Last month, the Department of Labor (DOL) proposed rescission of the 2018 association health plan (AHP) regulations. AHPs are designed to allow small employers to band together to achieve cost-effective health insurance availability.
NAIFA
Recent posts by NAIFA
1 min read
DOL Proposes Rescission of Trump-Era Association Health Plan Regulation
By NAIFA on 1/16/24 3:22 PM
Topics: Legislation & Regulations DOL
1 min read
CMS Announces ACA Cost-Sharing Limits
By NAIFA on 1/16/24 3:22 PM
The Centers for Medicare and Medicaid Services (CMS) has announced new cost-sharing limits and required contribution percentages for the 2025 benefit year. For the 2025 calendar year, the self-only coverage annual limitation on cost-sharing is $9,200. It is $18,400 for other than self-only coverage.
Topics: Medicaid Legislation & Regulations Medicare Affordable Care Act CMS
1 min read
President Biden Renominates Julie Su to Head DOL
By NAIFA on 1/16/24 3:19 PM
On January 8, President Biden officially renominated Julie Sue as Secretary of Labor. Su failed to win the votes needed to confirm her last year, but Senate leadership pulled her nomination from the floor rather than allowing a vote against her. Su is currently serving as acting DOL Secretary.
Topics: Legislation & Regulations Congress DOL
2 min read
Treasury Issues Guidance on New Retirement Savings Provisions
By NAIFA on 1/16/24 12:51 PM
On December 20, the Treasury Department issued a “grab bag” of guidance on the new retirement savings rules and opportunities in the SECURE 2.0 retirement savings law enacted late in 2022. Notice 2024-02 covers a dozen of the law’s provisions, in a question-and-answer format.
Topics: Retirement 401(k) SECURE 2.0
4 min read
NAIFA’s Moore Comments on DOL’s Fiduciary-Only Proposal at NAIC Meeting
By NAIFA on 1/16/24 12:26 PM
At the NAIC’s Fall Meeting in Orlando, Florida (November 30 – December 3), NAIFA’s Policy Director Roger Moore testified against the Department of Labor’s proposed fiduciary-only rule during the Life and Annuities (A) Committee meeting, commenting that the rule will harm lower- and middle-income families. Moore was joined by representatives from coalition partners in expressing strong support for the NAIC’s efforts opposing DOL’s actions.
Topics: Legislation & Regulations Congress DOL NAIC Fiduciary
2 min read
NAIFA Testifies at DOL Fiduciary Rule Hearing
By NAIFA on 12/15/23 2:32 PM
NAIFA testified on the first day of the two-day (December 12-13) Department of Labor (DOL) fiduciary rule hearing. President Bryon Holz, who appeared with one of his clients, represented NAIFA, telling DOL of the harm its proposed rule would cause for middle-income retirement investors. NAIFA will also submit formal comments to the DOL ahead of the January 2 deadline for close of comments.
Topics: Legislation & Regulations Congress DOL NAIC
1 min read
NAIFA Leaders Ask Lawmakers to Oppose DOL’s Fiduciary, Independent Contractor Rules
By NAIFA on 12/15/23 2:26 PM
As part of NAIFA’s National Leadership Conference, 248 NAIFA leaders from around the country spent December 5 on Capitol Hill, asking lawmakers to support our efforts to kill the Department of Labor’s (DOL’s) proposed fiduciary rule and exempt financial advisors from its worker classification/independent contractor proposed rule.
Topics: Legislation & Regulations Congress DOL
3 min read
Government Shutdown Risk Shifts to Early Next Year
By NAIFA on 12/15/23 2:15 PM
On November 15, Congress enacted, and on November 17, President Biden signed into law a continuing resolution (CR) that extends current funding for the government’s discretionary spending until early in 2024. It was a two-part extension that was fraught with political peril. Renewed debate—and risk—will peak again right after the holidays.
Topics: Legislation & Regulations Congress DOL
1 min read
Ways & Means Subcommittee Examines TCJA Tax Cut Extensions
By NAIFA on 12/15/23 2:07 PM
On December 6, the tax-writing House Ways & Means Committee’s Subcommittee on Tax Policy held a hearing to look into extending those 2017 Tax Cuts and Jobs Act (TCJA) individual and estate tax provisions that are set to expire as of 2026. There was, of course, the predictable partisan squabbling over “tax cuts for the wealthy” as compared to “tax cuts that stimulate economic growth.” But there was also considerable evidence that there is bipartisan support for a fair number of the TCJA’s provisions, and for some other tax cut ideas.
