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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
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
4 min read

Final Fiduciary Rule Heads to Court

By NAIFA on 5/15/24 2:01 PM

On April 23, the Department of Labor (DOL) finalized its new fiduciary rule and its accompanying amendments to prohibited transaction exemptions (PTEs) 2020-02 and 84-24. The new rules would take effect September 23, but they have already triggered the first of what are likely to be multiple court challenges to them. Those court decisions could impact the effective date. And Congress is likely to vote on a Congressional Review Act (CRA) motion to block the rules, although even if a CRA motion passes both the House and Senate, President Biden will surely veto it.

Topics: Retirement 401(k) SEC Congress DOL Fiduciary
1 min read

DOL Finalizes White-Collar Exemption to Overtime Rules

By NAIFA on 5/15/24 1:45 PM

The long-awaited final rule on the white-collar exception from the Fair Labor Standards Act’s (FLSA’s) overtime rules was released last month. The new rule significantly increases the salary threshold below which the white-collar exception does not apply and provides for automatic adjustments to the salary threshold every three years.

Topics: Legislation & Regulations Congress DOL
3 min read

FY 2024 Government Funding Complete without Fiduciary Rider

By NAIFA on 4/15/24 3:57 PM

In the wee morning hours of March 23—just two hours after the midnight March 22 deadline—Congress completed the fraught process of funding the federal government’s discretionary spending for fiscal year (FY) 2024—six months after FY 2024 began this past October 1. President Biden signed the measure into law the same day. Despite hard lobbying, the final funding package excluded a rider that would have stopped the Department of Labor’s (DOL) work on its fiduciary rule.

Topics: Legislation & Regulations Congress DOL Fiduciary
2 min read

NAIFA Meets with OIRA on DOL’s Proposed Fiduciary Rule; OIRA Returns Rule to DOL

By NAIFA on 4/15/24 3:44 PM

On April 10, NAIFA met with the White House’s Office of Information and Regulatory Affairs (OIRA) to express the association’s concerns about the Department of Labor’s (DOL’s) proposed fiduciary rule. NAIFA reiterated its long-standing opposition to the rule, citing its probable impact on the accessibility and affordability of professional investment advice for middle-American retirement savers. Late that afternoon, OIRA sent the proposed rule back to DOL for finalization, canceling at least two subsequent previously scheduled stakeholder meetings.

Topics: Legislation & Regulations Retirement Plans DOL Fiduciary
2 min read

CMS/DOL/Treasury Finalize Short-Term Limited Duration Health Insurance Rule

By NAIFA on 4/15/24 3:35 PM

On March 28, the Departments of Labor (DOL), Health and Human Services’ (HHS’) Centers for Medicare and Medicaid Services (CMS), and Treasury released a final short-term limited-duration (STLD) health insurance rule. It retains the proposed rule’s new limits of three months duration, with a four-month renewal option for this kind of insurance.

Topics: Legislation & Regulations Affordable Care Act CMS Congress DOL
2 min read

House Advances Effort to Block the Final Worker Classification Rule

By NAIFA on 4/15/24 3:10 PM

A bicameral GOP resolution to block the Department of Labor’s (DOL’s) now-final worker classification rule has been introduced. On March 21, the House Education and the Workforce Committee approved a Congressional Review Act (CRA) motion to block the rule.

Topics: Legislation & Regulations CMS Congress DOL
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
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

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

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