A federal district court in Texas has stayed a Department of Health and Human Services’ (HHS’) Centers for Medicare and Medicaid Services (CMS) rule that sets a fixed administrative fee and consequently prevents payment to health insurance agents and brokers for advice recommending certain managed care plans. In Am. For Beneficiary Choice v. HHS and Council for Medicare Choice v. HHS, the court found that the plaintiffs demonstrated a substantial likelihood that they would prevail on the merits. The merits include plaintiffs’ claims that the rule would “upend the regulatory status quo, dramatically limiting administrative fees that Congress did not intend” for CMS to regulate.
NAIFA
Recent posts by NAIFA
1 min read
Texas Court Stays HHS/CMS Rule Preventing Payment to Insurance Agents for MA Plan Advice
By NAIFA on 7/15/24 4:36 PM
Topics: Legislation & Regulations CMS Congress SCOTUS
2 min read
Supreme Court Decision Casts Doubt on Wealth Tax Proposals
By NAIFA on 7/15/24 4:35 PM
In Moore v. United States, the Supreme Court (SCOTUS) sidestepped the question of whether it is constitutional to tax unrealized income—but four opinions (two concurring and two dissenting) suggest that at least four of the current SCOTUS justices might in another case find it is unconstitutional to tax income until it is realized.
Topics: Legislation & Regulations Taxes Congress SCOTUS
2 min read
Tax Bill Preparation Continues
By NAIFA on 7/15/24 4:34 PM
Both House and Senate tax writers continue their preparations for the 2025 tax bill. More potential targets for revenue-raising tax provisions have emerged.
Topics: Legislation & Regulations Taxes Congress
1 min read
Bicameral Motions to Block White-Collar Exemption to the OT Rule Introduced
By NAIFA on 7/15/24 4:34 PM
Last month Republican lawmakers introduced motions to block the new rule raising the salary threshold for the white-collar exemption to the Fair Labor Standards Act (FLSA) overtime (OT) rule. Rep. Tim Walberg (R-MI) introduced the Congressional Review Act (CRA) motion in the House; Sen. Mike Braun (R-IN) introduced it in the Senate.
Topics: Legislation & Regulations Congress DOL SCOTUS
2 min read
IRS Says Most ERTC Claims Show Risk of Being Improper
By NAIFA on 7/15/24 4:33 PM
On June 20, the Internal Revenue Service (IRS) said the 1.4 million pending employee retention tax credit (ERTC) claims are getting continued heightened scrutiny, with “the vast majority” of them showing risk of being improper. The agency announced it had completed a detailed review of the pending claims in order to protect taxpayers and small businesses, and said it resulted in plans to deny tens of thousands of improper high-risk ERTC claims. Now, the IRS has started a new round of processing lower-risk claims to help eligible taxpayers.
Topics: Legislation & Regulations Congress IRS
2 min read
House Committee Approves Bill to Expand 529 Plans
By NAIFA on 7/15/24 4:32 PM
On July 9, the House Ways & Means Committee approved legislation, H.R.8915, to expand the kinds of education-related expenses that can be paid tax-free from a 529 plan. Among the bill’s provisions is one that would allow NAIFA members to use 529 funds for professional certifications or programs connected with obtaining a postsecondary credential, including those required to obtain a state license.
Topics: Legislation & Regulations Congress
1 min read
IRS Issues Guidance on Emergency Withdrawals from Retirement Plans
By NAIFA on 7/15/24 4:31 PM
On June 20, the Internal Revenue Service (IRS) issued Notice 2024-55, guidance on when there is an exception from the ten percent penalty tax for early withdrawals from retirement savings plans. The guidance focuses on emergency personal expenses and victims of domestic abuse.
Topics: 401(k) Retirement Plans IRS
2 min read
Texas Court Issues Limited Stay of Noncompete Rule
By NAIFA on 7/15/24 4:31 PM
A Texas district court has ruled that a challenge to the Federal Trade Commission’s (FTC’s) almost total ban of noncompete agreements will likely succeed, and as a result has issued a limited preliminary injunction for the plaintiffs only, blocking the rule’s September 4 effective date. The court rejected the plaintiff’s request that the injunction apply nationwide.
Topics: Federal Trade Commission
2 min read
NAIFA, ACLI Sue to Overturn New Fiduciary Rule
By NAIFA on 6/14/24 2:45 PM
On May 24, a group of nine industry organizations, including NAIFA and the American Council of Life Insurers (ACLI), filed a lawsuit seeking to overturn the Department of Labor’s (DOL’s) newly finalized fiduciary rule. Joining NAIFA and ACLI in the lawsuit are NAIFA-Texas, NAIFA-Fort Worth, NAIFA-Dallas, NAIFA-Piney Woods of East Texas, the National Association of Fixed Annuities (NAFA), the Insured Retirement Institute (IRI), and Finseca.
