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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 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
1 min read

Forty-Five States Adopt the National Association of Insurance Commissioners Model for Suitability in Annuity Transactions

By NAIFA on 3/15/24 1:50 PM

As of March 2024, 90% of states have adopted the NAIC Best Interest Model. Vermont, New Hampshire, California, and Indiana are the most recent states to align in uniformity with other states who enacted the NAIC Model. This milestone was achieved as the Department of Labor (DOL) chose to advance its proposed and revived fiduciary-only proposal, “Retirement Security Rule,” for review by the White House Office of Management and Budget (OMB). Unlike this proposal, the best interest standard adopted in 45 states, ensures that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security in retirement.

1 min read

DOL, Treasury, PBGC Seek Information on Improved Retirement Plan Disclosure Rules

By NAIFA on 2/15/24 10:58 AM

On January 19, the Department of Labor (DOL), Treasury, and the Pension Benefit Guaranty Corporation (PBGC) issued a Request for Information (RFI) on the disclosure requirements of SECURE 2.0. The agencies said they would use this input to “explore ways to make it easier for workers to understand their benefits.”

Topics: Benefits Retirement Plans DOL SECURE 2.0
2 min read

NAIFA Submits Comments to DOL on Fiduciary-Only Rule

By NAIFA on 1/16/24 3:48 PM

On January 2, NAIFA submitted comments to the Department of Labor (DOL) on its proposed fiduciary-only rule. The comments pointed out the harm the proposal would do to middle class retirement investors and to financial professionals who already put clients’ interests first. NAIFA recommended that the proposal be withdrawn.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
3 min read

Battle to Kill the Fiduciary-Only Rule Heats Up

By NAIFA on 1/16/24 3:33 PM

Repeating their testimony at a DOL hearing last month in comments submitted to DOL, industry advocates told a January 10 House hearing that the DOL’s fiduciary-only proposed regulations must be withdrawn. Fifty House members wrote to DOL demanding the rule’s withdrawal. DOL must sift through 19,000+ comments on the rule.

Topics: Legislation & Regulations Congress DOL NAIC Fiduciary
3 min read

DOL Releases New Final Rule on Worker Classification

By NAIFA on 1/16/24 3:28 PM

On January 9, the Department of Labor (DOL) released its new, final independent contractor classification regulation. It largely follows the proposed rule, imposing an economic reality based on the totality of the circumstances test to determine whether a worker is an employee or an independent contractor. It contains no industry or occupation exceptions or carve-outs. The rule is effective on March 11, 2024.

Topics: Legislation & Regulations Congress DOL
3 min read

Congress Returns to Difficult Times

By NAIFA on 1/16/24 3:25 PM

When the first session of the 118th Congress ended last month, lawmakers left undone controversial and pressing business that will make January a difficult month. Pending are government funding, international aid, and expiring law issues on which there is as yet little or no consensus. Caught in the crosshairs are a tax package with provisions of interest to NAIFA members, extension of the National Flood Insurance Program (NFIP), and proposals to defund regulatory initiatives like the fiduciary-only rule.

Topics: Legislation & Regulations Taxes Congress DOL SECURE 2.0 Fiduciary
1 min read

DOL Proposes Rescission of Trump-Era Association Health Plan Regulation

By NAIFA on 1/16/24 3:22 PM

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.

Topics: Legislation & Regulations DOL
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
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
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
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
1 min read

DOL Sends Final Worker Classification Rule to White House for Review

By NAIFA on 10/16/23 12:27 PM

On September 28, the Department of Labor’s (DOL’s) Wage and Hour Division (WHD) sent to the White House’s Office of Management and Budget (OMB) for pre-release review (and authorization to release) its final new rules on worker classification.

Topics: Legislation & Regulations DOL