NAIFA’s Congressional Conference is set for May 22-23 in Washington, D.C. It’s not too late to register to participate in this program that establishes and grows the constituent-lawmaker relationships that protect the rules that allow middle America to safeguard their families’ and business’ financial futures.

House Ways & Means Committee Chair Rep. Jason Smith (R-MO) says his committee will propose a tax package by late May or in June. The package will reflect priorities discussed at the committee’s field hearings (so far, four have been held outside of Washington), and will prioritize “working families and small businesses.” Currently, this effort appears to be entirely Republican-generated and supported.

The Secure Notarization Act of 2023, S.1212, was introduced on April 19 in the Senate. It joins the House bill, H.R.1059, which the House approved by voice vote this past February. NAIFA supports this legislation.

On April 14, the U.S. Department of Labor (DOL) filed a notice of appeal to the 11th Circuit Court of Appeals on a Florida District Court ruling (American Securities Association v. United States Department of Labor) that struck down parts of the agency’s sub-regulatory guidance on the applicability of the fiduciary standard to advice on rolling over ERISA plan retirement funds into IRAs.

Rep. Adrian Smith (R-NE) has introduced bipartisan legislation that would allow use of health savings account (HSA) funds to pay for in-home long-term care. The bill has 11 bipartisan cosponsors.

On April 18, Sen. Bernie Sanders (I-VT) reintroduced his “tax-the-rich” bill, the “For the 99.5 Percent Act,” in the Senate. The bill was reintroduced in the House by Rep. Jimmy Gomez (D-CA). The bill would impose higher estate tax rates on those who inherit more than $3.5 million.

On April 12, the Centers for Medicare, and Medicaid Services (CMS) finalized rules governing practices involving advising/selling Medicare Advantage (MA) and Part D (prescription drug) plans. The rules cover practices applicable to plan sponsors, agents, brokers, and third-party marketing associations. The final rules reflect changes sought by NAIFA.

On May 3, the Internal Revenue Service (IRS) released an advice memo (Memorandum Number 202317020) making clear that expenses to be paid from cafeteria plan funds must be documented. If they are not, the memo states, the funds used to pay unsubstantiated expenses will not be shielded from income or employment taxes.

By a party-line vote, the nomination of Julie Su to be Secretary of the Department of Labor (DOL) has cleared committee and is now awaiting action by the full Senate. The Senate vote has not yet been scheduled. Several Democrats remain undecided, and so Su’s nomination is by no means assured.