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Ted Godbout
By Ted Godbout | 9/19/2017
Suggesting that it’s time to change the return-on-investment (ROI) conversation with respect to financial wellness programs, a recent paper contends that a more effective way to prove a program’s value is by measuring employee engagement.Ernst & Young explains that creating a suite of benefits...
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By Ted Godbout | 9/19/2017
A new report contends that robo-advisors’ “goal-based” advice falls short of a “best interest” standard for fiduciary advice.The paper, “Are Robo-Advisors Fiduciaries?” by attorney Melanie L. Fein argues that only “those investment advisers and broker-dealers whose advice meets the prudent investor...
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By Ted Godbout | 9/18/2017
A federal district court judge has granted summary judgement to participant-plaintiffs in a case where plan fiduciaries failed to comply with their diversification elections in an Employee Stock Ownership Plan (ESOP) prior to the company stock collapsing.In the case (Bryant v. Community Bankshares...
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By Ted Godbout | 9/14/2017
In analyzing relationships between the age structure of the population and investment returns, the researchers found some evidence that a population with more retirees than workers increases the supply of savings and drives down investment returns, according to a compilation of research reviewed in...
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By Ted Godbout | 9/13/2017
Similar to the relief it provided last month to victims of Hurricane Harvey, the IRS announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and members of their families.In Announcement 2017-13, the IRS explains...
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By Ted Godbout | 9/13/2017
While both men and women overwhelmingly agree they are not saving enough for retirement, their overall savings habits and reasons given for not saving enough appear to be starkly different, according to a new study.MassMutual’s internet-based Middle America Men & Women Finances Study polled 1,...
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By Ted Godbout | 9/13/2017
While more Americans are feeling financially secure compared to five years ago, most significantly underestimate their projected life expectancy, how much they will need to cover health care costs in retirement and how much life insurance they will need, according to new survey results.The survey...
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By Ted Godbout | 9/11/2017
In a recent study by LIMRA, the top two reasons retirement investors gave for selecting another company to manage their IRAs were relationships and recommendations.The LIMRA Secure Retirement Institute explains that relationships are cited most by those who have an existing relationship with a...
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By Ted Godbout | 9/11/2017
As stock values generally rose during the first quarter of the year, most DC plan participants continued with their asset allocations and contribution levels, and maintained low withdrawal activity, according to the Investment Company Institute (ICI).A recent ICI study, "DC Plan Participants’...
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By Ted Godbout | 9/8/2017
Amid all of the recent talk about tax reform and the potential move toward Rothification, Cerulli Associates has come out with a new report showing that only one-third of DC plan participants can correctly identify the benefits of Roth contributions.The results are part of a 2017 survey Cerulli...
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By Ted Godbout | 9/6/2017
Millennials are taking steps to save early for retirement, but they also have higher expectations that employers should be offering access to a retirement savings plan and socially responsive investments, according to new survey results.The Capital Group’s Wisdom of Experience survey found that 9...
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By Ted Godbout | 9/5/2017
The House and Senate are scheduled to return today from a month-long break facing an extremely busy legislative calendar.The legislative agenda was already packed full, with the need to approve funding legislation for fiscal year 2018 (which begins Oct. 1), increase the debt limit, determine...
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By Ted Godbout | 9/1/2017
While estimates of the size and growth of “gig employment” vary, there are several indications that gig work is here to stay, even though such work may have a destabilizing effect on personal financial security, a new survey shows.Noting that it conducted the survey to better understand the...
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By Ted Godbout | 8/31/2017
A complaint seeking class action status alleges that an investment advice platform steered participants into high-cost retirement funds that paid excessive fees and revenue-sharing “kickbacks.”The suit, filed August 3, charges violations of both the Racketeer Influenced and Corrupt Organizations...
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By Ted Godbout | 8/30/2017
While a majority of plan sponsors report that they are highly satisfied with their plan advisors, a record number are actively looking to switch their advisors, according to new research from Fidelity.Now in its 8th year, the firm’s annual Plan Sponsor Attitudes survey found that 65% of plan...
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By Ted Godbout | 8/28/2017
A federal district court has denied motions to dismiss claims of fiduciary breach and engaging in prohibited transactions in violation of ERISA in connection with the cancellation of a group annuity contract (GAC).The case (Dolins, et al., v. Continental Casualty Company, et al., U.S. District...
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By Ted Godbout | 8/28/2017
That’s the average amount a 65-year-old couple retiring this year will need to cover medical expenses (in today’s dollars) throughout retirement, according to the latest retiree health care cost estimate from Fidelity Benefits Consulting.Fidelity notes that while the 2017 estimate of $275,000 is...
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By Ted Godbout | 8/28/2017
Health savings accounts are projected to exceed $60 billion in assets among nearly 30 million accounts by the end of 2019, according to Devenir’s 14th semi-annual HSA survey of the top 100 providers in the market and follow-up research.The report confirms that the HSA market is undergoing...
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By Ted Godbout | 8/23/2017
A Los Angeles investment adviser was charged this week by the Securities and Exchange Commission (SEC) with defrauding a high-profile professional athlete and the athlete’s wife by deceiving them about the investment advisory fees they were paying.According to the SEC, Jeremy Joseph Drake, formerly...
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By Ted Godbout | 8/22/2017
While the RIA market is a growing opportunity, firms continue to struggle to gain access to best practices and to differentiate themselves, regardless of whether or not a deliberate distribution strategy is employed, according to a new study.Noting that the RIA market is unique compared to...
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