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1 min read

IRS Proposes New, Narrower CRAT Rule

By NAIFA on 4/15/24 2:33 PM

On March 19, the Internal Revenue Service (IRS) proposed a new rule governing charitable remainder annuity trusts (CRATs). The new rule, if finalized, would curtail the use of CRATs as a tax avoidance mechanism.

Topics: Taxes IRS
2 min read

DOL Issues Final QPAM Rule

By NAIFA on 4/15/24 2:24 PM

On April 2, the Department of Labor (DOL) finalized its qualified plan asset manager (QPAM) rule. The rule is an amendment to prohibited transaction exemption (PTE) 84-14. The rule, which imposes broad disqualifying provisions on retirement plan asset managers who have been convicted of financial crime, takes effect June 17, 2024.

Topics: Retirement Plans Congress DOL
1 min read

DOL Extends Comment Period for SECURE 2.0 Reporting/Disclosure Rules

By NAIFA on 4/15/24 2:14 PM

The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) and the Treasury Department have announced an extension, from April 22 to May 22, 2024, of the deadline for responses to its request for information (RFI) on the effectiveness of SECURE 2.0’s notice and disclosure requirements.

Topics: Congress DOL SECURE 2.0
5 min read

NAIFA’s Roger Moore Attends NAIC Spring National Meeting

By NAIFA on 4/15/24 2:01 PM

NAIFA’s Policy Director Roger Moore attended NAIC’s Spring National Meeting on March 15-18, where he had the opportunity to strengthen NAIFA’s relationships with state regulators and industry trade partners, as well as advocate for key priorities affecting NAIFA’s members.

Topics: Long-Term Care Life Insurance & Annuities Financial Literacy NAIC Artificial Intelligence
1 min read

Proposed Fiduciary Rule Goes to White House for Final Review

By NAIFA on 3/15/24 5:01 PM


On March 8, the Department of Labor (DOL) sent to the Office of Information and Regulatory Affairs (OIRA) for review its proposed new fiduciary rule. This is the last step in the regulatory process prior to finalization of a rule. OIRA is an agency within the Office of Management and Budget (OMB), a White House agency.

Topics: Legislation & Regulations Congress DOL
1 min read

Six of 12 Government Funding Bills Now Law-Partial Shutdown Averted

By NAIFA on 3/15/24 4:42 PM

Congress has passed, and President Biden has signed into law a “minibus” government funding bill that provides discretionary funding for six of the 12 required appropriations bills for fiscal year (FY) 2024. The new funding law, H.R.4366, does not include the industry-sought rider to prevent the Department of Labor (DOL) from further work on its proposed new fiduciary rule.


Topics: Legislation & Regulations Congress DOL
3 min read

Biden State of the Union Speech Tees Up Huge Issues for 2024 and 2025

By NAIFA on 3/15/24 4:34 PM

President Biden’s March 7 State of the Union (SOTU) speech teed up a raft of issues important to NAIFA members and their clients. These are issues that will shape the pre-November election campaigns and the Congressional agenda for both 2024 and 2025.


Topics: Legislation & Regulations Taxes Federal Advocacy PRO Act
6 min read

Biden Budget: $4.9 Trillion in Tax Increases, Some Hit Life Insurance

By NAIFA on 3/15/24 4:27 PM

The $7.3 trillion Fiscal Year (FY) 2025 Biden budget proposal, released March 11, includes $4.9 trillion in new taxes—mostly in corporate and “tax the rich” proposals—with $3 trillion of that allocated to deficit reduction. The budget spending proposals for FY 2025 are in line with the spending targets set in last year’s Fiscal Responsibility Act (FRA). According to the budget documents, it would reduce the deficit by some $3 trillion over ten years.


Topics: Legislation & Regulations Taxes Congress
3 min read

House-Passed Tax Bill Stalls in the Senate

By NAIFA on 3/15/24 4:15 PM


The House passed H.R.7024, a tax bill that would enhance several key business tax rules as well as the child tax credit, has hit a hurdle in the Senate. A key Senator (GOP leader of the Finance Committee) and a number of his colleagues want changes to the bill before they will support it.

Topics: Legislation & Regulations Congress
2 min read

Congressional Action to Stop Worker Classification Rule on Tap

By NAIFA on 3/15/24 4:06 PM


A bicameral GOP resolution to block the Department of Labor’s (DOL’s) now-final worker classification rule has been introduced. Votes on it in both the House and Senate are expected later this month.

Topics: Legislation & Regulations Congress DOL
2 min read

IRS Announces “Warning Signs” of Incorrect ERTC Claims

By NAIFA on 3/15/24 3:59 PM

Last month, the Internal Revenue Service (IRS) announced seven warning signs that Employee Retention Tax Credit (ERTC) claims may be in error and urged businesses with ERTC claims to revisit their eligibility status. They said businesses should resolve any issues prior to March 22, the deadline for the agency’s voluntary disclosure program.

