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Ted Godbout

Legislation that builds off the House-passed SECURE Act 2.0 bill and includes provisions advanced by the American Retirement Association has taken an important step in the Senate.  The Senate Health, Education, Labor and Pensions (HELP) Committee approved the legislation—formally named the “... READ MORE
The Great Resignation is showing signs of slowing, but there is a significant disconnect between management and employees on what it takes to retain workers in the post-COVID work environment. Nationwide’s latest Agency Forward survey suggests the Great Resignation trend may be cooling, as few... READ MORE
The average age of advisors has been increasing for some time, making succession planning a necessary consideration, but a new Cerulli white paper finds that many advisors don’t yet have a plan.   In fact, within the next 10 years, 37% of financial advisors—collectively controlling $10.4 trillion... READ MORE
The Senate Health, Education, Labor and Pensions (HELP) Committee is set to move forward on legislation intended to build off the House-passed SECURE Act 2.0. After formally introducing the “Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg” (RISE... READ MORE
Just when it seemed that labor lawyer Lisa Gomez might finally be confirmed to lead the Employee Benefits Security Administration (EBSA)—after waiting for nearly a year—it looks like her wait will continue.  The U.S. Senate voted 49-51 on June 8 against her nomination by a near-party line vote.... READ MORE
It’s not just longevity that’s changing people’s retirement journey, but also a growing awareness of their potential longer life is changing Americans’ expectations, attitudes and preparations. In fact, despite worries about health care and long-term care costs in retirement, a new study finds... READ MORE
One of the biggest decisions upon retirement is deciding when to claim Social Security, yet a surprising number of near-retirees still lack even basic knowledge about how the program works.  According to MassMutual’s latest Social Security retirement benefits quiz of near-retirees (age 55 to 65),... READ MORE
New survey results find a wide disconnect between what Americans believe they will need to save to live comfortably in retirement versus what they have actually saved.  According to Schroders’ 2022 U.S. Retirement Survey, working Americans age 45 and older say on average it will take $1,100,000 in... READ MORE
In an opening bid by the Senate, the chair and ranking Republican of the Senate Health, Education, Labor and Pensions Committee have released a discussion draft of legislation that builds off the House-passed SECURE Act 2.0 legislation.  Sens. Patty Murray (D-WA) and Richard Burr (R-NC) on May 26... READ MORE
Sens. Todd Young (R-IN) and Cory Booker (D-NJ) have introduced legislation that they say would “facilitate convenient and affordable access to workplace emergency savings accounts, improving financial security and reducing retirement savings leakage.” According to the bill’s sponsors, the... READ MORE
While the Great Resignation may have lost a bit of its novelty, it certainly is not slowing down young professionals from evaluating their next career move, including the employer benefits that are most meaningful to them.  According to Fidelity’s 2022 Career Assessment Survey, 6 in 10 young... READ MORE
The American Retirement Association is strongly opposed to legislation moving through Congress that would prohibit arbitration of claims and discretionary clauses in all ERISA covered retirement plans.  “On behalf of the over 30,000 members of the American Retirement Association (ARA), we hereby... READ MORE
As businesses contend with geopolitical issues, interest rate hikes and a shifting labor force, improving the employee experience is key for retention, the findings in a new report suggest.  Consequently, the significant role employee benefits play is more important than ever, according to the... READ MORE
In the wake of the SEC announcing a $6 billion securities fraud deal against Allianz Global Investors U.S. LLC (AGI U.S.), the firm off-loaded most of its U.S. investment management business as part of the terms of the deal.    The SEC announced May 17 that it had charged AGI U.S. and three former... READ MORE
The impact of the pandemic over the last two years has prompted businesses of all sizes to reevaluate their benefit packages—and small businesses are no exception.   In fact, nearly all small business owners surveyed (93%) have reevaluated their strategy and plan to make changes to their business... READ MORE
Despite the pandemic and inflation, American workers and retirees remain optimistic about living a comfortable retirement—and one key factor that has helped is having a workplace retirement savings plan. This is according to the 32nd annual Retirement Confidence Survey (RCS) measuring worker and... READ MORE
Given the outsized impact the pandemic has had on the health care sector, it’s not surprising that employee benefits have taken center stage to help address organizational challenges.   In fact, Voya Financial’s biennial survey of retirement plan management in the health care sector conducted in... READ MORE
After filing a cloture petition on April 25 to limit debate on the nomination of Lisa Gomez to serve as Assistant Secretary of the Department of Labor, Senate Majority Leader Chuck Schumer (D-NY) was forced to withdraw the petition late April 26 after two Senate Democrats—Sens. Ron Wyden (OR) and... READ MORE
Between inflation and an international conflict, Americans’ financial behavior will likely be affected for months to come, making financial literacy even more important.  According to Primerica’s first quarter 2022 Middle-Income Financial Security Monitor, middle-income households remain concerned... READ MORE
As the rising cost of goods and services strains the wallets of many Americans, the growing concern of being able to save enough for retirement apparently is also on the rise.  Findings from Voya Financial’s consumer research survey reveal that two-thirds (66%) of Americans “agree or strongly... READ MORE