While a Securities and Exchange Commission (SEC) staff statement carries no force of law, it does signal staff thinking on an issue. In this case, the SEC’s Division of Investment Management is signaling that a pooled employer plan (PEP) can invest in a collective investment trust (CIT) without running afoul of the single trust exclusions in the Investment Company Act or the Securities Act’s Section 180.

The Internal Revenue Service (IRS) has extended the deadline for appealing a denial of an employee retention tax credit (ERTC) claim, and for paying a claim after the two-year deadline for an appeal of a denied claim.

On April 20, Lori Chavez-DeRemer abruptly resigned as Secretary of the Department of Labor (DOL). Keith Sonderling is now Acting Secretary.

Chavez-DeRemer was embroiled in growing scandal at DOL where she, her husband and a number of her key staffers were under investigation for improper behavior. Many labor insiders believe that as a result Sonderling has been the real behind-the-scenes head of DOL for quite some time. He has served in a number of workplace policy roles and is known to be influential in the Trump White House.

On April 14, a group of bipartisan lawmakers in the House and Senate introduced two bills aimed at helping family caregivers prepare for retirement. Cosponsored by Sens. Susan Collins and Mark Warner and Reps. Maria Salazar and Brittany Petterson, the Catching Up Family Caregivers Act of 2026 (S. 4291 / H.R. 8273) allows family caregivers additional years of eligibility for the highest catch-up contribution levels in employer-sponsored retirement plans and IRAs, with qualifying caregivers eligible for up to five additional years of maximum catch-up contributions. Under current law, catch-up contributions allow individuals over age 50 to contribute above the standard annual limit, with even higher limits available for those aged 60-63. The legislation grants similar allowances to family caregivers.

At the Spring NCOIL Meeting, the Life Insurance and Financial Planning committee heard presentations from the TIAA Institute and the American Academy of Actuaries highlighting that strong retirement security policy should aim to support 80% income replacement, expand access to retirement savings vehicles, and address the distinct challenges gig workers face through solutions such as auto-IRAs, portable benefits, and enhanced financial education.

On March 17, 2026, the U.S. District Court for the Northern District of Texas issued a final order vacating (killing) the Department of Labor’s (DOL’s) final 2024 fiduciary rule. Shortly thereafter, DOL’s Employee Benefits Security Administration (EBSA) signaled it would not appeal the decision, and restored the 1975 five-part test with which fiduciaries must comply that determines when advisors are indeed acting in the best interests of their clients.

On April 3, President Trump sent to Capitol Hill his proposed Fiscal Year (FY) 2027 budget proposal. The $2.2 trillion package, which increases overall spending by about 15 percent over last year, calls for significantly more money for defense but proposes deep cuts in social program spending.

Congress is preparing to tackle a second purely partisan budget bill, starting as soon as this month. This poses risks (from offsetting revenue proposals) as well as opportunities (for proposals like indexing capital gains or a new retirement savings plan (Trump Accounts for Adults)).

On March 30, the Department of Labor (DOL) released a proposed rule that provides a safe harbor to fiduciaries for offering alternative investments (e.g., private equity, cryptocurrency, certain annuities, etc.) in retirement savings plans. This follows up President Trump’s Executive Order 14330 instructing DOL to issue rules allowing section 401(k) plans to invest in private markets and to reduce litigation risk.

In recent weeks a number of Democrats in both the House and Senate have offered wealth tax proposals that would impose current tax liability on unrealized gains in wealthy taxpayers’ assets. Generally, the proposals target the super wealthy—those with assets of $50 million or more. Some include higher income tax rates on wealthy taxpayers’ income, too. All are or will be in the debate over deficit reduction, offsetting revenue, and the fairness of the tax code.

Four U.S. Senators, two Republicans and two Democrats, wrote to Dr. Mehmet Oz, Administrator of the Centers for Medicare and Medicaid Services (CMS), urging a crack-down on the practice of upcoding in Medicare Advantage (MA) plans. The Senators also called on Congress to enact S.1105, the No Upcode Act.

A new entrant in the current ongoing health reform debate (although similar concepts were discussed during earlier health reform debates), Medicare by Choice, has been floated by a group of former Congressional staffers and health care experts. It is expected to be a key plank in the Democrats’ 2028 presidential campaign and will likely get some play in the upcoming 2026 mid-term elections.

On March 25, the Senate Budget Committee held a hearing on Social Security solvency in light of projections that the trust funds that pay the program’s benefits will run dry within 10 years. The sooner corrective action is taken, the less painful those solutions will be, said witnesses and committee members alike.

Twelve Democratic Senators, led by Finance Committee Ranking Member Sen. Ron Wyden (D-OR), are developing a health reform plan for next year. The goal, say the Senators, is to reform the rules applicable to health insurers to, among other things, rein in out-of-pocket costs, ease barriers like prior authorization, and revise the medical loss ratio standard. The Senators say these reforms are necessary to make health insurance more accessible and more affordable for Americans.

Republican and Democratic Senators and House Members are calling for a fiscal commission to recommend solutions to the problem of skyrocketing federal debt and deficit. The proposed commission would include 16 members chosen by Congressional leadership – 12 lawmakers along with four outside experts. Its mission would be to recommend policies to stabilize the national debt at 100 percent of the economy by 2039 and achieve 75-year solvency for the federal trust funds. Recommendations receiving a majority vote by the commission, including two votes from each party, would receive expedited consideration in the Senate and House.

Lawmakers are staring down what to do in the pre-election months remaining in 2026. Among the possibilities is an all-GOP budget bill that could include new tax cuts and/or revenue-raising tax hikes. A new retirement program and a possible change to capital gains tax rules might be among them.

On March 6, Treasury and the Internal Revenue Service (IRS) released proposed regulations (IR-2026-31) on the section 530A, also known as Trump Accounts for Children Pilot Program. The proposed regs focus on eligibility and on payments from the government into the accounts. More proposed regs on other related issues are expected in the near term.

NAIFA is working with the Treasury Department on ways to promote elections to create the section 530A/Trump Accounts for Children through the assistance of financial professionals.

On February 24^, NAIFA President Christopher Gandy, along with NAIFA’s Government Relations team, met with Treasury staff to discuss the implementation and rollout of the Trump Accounts, newly established tax-deferred investment accounts for children under age 18, created in the tax law enacted last summer.

President Trump used his February 24 State of the Union (SOTU) speech to lay out his view of his accomplishments in 2025. There was little in the way of his vision for 2026.

Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D- CA) have introduced a bicameral bill that would impose a five percent tax on billionaires' wealth.

On March 2, one of the Senate's leading progressives, Sen. Bernie Sanders (I-VT), introduced a new wealth tax bill that would collect, he said, $4.4 trillion from the nation's almost 1,000 billionaires. The bill would allocate the revenue raised to social purposes like subsidizing the cost of health care/insurance.