<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=319290&amp;fmt=gif">
3 min read

FY 2024 Government Funding Complete without Fiduciary Rider

By NAIFA on 4/15/24 3:57 PM

In the wee morning hours of March 23—just two hours after the midnight March 22 deadline—Congress completed the fraught process of funding the federal government’s discretionary spending for fiscal year (FY) 2024—six months after FY 2024 began this past October 1. President Biden signed the measure into law the same day. Despite hard lobbying, the final funding package excluded a rider that would have stopped the Department of Labor’s (DOL) work on its fiduciary rule.

Topics: Legislation & Regulations Congress DOL Fiduciary
2 min read

NAIFA Meets with OIRA on DOL’s Proposed Fiduciary Rule; OIRA Returns Rule to DOL

By NAIFA on 4/15/24 3:44 PM

On April 10, NAIFA met with the White House’s Office of Information and Regulatory Affairs (OIRA) to express the association’s concerns about the Department of Labor’s (DOL’s) proposed fiduciary rule. NAIFA reiterated its long-standing opposition to the rule, citing its probable impact on the accessibility and affordability of professional investment advice for middle-American retirement savers. Late that afternoon, OIRA sent the proposed rule back to DOL for finalization, canceling at least two subsequent previously scheduled stakeholder meetings.

Topics: Legislation & Regulations Retirement Plans DOL Fiduciary
2 min read

CMS/DOL/Treasury Finalize Short-Term Limited Duration Health Insurance Rule

By NAIFA on 4/15/24 3:35 PM

On March 28, the Departments of Labor (DOL), Health and Human Services’ (HHS’) Centers for Medicare and Medicaid Services (CMS), and Treasury released a final short-term limited-duration (STLD) health insurance rule. It retains the proposed rule’s new limits of three months duration, with a four-month renewal option for this kind of insurance.

Topics: Legislation & Regulations Affordable Care Act CMS Congress DOL
2 min read

Ways & Means Holds Hearing on TCJA and Its Expiring Tax Cuts

By NAIFA on 4/15/24 3:29 PM

The tax-writing House Ways & Means Committee held a hearing on April 11 on the TCJA and its expiring individual and estate tax provisions. Predictably, the hearing showcased GOP support for extending the TCJA’s individual and estate tax rules that expire at the end of 2025. Democrats, on the other hand, called for more taxes to be paid by corporations and “the rich.”

Topics: Legislation & Regulations Taxes Congress
2 min read

Senate Opposition Grows to Quick Vote on House-Passed Tax Bill

By NAIFA on 4/15/24 3:17 PM

Republican Senators are growing increasingly reluctant to vote any time soon on the House-passed bill that would, among other things, allow for more generous business equipment depreciation and business loan interest deductibility. The bill would need 60 votes, and therefore at least ten Republicans, to pass the Senate. However, some key GOP Senators are demanding changes, while others urge waiting until next year when they think they will be in a stronger position.

Topics: Legislation & Regulations Taxes Congress
2 min read

House Advances Effort to Block the Final Worker Classification Rule

By NAIFA on 4/15/24 3:10 PM

A bicameral GOP resolution to block the Department of Labor’s (DOL’s) now-final worker classification rule has been introduced. On March 21, the House Education and the Workforce Committee approved a Congressional Review Act (CRA) motion to block the rule.

Topics: Legislation & Regulations CMS Congress DOL
1 min read

CMS Releases ACA Marketplace Rules for 2025

By NAIFA on 4/15/24 3:05 PM

On April 2, the Centers for Medicare, and Medicaid Services (CMS) released its final rules for Affordable Care Act (ACA) marketplaces for 2025. The rules include the requirements applicable to advisors who work with participants in ACA marketplace insurance.

Topics: Legislation & Regulations CMS Congress
1 min read

Senate and House Democrats Reintroduce Bicameral Wealth Tax Bill

By NAIFA on 4/15/24 2:54 PM

Sen. Elizabeth Warren (D-MA) and Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) have reintroduced their wealth tax legislation that would impose increased tax liability on the ultra-wealthy. The bill would impact taxpayers with household income in excess of $50 million.

Topics: Legislation & Regulations Taxes Congress
2 min read

Bicameral, Bipartisan National Privacy Proposal Released

By NAIFA on 4/15/24 2:47 PM

On April 7, Sen. Maria Cantwell (D-WA) and Rep. Cathy McMorris Rodgers (R-WA) released a proposed national privacy standard. Sen. Cantwell and Rep. McMorris Rodgers chair the committees with jurisdiction over the proposal and so, although its enactment is a long shot this year, it is a proposal that privacy rights interests are taking very seriously.