Topics: Taxes Congress
1 min read
SECURE 2.0 Technical Corrections Draft Released
By NAIFA on 12/15/23 2:01 PM
On December 6, professional staff to Congress’ retirement savings committees released a draft of their proposed SECURE 2.0 technical corrections package. The committee staff are requesting input from stakeholders to be sure the proposed fixes work, and to provide one last opportunity to add any newly identified errors that need correcting.
Topics: Retirement 401(k) Congress Individual Retirement Accounts SECURE 2.0
3 min read
Wealth Tax Issue Swirls: SCOTUS Considers While Lawmakers Propose
By NAIFA on 12/15/23 1:51 PM
The issue of “wealth taxes”—particularly whether investment wealth in the form of unrealized gains can be subject to current income tax liability—is swirling in Washington this month. Both the Supreme Court and Congress are confronting the issue.
Topics: Taxes Congress
1 min read
Government Ratchets Up Pressure on Fraudulent ERTC Claims
By NAIFA on 12/15/23 1:40 PM
Treasury and the Internal Revenue Service (IRS) continue to ratchet up pressure on employee retention tax credit (ERTC) claims that they say show evidence of fraud. That, in turn, puts pressure on ERTC claims that, while not necessarily fraudulent, may contain errors and thus attract the attention of government officials cracking down on ERTC claims.
Topics: IRS
2 min read
Treasury Releases Proposed Regulations on Long-Term Part-Time Employees
By NAIFA on 12/15/23 1:29 PM
On November 24, the Treasury Department and the IRS issued proposed regulations implementing the rules of the provision in the SECURE retirement laws that qualifies long-term (those who have worked two years or more for an employer), part-time (those who work at least 500 hours/year) employees to participate in an employer-sponsored retirement savings plan.
Topics: Retirement 401(k) Congress IRS
2 min read
Congressional Republicans Fight DOL Rule on OT White-Collar Exception
By NAIFA on 12/15/23 1:19 PM
Congressional Republicans are fighting back against the Department of Labor’s (DOL’s) proposed rule to increase the salary threshold below which the white-collar exception to the Fair Labor Standards Act’s (FLSA’s) overtime (OT) rules would not apply.
Topics: Congress DOL
1 min read
New Retirement Savings Proposals Proliferate
By NAIFA on 12/15/23 1:02 PM
Ideas for the emerging “SECURE 3.0” retirement savings bill—which is still early in the development phase—are beginning to proliferate. Here is a summary of some of the idea's lawmakers are considering for the next-generation retirement savings legislation.
Topics: Retirement
2 min read
Recent Polling Suggests Federal Paid Leave Will Be a Voter Issue in 2024
By NAIFA on 12/15/23 11:48 AM
A new poll shows that 85 percent of voters in battleground states support a federal paid leave program. And 65 percent of those polled said they would be motivated to vote based on the federal paid leave issue.
Topics: Employee Benefits
3 min read
NAIFA’s Weiss Elected to NCOIL Industry Education Council Board
By NAIFA on 12/15/23 10:56 AM
During the NCOIL Fall Meeting, an Industry Education Council (IEC) Board vote was taken to have NAIFA’s State Government Relations Manager, Bianca Alonso Weiss, serve a 2-year term. The NCOIL Life Insurance is a Promise for Life Model Act was put on hold. Committee Chair Representative Carl Anderson (S.C.) states that industry representatives had withdrawn their requests to speak as a result.
Topics: Interstate Advocacy DOL NCOIL
7 min read
DOL Proposes New Fiduciary Rule: Initial Reaction Is Intense
By NAIFA on 11/15/23 2:05 PM
On October 31, the Department of Labor (DOL) released its new proposed fiduciary rule (which they renamed the retirement security rule). The proposal triggered immediate and intense opposition from NAIFA and from most of the retirement savings community.
Topics: DOL Fiduciary
2 min read
Progress on Avoiding Looming Potential Government Shutdown
By NAIFA on 11/15/23 1:49 PM
Authority for federal discretionary spending expires at midnight November 17. Yesterday the House passed the legislation unveiled by GOP House leadership last Saturday, the Further Continuing Appropriations and Other Extensions Act, to fund the government’s discretionary spending beyond expiration on November 17 of its current spending authority. The vote was 336-95. Only 2 Democrats voted against it.
Topics: Congress
1 min read
Lawmakers Introduce Bipartisan Bills to Create Federal Retirement Savings Plan
By NAIFA on 11/15/23 1:39 PM
Bipartisan legislation to create a federal retirement savings plan has been introduced in both the House and Senate. The Retirement Savings for Americans Act (RSAA) was introduced on October 19 in the Senate by Sens. John Hickenlooper (D-CO) and Thom Tillis (R-NC). In the House, the RSAA was introduced by Reps. Terri Sewell (D-AL) and Lloyd Smucker (R-PA).