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1 min read

CMS Releases ACA Marketplace Rules for 2025

By NAIFA on 4/15/24 3:05 PM

On April 2, the Centers for Medicare, and Medicaid Services (CMS) released its final rules for Affordable Care Act (ACA) marketplaces for 2025. The rules include the requirements applicable to advisors who work with participants in ACA marketplace insurance.

Topics: Legislation & Regulations CMS Congress
1 min read

Senate and House Democrats Reintroduce Bicameral Wealth Tax Bill

By NAIFA on 4/15/24 2:54 PM

Sen. Elizabeth Warren (D-MA) and Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) have reintroduced their wealth tax legislation that would impose increased tax liability on the ultra-wealthy. The bill would impact taxpayers with household income in excess of $50 million.

Topics: Legislation & Regulations Taxes Congress
2 min read

Bicameral, Bipartisan National Privacy Proposal Released

By NAIFA on 4/15/24 2:47 PM

On April 7, Sen. Maria Cantwell (D-WA) and Rep. Cathy McMorris Rodgers (R-WA) released a proposed national privacy standard. Sen. Cantwell and Rep. McMorris Rodgers chair the committees with jurisdiction over the proposal and so, although its enactment is a long shot this year, it is a proposal that privacy rights interests are taking very seriously.

Topics: Legislation & Regulations Congress Privacy
2 min read

Democrats Offer Federal Paid Leave, Shortened Workweek Bills

By NAIFA on 4/15/24 2:39 PM

Democrats have offered one bill to create a federal paid leave program and another to shorten the standard workweek to 32 hours.

Topics: Legislation & Regulations Congress
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
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
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

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

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
2 min read

NAIFA Voices Support for House Introduction of Prove It Act

By NAIFA on 3/15/24 1:25 PM

In February, Rep. Brad Finstad (R-MN) introduced the House companion bill of the Prove It Act with Reps. Yadira Caraveo (D-CO) and Nathaniel Moran (R-TX). Senate Small Business and Entrepreneurship Committee Ranking Member Joni Ernst introduced the companion legislation last year. The Prove It Act aims to give small entities a seat at the table during the regulatory process and aims to limit regulatory burden on small businesses.

Topics: Legislation & Regulations Congress
3 min read

Congress Punts on Government Funding until March

By NAIFA on 2/15/24 12:49 PM

On January 18, just one day before the deadline after which the government would have begun its partial shutdown, the Senate passed a continuing resolution (CR) that extends current government funding levels until March 1 for four of the 12 appropriations bills and March 8 for the remaining eight. The vote was 77 to 18. Just hours later, the House followed suit, passing the measure under suspension of the rules. The vote was 314 to 108. President Biden signed it into law on January 19.

Topics: Legislation & Regulations Congress

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