Topics: Legislation & Regulations Congress Privacy
2 min read

Democrats Offer Federal Paid Leave, Shortened Workweek Bills

By NAIFA on 4/15/24 2:39 PM

Democrats have offered one bill to create a federal paid leave program and another to shorten the standard workweek to 32 hours.

Topics: Legislation & Regulations Congress
1 min read

IRS Proposes New, Narrower CRAT Rule

By NAIFA on 4/15/24 2:33 PM

On March 19, the Internal Revenue Service (IRS) proposed a new rule governing charitable remainder annuity trusts (CRATs). The new rule, if finalized, would curtail the use of CRATs as a tax avoidance mechanism.

Topics: Taxes IRS
2 min read

DOL Issues Final QPAM Rule

By NAIFA on 4/15/24 2:24 PM

On April 2, the Department of Labor (DOL) finalized its qualified plan asset manager (QPAM) rule. The rule is an amendment to prohibited transaction exemption (PTE) 84-14. The rule, which imposes broad disqualifying provisions on retirement plan asset managers who have been convicted of financial crime, takes effect June 17, 2024.

Topics: Retirement Plans Congress DOL
1 min read

DOL Extends Comment Period for SECURE 2.0 Reporting/Disclosure Rules

By NAIFA on 4/15/24 2:14 PM

The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) and the Treasury Department have announced an extension, from April 22 to May 22, 2024, of the deadline for responses to its request for information (RFI) on the effectiveness of SECURE 2.0’s notice and disclosure requirements.

Topics: Congress DOL SECURE 2.0
5 min read

NAIFA’s Roger Moore Attends NAIC Spring National Meeting

By NAIFA on 4/15/24 2:01 PM

NAIFA’s Policy Director Roger Moore attended NAIC’s Spring National Meeting on March 15-18, where he had the opportunity to strengthen NAIFA’s relationships with state regulators and industry trade partners, as well as advocate for key priorities affecting NAIFA’s members.

Topics: Long-Term Care Life Insurance & Annuities Financial Literacy NAIC Artificial Intelligence
1 min read

Proposed Fiduciary Rule Goes to White House for Final Review

By NAIFA on 3/15/24 5:01 PM


On March 8, the Department of Labor (DOL) sent to the Office of Information and Regulatory Affairs (OIRA) for review its proposed new fiduciary rule. This is the last step in the regulatory process prior to finalization of a rule. OIRA is an agency within the Office of Management and Budget (OMB), a White House agency.

Topics: Legislation & Regulations Congress DOL
1 min read

Six of 12 Government Funding Bills Now Law-Partial Shutdown Averted

By NAIFA on 3/15/24 4:42 PM

Congress has passed, and President Biden has signed into law a “minibus” government funding bill that provides discretionary funding for six of the 12 required appropriations bills for fiscal year (FY) 2024. The new funding law, H.R.4366, does not include the industry-sought rider to prevent the Department of Labor (DOL) from further work on its proposed new fiduciary rule.


Topics: Legislation & Regulations Congress DOL
3 min read

Biden State of the Union Speech Tees Up Huge Issues for 2024 and 2025

By NAIFA on 3/15/24 4:34 PM

President Biden’s March 7 State of the Union (SOTU) speech teed up a raft of issues important to NAIFA members and their clients. These are issues that will shape the pre-November election campaigns and the Congressional agenda for both 2024 and 2025.


Topics: Legislation & Regulations Taxes Federal Advocacy PRO Act
6 min read

Biden Budget: $4.9 Trillion in Tax Increases, Some Hit Life Insurance

By NAIFA on 3/15/24 4:27 PM

The $7.3 trillion Fiscal Year (FY) 2025 Biden budget proposal, released March 11, includes $4.9 trillion in new taxes—mostly in corporate and “tax the rich” proposals—with $3 trillion of that allocated to deficit reduction. The budget spending proposals for FY 2025 are in line with the spending targets set in last year’s Fiscal Responsibility Act (FRA). According to the budget documents, it would reduce the deficit by some $3 trillion over ten years.


Topics: Legislation & Regulations Taxes Congress
3 min read

House-Passed Tax Bill Stalls in the Senate

By NAIFA on 3/15/24 4:15 PM


The House passed H.R.7024, a tax bill that would enhance several key business tax rules as well as the child tax credit, has hit a hurdle in the Senate. A key Senator (GOP leader of the Finance Committee) and a number of his colleagues want changes to the bill before they will support it.

Topics: Legislation & Regulations Congress
2 min read

Congressional Action to Stop Worker Classification Rule on Tap

By NAIFA on 3/15/24 4:06 PM


A bicameral GOP resolution to block the Department of Labor’s (DOL’s) now-final worker classification rule has been introduced. Votes on it in both the House and Senate are expected later this month.

Topics: Legislation & Regulations Congress DOL