Ted Godbout

Workers’ Financial Stress Shifts Focus from Retirement to Day-to-Day Finances

By Ted Godbout | 10/9/2023

As economic challenges worry workers, day-to-day finances are starting to cause more stress than longer-term financial priorities, like retirement, a new survey finds. Results from the 2023 Workplace Wellness Survey (WWS) published by the Employee Benefit Research Institute (EBRI) and Greenwald... READ MORE

Legislation Opens Door for Cannabis Companies to Sponsor Retirement Plans

By Ted Godbout | 10/5/2023

Legally operated cannabis companies could soon be allowed to sponsor retirement plans under legislation recently approved by the Senate Banking, Housing, and Urban Affairs Committee. By a vote of 14-9 on Sept. 27, the committee approved the Secure and Fair Enforcement Regulation Banking Act (the... READ MORE

Growing Appetite for CITs Extends to Small- and Mid-Size Plans, Say DCIOs

By Ted Godbout | 10/5/2023

Defined contribution investment-only (DCIO) sales leaders and DC plan advisors report that they are seeing increased demand for collective investment trusts (CITs), even among smaller firms where CITs are less in fashion. According to Sway Research’s 2024 edition of The State of DCIO Distribution... READ MORE

Plan Design Improvements Have Helped, But Access Still an Issue

By Ted Godbout | 10/4/2023

Improvements in retirement-plan design have put more workers in a better position to meet their retirement goals, yet for Americans who lack access to a plan, the outlook remains challenging. That was one of the key takeaways from Vanguard’s inaugural Retirement Outlook report, which evaluates... READ MORE

Retirement Transitions: Expectations Versus Reality

By Ted Godbout | 10/3/2023

Today’s workers’ expectation of when and how they will retire is a radical departure from how retirees actually retired. That’s according to Transamerica Center for Retirement Studies’ (TCRS) survey report, Life in Retirement: Pre-Retiree Expectations and Retiree Realities. In comparing the... READ MORE

Is There an ‘Unmet Need’ for Financial Advice?

By Ted Godbout | 10/2/2023

The answer to that apparently is a resounding yes, as younger investors desire financial advice, but most are priced out of the option they demand most—having a holistic, ongoing relationship with a trusted financial advisor. A new report from Cerulli Associates suggests, however, that retirement... READ MORE

House Lawmakers Approve Legislation to Dramatically Expand HSA Limits

By Ted Godbout | 9/29/2023

In a move that would allow more individuals to save more for their health care expenses in retirement, the House Ways and Means Committee on Sept. 28 approved legislation to significantly expand the health savings account (HSA) contribution limits, as well as broaden the number of individuals... READ MORE

Gensler Slammed Over Swing Pricing, SEC Rulemaking Agenda

By Ted Godbout | 9/27/2023

Securities and Exchange Commission Chairman Gary Gensler faced a barrage of criticism from members of both parties on the House Financial Services Committee over what some described as the Commission’s “radical agenda” that threatens the integrity of financial markets. During the nearly five-... READ MORE

Inflation Forcing Many to Prioritize Short-Term Needs over Retirement Savings

By Ted Godbout | 9/26/2023

Over the last year, the impact of inflation and economic uncertainty has contributed to increased financial stress, leading many employees to focus on short-term financial needs instead of saving for retirement. That’s one of the key findings from Bank of America’s 13th annual Workplace Benefits... READ MORE

Higher Taxes on 401(k)s Now a Worry Among Most Americans

By Ted Godbout | 9/26/2023

As if the stress from high inflation and the possibility of an economic downturn wasn’t already enough, add concerns about higher taxes on 401(k) plans and IRAs to the list of worries. According to Allianz Life’s 2023 Q3 Quarterly Market Perceptions Study, Americans are increasingly worried about... READ MORE

HSA Assets Saw Strong Growth During First Half of 2023

By Ted Godbout | 9/25/2023

After enduring one of the worst stock markets in decades, health savings account (HSA) investment assets have grown rapidly, according to Devenir’s 2023 mid-year HSA market survey report. As part of its 26th semi-annual HSA survey, Devenir reports that, at the mid-point of 2023, $116 billion in... READ MORE

DWS Hit with $19 Million Fine for ESG Misstatements

By Ted Godbout | 9/25/2023

The Securities and Exchange Commission on Sept. 25 levied a $19 million fine against Deutsche Bank subsidiary DWS Investment Management Americas Inc. (DIMA or DWS) for misstatements regarding its environmental, social and governance (ESG) investment process. The SEC also charged DWS with another $... READ MORE

Despite Progress, Perceived Gender Gap Persists in Workplace Financial Wellness

By Ted Godbout | 9/24/2023

While the gender savings gap apparently has closed in their so-called “personal economies,” new research suggests that women are still showing less confidence than men when it comes to investing and money management. That was one of the key takeaways from the results of a new survey conducted by... READ MORE

GAO Gives Its Seal of Approval to Acting Labor Secretary’s Status

By Ted Godbout | 9/22/2023

Congress’ watchdog agency has provided Acting Labor Secretary Julie Su the green light to continue serving in an acting capacity—news that is not likely to please congressional Republicans. In a memo dated Sept. 21, the Government Accountability Office—responding to a congressional request... READ MORE

Inflation Eases, but Workplace Benefit Costs Loom

By Ted Godbout | 9/21/2023

Even though inflation has eased a bit in recent months, that hasn’t stopped American workers from worrying about the impact it will have on the cost on their workplace benefits as open enrollment season approaches. New findings from Voya Financial’s consumer research survey reveal that, even as... READ MORE

New SEC Rules Crack Down on Greenwashing, Misleading Fund Names

By Ted Godbout | 9/20/2023

Labeled as an effort to “enhance and modernize” the Investment Company Act “Names Rule” (35d-1), the Securities and Exchange Commission (SEC) on Sept. 20 voted to amend the rule to prevent what it suggests are the use of deceptive names that are likely to mislead investors. Noting that it has been... READ MORE

How the Ongoing ‘Financial Vortex’ Threatens Retirement Readiness

By Ted Godbout | 9/19/2023

There’s some good new and some bad news in Goldman Sachs Asset Management’s (GSAM) just-released retirement report, which examines how plan participants are preparing for, transitioning to, and managing their finances in retirement. On a positive note, more U.S. workers over the last year have... READ MORE

What’s Prompting Many Retirees Back to the Office?

By Ted Godbout | 9/19/2023

While the pandemic may have induced a large wave of retirees to leave and later return to the workforce, a new report finds the trend of “working in retirement” is continuing to grow. According to T. Rowe Price’s recent Retirement Saving & Spending Study, around 20% of retirees are working... READ MORE

M&A Activity Regains Footing in the Third Quarter

By Ted Godbout | 9/19/2023

After experiencing a slower pace for the first nine months of 2023, RIA merger and acquisition (M&A) activity apparently regained its footing in the third quarter. According to an update by DeVoe & Company, the firm expects the third quarter to be the first quarter that is higher than the... READ MORE

How Spending ‘Spikes,’ Credit Card Debt and Plan Loans Impact Retirement Readiness

By Ted Godbout | 9/15/2023

New research by the Employee Benefit Research Institute (EBRI), conducted in partnership with J.P. Morgan Asset Management, reveals that households with spending “spikes” are more likely to increase their credit card debt or take a 401(k)-plan loan. Leveraging data across 29 million Chase... READ MORE

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