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Recent posts by NAIFA

2 min read

NAIFA Congressional Conference Participants Educate Lawmakers

By NAIFA on 5/15/24 2:02 PM

NAIFA’s May 20-21 Congressional Conference participants will fan out over Capitol Hill to educate lawmakers on key issues impacting NAIFA members and their clients. Several hundred participants from almost every state and Congressional District will also establish and grow the constituent-lawmaker relationships that are so key to favorable legislative outcomes.

Topics: Education Retirement Taxes Financial Literacy Congress Congressional Conference
4 min read

Final Fiduciary Rule Heads to Court

By NAIFA on 5/15/24 2:01 PM

On April 23, the Department of Labor (DOL) finalized its new fiduciary rule and its accompanying amendments to prohibited transaction exemptions (PTEs) 2020-02 and 84-24. The new rules would take effect September 23, but they have already triggered the first of what are likely to be multiple court challenges to them. Those court decisions could impact the effective date. And Congress is likely to vote on a Congressional Review Act (CRA) motion to block the rules, although even if a CRA motion passes both the House and Senate, President Biden will surely veto it.

Topics: Retirement 401(k) SEC Congress DOL Fiduciary
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Impending Major Tax Bill Raises Multiple, Difficult Issues

By NAIFA on 5/15/24 1:59 PM

There will be a major tax bill in 2025, as both Republicans and Democrats contend with the looming expiration of most of the current tax code’s individual and estate tax rules. Scheduled for expiration at the end of 2025 are income and capital gains tax rates for individuals as well as the current $12+ million exemption from the estate tax. Tax policy will play a key role in the debate, but so will revenue—the cost of extending the 2017 rules is astronomical. And lawmakers are already looking at other tax issues—like, for example, the corporate tax rate—that are not scheduled to expire but are intrinsic to both tax policy and revenue issues.

Topics: Taxes Debt Congress
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Ways & Means Questions Treasury Secretary Yellen on Biden Budget, Impending Tax Bill

By NAIFA on 5/15/24 1:55 PM

The House Ways & Means Committee held a hearing on April 30 with Treasury Secretary Janet Yellen as the sole witness. The hearing focused on the Biden budget tax proposals, and on the issues surrounding the scheduled expiration of the 2017 individual and estate tax rules.

Topics: Legislation & Regulations Taxes Congress
1 min read

Annuities in the Crosshairs

By NAIFA on 5/15/24 1:52 PM

Not only are fixed annuities now within the scope of the final fiduciary rule, but also a key tax writer is seeking information from the 12 biggest annuity writers about how annuities are sold. It appears that annuities are approaching being at the center of both Congressional and regulatory attention.

Topics: Legislation & Regulations SEC Congress Fiduciary Mass Mutual
2 min read

Education & the Workforce Has Hearing on Benefits for Independent Contractors

By NAIFA on 5/15/24 1:48 PM

The House Education & the Workforce’s Subcommittee on Workforce Protections held a hearing last month on how to allow states and companies to provide independent contractors with employer-provided benefits without causing them to be classified as employees. Subcommittee Chairman Rep. Kevin Kiley (R-CA) said at the hearing that he is working on legislation to achieve this result.

Topics: Legislation & Regulations Congress
1 min read

DOL Finalizes White-Collar Exemption to Overtime Rules

By NAIFA on 5/15/24 1:45 PM

The long-awaited final rule on the white-collar exception from the Fair Labor Standards Act’s (FLSA’s) overtime rules was released last month. The new rule significantly increases the salary threshold below which the white-collar exception does not apply and provides for automatic adjustments to the salary threshold every three years.

Topics: Legislation & Regulations Congress DOL
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FTC Votes to Ban Almost All Noncompete Agreements

By NAIFA on 5/15/24 1:42 PM

On April 23, by a 3 to 2 partisan vote, the Federal Trade Commission (FTC) banned virtually all noncompete agreements. There are some limited exceptions involving key executives, but in general, the new rule would not only ban future noncompete agreements, but also require notice to workers who are party to existing noncompete agreements that those agreements will not be enforceable.

Topics: Federal Trade Commission
1 min read

IRS Releases 2025 Inflation Adjustments for HSAs, HDHPs, HRAs

By NAIFA on 5/15/24 1:39 PM

On May 9, the Internal Revenue Service (IRS) released Revenue Procedure 2024-25, listing the 2025 inflation-adjusted amounts applicable to health savings accounts (HSAs), high deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (HRAs). The inflation adjustments take effect, generally, in 2025 or for plan years beginning in 2025.

Topics: Health Savings Accounts IRS
2 min read

Social Security/Medicare Trustees Issue Annual Report

By NAIFA on 5/15/24 1:37 PM

On May 6, the Social Security and Medicare trust fund trustees issued their annual report. The report predicts a financial crisis for the funds within 10 years, unless Congress intervenes before then.

Topics: Disability Insurance Medicare Congress
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
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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
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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
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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
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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
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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
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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
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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
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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