Ted Godbout

SEC Adviser Exams Poised to Increase, OCIE Acting Director Says

By Ted Godbout | 8/3/2017

Exams of investment advisers by the Securities and Exchange Commission (SEC) reportedly could increase by more than 30% this year, according to Pete Driscoll, Acting Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE).Speaking July 27 at FINRA’s National Compliance... READ MORE

AICPA: Personal Financial Satisfaction Highest in 10 Years

By Ted Godbout | 8/2/2017

In a sign that the worst of the financial recession is behind us, Americans reportedly are enjoying their highest levels of personal satisfaction since the fourth quarter of 2006, according to the second quarter 2017 results from the American Institute of CPAs’ "Personal Financial Satisfaction... READ MORE

DCIIA: DC System Can Do Better Without Additional Policy Changes

By Ted Godbout | 8/2/2017

A new report from the Defined Contribution Institutional Investment Association (DCIIA) contends that leveraging auto features, minimizing money out and helping to eliminate barriers to long-term retirement savings are three key steps that DC plan stakeholders can take to help Americans prepare for... READ MORE

Improved Tax Incentives Key to Small Plan Formation, Study Confirms

By Ted Godbout | 7/28/2017

New survey results from LPL Financial suggest that well-targeted tax incentives for either starting a retirement plan or automatically enrolling employees in one may be a powerful motivator for small businesses to adopt and enhance a retirement plan for their employees.Based on the survey’s... READ MORE

Retirement Income Adequacy Growing in Importance in Plan Design Decisions

By Ted Godbout | 7/27/2017

As the evolution of DC plans continue, plan sponsors are shifting from a “traditional view” of offering plans as a recruitment and retention tool to focusing more on participant outcomes, according to a new study by J.P. Morgan.In the report, “2017 Defined Contribution Plan Sponsor Survey Findings... READ MORE

Report Finds Moderate Interest in Dropping DC Plan for State-Run Plan

By Ted Godbout | 7/25/2017

As more states look to establish retirement savings plans for private sector workers, a new report by LIMRA’s Secure Retirement Institute finds that 55% of DC plan sponsors indicate they are “very likely” or “somewhat likely” to stop offering their DC plan in favor of having their employees enroll... READ MORE

Excessive Fee Litigation Latest ‘Darling’ of Plaintiffs’ Bar

By Ted Godbout | 7/24/2017

The 2017 NAPA DC Fly-In Forum featured a panel discussion with two leading ERISA attorneys about how they view today’s landscape of 401(k) and 403(b) plan litigation. The panel was moderated by David Levine of the Groom Law Group.Evolving Plaintiffs’ StrategyAddressing where we stand today with... READ MORE

Gig Workers May Have ‘False Sense of Security’

By Ted Godbout | 7/21/2017

Noting that some experts believe that a persistently high part-time employment rate may be a “new normal,” Guardian’s fourth annual Workplace Benefits Study, Part-Time Nation, contends that many part-timers are falling behind financially because part-time workers and contractors are often... READ MORE

U.S. Drops Three Spots in Global Retirement Index

By Ted Godbout | 7/21/2017

The United States fell three spots to number 17 among 43 countries in a newly released Global Retirement Index that provides a measure of how supportive the climate is for retirement across nations in the developed world.Despite strong showings in health care spending and strength of financial... READ MORE

Will Tax Reform Be the Fish That Got Away?

By Ted Godbout | 7/21/2017

Failing to repeal the tax increases contained in the Affordable Care Act will make it much more difficult for Congress to achieve full-fledged, revenue-neutral tax reform. That was one of the key takeaways that emerged from the 2017 NAPA DC Fly-In Forum, held July 18-19 in Washington, DC.Fly-In... READ MORE

Stout Recommends Improvements at House Hearing on Tax Simplification

By Ted Godbout | 7/20/2017

Testifying before a July 19 House Ways & Means Subcommittee on Tax Policy hearing on simplifying the tax code, NAPA Vice President Jania Stout offered several recommendations to help make it easier for small businesses to offer retirement plans and for American workers to save in these plans.... READ MORE

Cardin: ‘Do No Harm’ in Tax Reform

By Ted Godbout | 7/19/2017

Kicking off the first day of the 5th annual NAPA DC Fly-In Forum July 18, Senate Finance Committee member Ben Cardin (D-MD) expressed his unwavering support for the current tax incentives for retirement savings, noting that a fundamental point for him on tax reform will be to first “do no harm.”... READ MORE

Fastest-Growing RIAs Add Twice as Many Assets from New Clients

By Ted Godbout | 7/18/2017

While firms of all sizes experienced growth, the fastest-growing RIA firms paired referrals with comprehensive marketing strategies, attracting new client assets at 2.4 times the rate of all other firms, according to a new study.Charles Schwab’s 2017 RIA Benchmarking Study also found that... READ MORE

Senators to Urge DOL to Issue Guidance on Auto Portability

By Ted Godbout | 7/18/2017

To help prevent retirement plan cashout leakage when workers change jobs, Sen. Tim Scott (R-SC) and 10 other GOP Senators plan to send a letter today to Labor Secretary Alexander Acosta asking the DOL to issue guidance clarifying the application of ERISA to auto portability features — that is, ones... READ MORE

HSAs Staying Alive in Senate GOP’s Revised Health Care Measure

By Ted Godbout | 7/14/2017

Senate Majority Leader Mitch McConnell (R-KY) on July 13 unveiled revised draft legislation to repeal and replace most of Obamacare. The new draft retains the provisions to expand and enhance health savings accounts (HSAs).Following House passage in May of legislation to replace Obamacare, Senate... READ MORE

Let SEC Take Lead on Investment Advice Standards, Witnesses Say

By Ted Godbout | 7/14/2017

Witnesses at a House Financial Services subcommittee hearing July 13 largely offered their support for legislation to repeal the current DOL fiduciary rule and direct the Securities and Exchange Commission to take the lead in regulating the standards of care for investment advice.Of the five... READ MORE

Panelists: Common Sense Reforms Would Help HSAs Thrive

By Ted Godbout | 7/14/2017

What do an employer, a health insurance industry representative and a doctor have in common? They all apparently support various reforms to help health savings accounts thrive as an important savings vehicle to address short- and long-term health care costs.Four panels of speakers at a June 12... READ MORE

Adjusting to Changing Benefit Expectations

By Ted Godbout | 7/12/2017

Employees are increasingly looking to their employers for financial support and believe that employers also have a responsibility for their health and well-being.What’s most interesting about that statement is that a higher percentage of employers agree with it than employees. In fact, the percent... READ MORE

Auto Features Helping Younger Workers with Retirement Saving

By Ted Godbout | 7/11/2017

Automatic enrollment is the single most important feature an employer can adopt for Millennials and new hires to participate in a company’s DC plan, according to a new study from Wells Fargo.Based on an analysis of four million people who participate in 401(k) plans provided by the firm, Wells... READ MORE

Uptick in Attrition Risk Among Top Financial Advisors

By Ted Godbout | 7/11/2017

Despite last year’s positive market conditions and relatively upbeat investors, overall satisfaction among financial advisors with their firms declined last year and the drop is highest among top producers, J.D. Power warns in a new report.According to the firm's 2017 U.S. Financial Advisor... READ MORE

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