Topics: SEC DOL Fiduciary NAIFA
1 min read
Legislation to Block Fiduciary Rule Introduced in both House and Senate
By NAIFA on 6/14/24 2:45 PM
Congressional Review Act (CRA) resolutions to block the Department of Labor’s (DOL’s) newly finalized fiduciary rule have been introduced in both the House and Senate. It appears the motion may pass, but President Biden is virtually certain to veto it if it does pass.
Topics: Congress DOL Fiduciary
3 min read
House, Senate GOP Tax Writers Begin Focused Work on Major 2025 Tax Bill
By NAIFA on 6/14/24 2:44 PM
House Ways & Means Committee Republicans have formed ten issue-specific “tax teams” to work on what to include in the looming 2025 major tax bill. Senate Finance Committee Republicans will tackle these issues in six “working groups.” Both say they “may” include Democrats in their deliberations at some point, but for now, it is an all-GOP effort.
Topics: Education Legislation & Regulations Taxes Debt Congress
2 min read
Revenue Looks to Become a Major Element of 2025 Tax Bill
By NAIFA on 6/14/24 2:43 PM
Recurring revenue estimates of the cost of extending the expiring 2017 tax cuts suggest that revenue will play a major role in the debate over the upcoming tax bill in 2025. After at least five revenue estimates, all covering a 10-year period that includes 2028, projections of the revenue lost due to current tax rules keep going up.
Topics: Legislation & Regulations Taxes Debt Congress NAIFA
1 min read
RISE Act Introduced in the Senate
By NAIFA on 6/14/24 2:42 PM
A companion Senate bill (S.4398) to the RISE Act introduced last fall in the House (H.R.6007) has been introduced. The RISE Act expands the tax credit available for starting retirement savings plans for very small businesses.
Topics: Retirement Legislation & Regulations Congress SECURE 2.0
1 min read
House-Passed Tax Bill Remains Stalled in the Senate
By NAIFA on 6/14/24 2:40 PM
The House-passed tax bill, H.R.7024, remains stalled in the Senate. However, its chief Senate sponsor, Sen. Ron Wyden (D-OR), says the bill is not dead. Sen. Wyden says he continues to work with Senate leadership to schedule Senate floor time on the bill.
Topics: Legislation & Regulations Taxes Congress
2 min read
GOP Senator Seeks Input on Providing Benefits for Independent Contractors
By NAIFA on 6/14/24 2:39 PM
Sen. Bill Cassidy (R-LA) has asked for public comments on how to amend current law to allow companies to provide benefits to their independent contractor workers who are not employees. Sen. Cassidy is ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, the committee with jurisdiction over ERISA’s non-tax pension/retirement savings issues. He also serves on the Senate Finance Committee, which has jurisdiction over ERISA’s and other retirement savings tax issues.
Topics: Legislation & Regulations Congress
1 min read
SCOTUS Ruling Narrows Buy-Sell Agreement Tax Benefits
By NAIFA on 6/14/24 2:38 PM
In Connelly vs. United States, the Supreme Court (SCOTUS) ruled that life insurance proceeds increased the value of a closely held business’ stock and therefore had to be included in valuation of the company for estate tax purposes. The ruling impacts some buy-sell agreements where the life insurance is owned by the company rather than by the individuals who own the company.
Topics: Life Insurance & Annuities Taxes SCOTUS
2 min read
Business Groups Sue to Overturn DOL’s Overtime Rule
By NAIFA on 6/14/24 2:38 PM
A coalition of business groups has filed a lawsuit seeking to overturn the Department of Labor’s (DOL’s) new and now-final white-collar exemption to Fair Labor Standards Act (FLSA) overtime (OT) rules. A court ruling on the lawsuit could result in a delay in the July 1 effective date of the new rule.
Topics: Legislation & Regulations DOL
1 min read
LIMRA Study Shows Pension Risk Transfers Skyrocket
By NAIFA on 6/14/24 2:37 PM
A study released on June 6 by the Life Insurance Marketing and Research Association (LIMRA) shows a 25 percent increase in pension risk transfer contracts in the first quarter of this year. A LIMRA statement discussing the study pointed to a record $14.6 billion in 146 contracts in companies shifting their lifetime pension obligations to annuities.
Topics: LIMRA Congress DOL Fiduciary
2 min read
NAIFA Joins Coalition to Advocate for Tax-Free Employer-Provided Health Care Coverage
By NAIFA on 6/14/24 10:10 AM
NAIFA has joined forces with 70 organizations, employers, unions, patient and disease advocacy groups, and other healthcare stakeholders to emphasize the importance of maintaining the tax-free status of employer-provided healthcare coverage. In a united front, these organizations reminded Congress of the critical role this coverage plays in ensuring the health and financial security of nearly 180 million Americans.
Topics: Health Care 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.