Topics: Legislation & Regulations IRS
2 min read

Senate Finance Committee Chair Vows to Stop Private Placement Life Insurance

By NAIFA on 3/15/24 3:50 PM

Sen. Ron Wyden (D-OR), chair of the tax-writing Senate Finance Committee, has vowed to stop use of private placement life insurance (PPLI) as a tax shelter. He calls PPLI a “$40 billion tax shelter.” Sen. Wyden conducted an 18-month investigation into PPLI and said the results of the investigation prove that PPLI is used only by the ultra-wealthy and serves little to no true-life insurance purpose. Instead, he said, it is no more than a tax shelter for the ultra-wealthy that is not generally available.

Topics: Legislation & Regulations Congress
1 min read

Key House Tax Writers Introduce Bill to Expand HSA, FSA Fund Uses

By NAIFA on 3/15/24 3:42 PM

On February 5, Reps. Vern Buchanan (R-FL) and Mike Thompson (D-CA), both senior members of the tax-writing House Ways & Means Committee, introduced legislation that would allow use of health savings account (HSA) and flexible spending arrangement (FSA) funds to pay parents’ medical expenses. The Lowering Costs for Caregivers Act, H.R.7222, removes the requirement that parents be dependents for tax purposes before HSA/FSA money can be used to pay their medical expenses on a tax-free basis.

Topics: Legislation & Regulations Congress
2 min read

House Hearing Lambasts DOL’s Proposed Fiduciary Rule

By NAIFA on 3/15/24 3:35 PM

On February 14, a subcommittee of the House Education & the Workforce Committee held a hearing on the Department of Labor’s (DOL’s) proposed new fiduciary rule. Generally, most witnesses and the subcommittee’s Republicans lambasted the proposed rule, saying it would adversely impact retirement savers.

Topics: Legislation & Regulations SEC Congress DOL NAIC Regulation Best Interest
1 min read

White-Collar Overtime Rule Gets Final Review from OIRA

By NAIFA on 3/15/24 3:06 PM

The Department of Labor’s (DOL’s) proposed rule raising the salary threshold for the exemption for white-collar workers from minimum wage and overtime rules has gone to the White House (the Office of Information and Regulatory Affairs, or OIRA) for final review. OIRA review is the last step prior to finalization of the proposed rule.

Topics: Federal Advocacy DOL
1 min read

Bill to Block DOL’s Proposed Overtime Rule Introduced

By NAIFA on 3/15/24 2:59 PM

A House Republican has introduced legislation to prevent the Department of Labor (DOL) from finalizing its proposed rule modifying the white-collar exemption to Fair Labor Standards Act’s (FLSA’s) minimum wage and overtime (OT) rules. On February 15, Rep. Eric Burlison (R-MO) introduced H.R.7367, the Overtime Pay Flexibility Act.

Topics: Congress DOL
1 min read

Senate HELP Committee Looks at Retirement Plans, Social Security

By NAIFA on 3/15/24 2:48 PM

The Senate Health, Education, Labor, and Pensions (HELP) Committee held a hearing on February 28 to examine how to increase retirement financial security through defined benefit (DB) plans, defined contribution (DC) plans, and Social Security. There was considerable focus on whether the Social Security wage base disproportionately taxes income that makes up the base of Social Security benefits. For example, one witness noted that when Social Security started, the wage base for lower income workers captured 2 percent of income whereas now it now captures 12.4 percent.

Topics: Retirement Federal Advocacy Congress DOL
2 min read

Business Groups Fight Back against Rescission of AHP Rule

By NAIFA on 3/15/24 2:37 PM

Business groups are fighting back against the Department of Labor’s (DOL’s) proposed rescission of the rules governing association health plans (AHPs). The groups say AHPs are a way to make affordable health insurance accessible to small businesses and self-employed individuals.

Topics: Legislation & Regulations Federal Advocacy Congress DOL
1 min read

Senate Republicans to Elect a New Leader

By NAIFA on 3/15/24 2:27 PM

On February 28, Senate Republican Leader Sen. Mitch McConnell (R-KY) announced he would step down as leader of the Senate Republicans in November. The longest-serving Senate leader in U.S. history, Sen. McConnell said he would continue as the Senate’s Republican leader for the rest of this year (at least until the chamber’s GOP Senators elect a new leader after the November general elections). He also said he would finish his Senate term—that is until the end of 2026.

Topics: Federal Advocacy Congress
1 min read

Senate Help Advances Su Renomination

By NAIFA on 3/15/24 2:18 PM

On February 27, the Senate Health, Education, Labor, and Pensions (HELP) Committee voted, 11 to 10 along party lines, to send President Biden’s renomination of Julie Su as Secretary of the Department of Labor (DOL) to the full Senate for a confirmation vote.

Topics: Legislation & Regulations DOL