Ted Godbout

Auto Portability Consortium Picks up Steam with Newest Member

By Ted Godbout 2/15/2023

A new consortium called the Portability Services Network (PSN) that helps employees who change employers automatically move their workplace retirement savings to their new retirement plan has gained another partner. Colorado-based Empower will join forces with the Retirement Clearinghouse (RCH... READ MORE

401(k) Loans and Hardship Withdrawals Decreasing: Report

By Ted Godbout 2/14/2023

Newly released data from year-end 2022 shows that the volume and dollar amount of 401(k) loans and hardship withdrawals decreased, but there were some nuances to the findings. In a new quarterly report that draws on data from more than 3 million 401(k) plan participants, Bank of America’s 401(k)... READ MORE

Lack of ‘Longevity Literacy’ May Pose Retirement Planning Challenges

By Ted Godbout 2/6/2023

When asked how long people typically live in retirement, more than half of adult Americans were unable to answer the question correctly — a crucial knowledge gap that could interfere with saving enough to last through retirement. That finding comes from an annual survey — the Personal Finance (P-... READ MORE

5 Themes for DC Plans to Consider for 2023

By Ted Godbout 2/6/2023

Enactment of the SECURE 2.0 Act, ongoing industry innovations, and the aim to provide greater personalization are among the many opportunities that plan sponsors have to align DC plan features, practices and investments with participant needs. Indeed, the need for greater personalization of the... READ MORE

Many Post-Retirement Plans May Now Include Work

By Ted Godbout 2/1/2023

In the face of prolonged economic uncertainty and volatility, many investors are rethinking what life after retirement may look like and are adjusting their priorities accordingly. According to Nationwide Retirement Institute’s eighth annual Advisor Authority, nearly 7 in 10 (69%) non-retired... READ MORE

Hands Off Our 401(k)s: Americans Reject Changing Key Features

By Ted Godbout 1/25/2023

Asked about their views on defined contribution plans, an overwhelming majority of respondents in a new survey say they value the investment opportunity 401(k) plans provide and are opposed to changing the tax preferences or investment control in those accounts. In fact, nearly 9 in 10... READ MORE

DC Plan Rollovers Seen as Major Booster to IRA Growth

By Ted Godbout 1/25/2023

A new report reveals that individual retirement account (IRA) assets reached nearly $14 trillion in 2021, thanks in large part to rollovers from defined contribution (DC) plans. According to The Cerulli Report — U.S. Retirement Markets 2022: The Role of Workplace Retirement Plans in the War for... READ MORE

Near-Retirees Need Help Maximizing Retirement Income Sources

By Ted Godbout 1/24/2023

The findings of a new survey suggest that plan sponsors and professionals should be proactive in providing education and advice, as most near-retirees indicate they are looking for help to maximize retirement benefits while minimizing taxes. According to Allspring Global Investments’ 20th annual... READ MORE

401(k) Participants Rank Crypto Dead Last as Preferred Option

By Ted Godbout 1/20/2023

A new survey that polled retirement plan sponsors, financial advisors and plan participants finds little appetite among plan participants to invest their retirement assets in cryptocurrency. In polling 558 plan participants about their preferred retirement asset options for 2023, Ubiquity... READ MORE

401(k) Traders Favor Fixed Income, but Still Bullish on Equities

By Ted Godbout 1/20/2023

With the markets taking a beating throughout much of 2022, 401(k) investors apparently sought the safety of fixed income through their trading activity, yet equities were still very much in demand, according to the Alight Solutions 401(k) Index. The firm’s 2022 observations show that 184 out of... READ MORE

How Inflation Altered Americans’ Retirement Savings Habits

By Ted Godbout 1/19/2023

While the long-term economic impact of the pandemic remains unclear, one thing that is clear is the highest inflation in decades has forced many Americans to reevaluate their retirement saving habits. This is according to a new survey from U.S. News & World Report’s 360 Reviews revealing that... READ MORE

What’s Next with the Evolution of State-Sponsored Retirement Plans?

By Ted Godbout 1/17/2023

To address the ongoing retirement savings gap, all but three states have initiated or passed legislation to set up a state-sponsored retirement savings plan (SSRP), and while early implementation efforts so far have been successful, a new report suggests there’s room for improvement. Indeed,... READ MORE

What Does the New Ways and Means Chair Have in Store?

By Ted Godbout 1/11/2023

In a changing of the guard, Rep. Jason Smith (R-MO) has been selected by the House Republican leadership to take over as chairman of the powerful House Ways and Means Committee, but what does that mean for retirement policy? Overall, Rep. Smith appears to be somewhat of a blank slate in this area... READ MORE

Young, Ambitious Workers Have High Hopes to Retire Early

By Ted Godbout 1/9/2023

The pandemic years apparently ushered in a workforce cultural shift among younger workers who have set their sights on working hard now in order to retire at an earlier age. In a study of 3,000 working Americans, experience management firm Qualtrics found that more than a third (35%) of workers... READ MORE

Why Do Some Small Businesses Offer Retirement Plans?

By Ted Godbout 1/4/2023

For many years now, Congress has tried to make it easier for small businesses to offer a retirement plan, but there still has been little movement in closing the coverage gap. With enactment of the SECURE 2.0 Act and one of its main goals to help make it easier for small businesses to offer a... READ MORE

It’s Official: SECURE 2.0 Enacted into Law

By Ted Godbout 12/30/2022

Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, since the President signed the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands. The final SECURE 2.0 legislation[1] was included in Division T of the... READ MORE

Young Gen Zers Have Their Eyes on Early Retirement

By Ted Godbout 12/29/2022

Confident about their careers and in their ability to achieve financial security, the nation’s youngest adults have a goal of retiring before they reach age 60, but that confidence comes with a few caveats, according to a new study. Data from Northwestern Mutual's 2022 Planning & Progress... READ MORE

Rising Inflation Viewed as Biggest Threat to Retirement in 2022

By Ted Godbout 12/29/2022

While Americans worried most about the impact of the COVID-19 pandemic earlier this year, they now see rising inflation as the biggest risk to their retirement plans. According to Allianz Life’s annual New Year’s Resolutions Study, nearly half (48%) of respondents identified the pandemic as the... READ MORE

Short-Term Goals Take Center Stage for 2023 Financial Resolutions

By Ted Godbout 12/29/2022

As the country withstands uncertain times, Americans are feeling less-than-optimistic when it comes to the year ahead and many plan to focus more on short-term needs, rather than long-term goals, according to a new study by Fidelity Investments. The firm’s 14th Annual New Year’s Financial... READ MORE

Demand for Employer Financial Wellness Benefits Remains Strong

By Ted Godbout 12/28/2022

The 401(k) and matching programs are still the most highly sought-after benefits — yet with financial pressures on the rise, employees are craving financial stability above all and are looking towards their employers for more support than ever, a new survey finds. Betterment at Work’s 2022... READ MORE

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