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2 min read

Roth Rule Catch-Up Contribution Notice Resolves Some Effective Date Issues

By NAIFA on 9/15/23 2:08 PM

In Notice 2023-62, the IRS and Treasury clarified that many catch-up contributions for 2024-2025 will not have to be Roth contributions for taxpayers earning $145,00/year or more.

Topics: Retirement Legislation & Regulations Federal Advocacy IRS SECURE 2.0
2 min read

EBSA Sends New Fiduciary Proposal to White House for Review

By NAIFA on 9/15/23 2:06 PM

On September 8, the Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) sent to the White House’s Office of Information and Regulatory Affairs (OIRA) a notice of proposed rulemaking (NPRM) on new fiduciary duty rules applicable to advisors on retirement savings. Details of what the agency is proposing are as yet unknown, but speculation suggests its focus is on insurance-related advice, and on rollovers from retirement plans to individual IRAs.

Topics: Retirement Legislation & Regulations Federal Advocacy DOL
3 min read

Congress Returns to a Brutal September

By NAIFA on 9/15/23 2:05 PM

Lawmakers returned to Washington after a six-week August recess with just two weeks in which to provide funding for the entirety of the discretionary spending available to the federal government. Other must-pass legislation, also due by October 1, further complicates September. And the politics are extremely difficult for all of this must-do legislation. A number of issues of concern to NAIFA could be caught up in what looks like will be a brutal month (or four).

Topics: Legislation & Regulations Federal Advocacy Congress SECURE 2.0
3 min read

NAIFA Submits Comments on Proposed STLD Health Insurance Regs

By NAIFA on 9/15/23 2:04 PM

On September 11, NAIFA submitted comments on the tri-agency (Departments of Health & Human Services (HHS), Labor (DOL) and Treasury) proposed regulations on short-term limited duration (STLD) health insurance, and on fixed payment (indemnity) health insurance.

Topics: Health Care Legislation & Regulations Federal Advocacy
2 min read

DOL Proposes New White-Collar Exemption Rule

By NAIFA on 9/15/23 2:03 PM

On August 30, the Department of Labor (DOL) released a new proposed regulation on the white-collar exception to the Fair Labor Standards Act’s (FLSA’s) overtime rules. Generally, DOL proposes that the salary threshold rise to $55,068/year (and suggests the number could go higher by the time the proposal is finalized), and that it be updated automatically every three years.

Topics: Legislation & Regulations Federal Advocacy DOL
2 min read

SCOTUS Receives Briefs on Constitutionality of Tax on Unrealized Income

By NAIFA on 9/15/23 2:02 PM

The U.S. Supreme Court (SCOTUS) has received scores of briefs on whether it is constitutionally permissible for the United States to tax unrealized income. The briefs are in connection with a case now pending before SCOTUS, Moore v United States, which raises the issue of whether unrealized income can be subject to current tax liability. The case has significant implications for cash value life insurance, and for long-held investments.

Topics: Taxes Federal Advocacy
2 min read

House Republicans Advance Anti-ESG Legislation

By NAIFA on 9/15/23 2:02 PM

Republicans on the House Financial Services Committee approved four anti- environmental/social/governance (ESG) bills this past July, and on September 5, GOP members of the House Education & the Workforce Committee introduced another four bills that would restrict the use of ESG factors in evaluating investments in a retirement savings plan.

Topics: Legislation & Regulations Federal Advocacy Congress
1 min read

NFIP Caught in Year-End Government Funding Controversy

By NAIFA on 9/15/23 2:01 PM

The National Flood Insurance Program (NFIP) must be reauthorized and funded before the October 1 start of the new fiscal year (FY).

If Congress does not reauthorize and fund the NFIP by October 1 (whether in a continuing resolution or in a FY 2024 appropriations bill), the agency would not be able to issue new flood insurance policies. Plus, funding would become even more of an issue than it already is. (FEMA, the Federal Emergency Management Agency, is already running low on funds with literally billions in claims from various natural disasters still outstanding.)

Topics: Federal Advocacy
1 min read

Treasury/IRS Propose Cryptocurrency Tax Reporting Rules

By NAIFA on 9/15/23 1:59 PM

On August 29, Treasury/the Internal Revenue Service (IRS) proposed rules expanding tax reporting of cryptocurrency transactions. Generally, the proposed rules would require cryptocurrency exchanges to disclose detailed information on their clients’ transactions starting in 2026.

Topics: Taxes IRS
2 min read

GOP Reacts to DOL Acting Secretary Status

By NAIFA on 9/15/23 1:59 PM

Legislation has been introduced in both the House and Senate to negate the Department of Labor (DOL) Acting Secretary Julie Su’s ability to lead the agency in the absence of the Senate confirming her nomination.

Topics: Federal Advocacy DOL