/2020
Legislation has been reintroduced to create a national, online “lost and found” database to help plan participants keep track of their retirement accounts as they move from job to job.
The Retirement Savings Lost and Found Act sponsored by Sens. Elizabeth Warren (D-MA) and Steve Daines (R-MT)...
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By Ted Godbout 7/8/2020
Near the end of a term of every presidential administration, there’s always a push to finalize key regulatory proposals before a potential new president or Congress can overturn them. And this year appears to be no different.
Released by the White House’s Office of Information and Regulatory...
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By Ted Godbout 7/7/2020
Saving in a health savings account (HSA) for health care expenses in retirement is one of the most powerful steps employees can take for retirement planning, but most are missing out on this opportunity, according to a new survey and white paper.
To better understand how employees are...
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By Ted Godbout 7/2/2020
The COVID-19 market volatility and complex new rules have created a need for increased advice from retirement plan providers, but a new study suggests that few are successfully addressing this growing need.
What’s more, with record job losses since the onset of COVID-19, much of the money...
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By Ted Godbout 7/2/2020
The House of Representatives on July 1 approved Senate-passed legislation to extend the deadline for small businesses affected by COVID-19 to apply for loans under the Paycheck Protection Program.
Both the House and Senate approved the legislation by unanimous consent. The legislation is now...
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By Ted Godbout 6/29/2020
Data from the Investment Company Institute (ICI) reveals that retirement assets across the board took a hit in the first quarter, but it could have been worse.
DC plan assets were down 12.3% from the beginning of the year, dropping to $7.9 trillion for all employer-based DC retirement plans...
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By Ted Godbout 6/23/2020
For those who want to take advantage of the waiver provisions under the CARES Act, new guidance from the IRS extends the rollback period for required minimum distributions already taken in 2020.
The guidance also includes a series of FAQs and provides plans with transition relief and sample...
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By Ted Godbout 6/16/2020
An annual fee study evaluating trends in the cost of U.S. open-end mutual funds and exchange-traded funds (ETFs) finds that the asset-weighted average expense ratio dropped to 0.45% in 2019.
Morningstar’s 2019 U.S. Fund Fee Study released June 8 found that the asset-weighted average expense...
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By Ted Godbout 6/11/2020
As the Coronavirus pandemic continues to wreak havoc on the economy, a new study finds that many Americans are dipping into their retirement accounts to pay for essentials.
The survey by MagnifyMoney found that, of those with a retirement savings account, 3 in 10 have withdrawn funds from...
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By Ted Godbout 6/2/2020
If you were wondering what the Labor Department was planning to do about its reported revision of the fiduciary rule, wonder no more; a proposal has just been submitted to the Office of Management and Budget for review.
The OMB’s Office of Information and Regulatory Affairs, which is part of...
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By Ted Godbout 5/29/2020
The House of Representatives has approved stand-alone legislation that seeks to alleviate complications small business owners encountered under the Paycheck Protection Program (PPP).
Introduced by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX), the Paycheck Protection Program Flexibility Act...
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By Ted Godbout 5/27/2020
New legislation would significantly expand the existing credit to cover the wages and benefits of employees of businesses affected by COVID-19 until the pandemic subsides, but the bill does come with some strings attached.
Introduced May 21 by Sen. Mark Warner (D-VA) along with eight original...
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By Ted Godbout 5/21/2020
The House of Representatives plans to vote next week on stand-alone legislation that would ease the rules for businesses taking advantage of the Paycheck Protection Program.
While still encouraging the Senate to take up the massive $3 trillion HEROES Act passed by the House last week, House...
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By Ted Godbout 5/20/2020
While next year may seem like a ways off, the IRS has just published the 2021 inflation-adjusted amounts for health savings accounts (HSAs).
In Revenue Procedure 2020-32 the IRS announced that for calendar year 2021, the annual limitation on deductions under Code Section 223(b)(2)(A) for an...
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By Ted Godbout 5/18/2020
The $3 trillion bill which passed May 15 includes retirement provisions advocated by the American Retirement Association. While it has already been declared “dead on arrival” in the Senate, that’s not the end of the story.
The House of Representatives approved the “Health and Economic Recovery...
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By Ted Godbout 5/13/2020
A $3 trillion stimulus bill released by House Democrats includes retirement provisions advocated by the American Retirement Association—and a whole lot more—though its passage is anything but certain.
The mammoth 1,800-page bill runs the gamut from providing nearly $1 trillion to state and...
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By Ted Godbout 5/12/2020
In response to the logistical challenges created by the Coronavirus pandemic, some states are taking steps to authorize virtual notarization.
Given the unprecedented circumstances and the various notary-based requirements to conduct business transactions in person, these developments could be...
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