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.

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 Committee Chair Representative Carl Anderson (S.C.) states that industry representatives had withdrawn their requests to speak as a result.

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.

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.

There is a slew of pending regulations on such issues as the fiduciary rule, retirement savings, and health insurance nearing release. Below is a summary of some of the ones that will have the most impact.

On September 8, the Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) sent to the White House’s Office of Information and Regulatory Affairs (OIRA) a notice of proposed rulemaking (NPRM) on new fiduciary duty rules applicable to advisors on retirement savings. Details of what the agency is proposing are as yet unknown, but speculation suggests its focus is on insurance-related advice, and on rollovers from retirement plans to individual IRAs.

On August 30, the Department of Labor (DOL) released a new proposed regulation on the white-collar exception to the Fair Labor Standards Act’s (FLSA’s) overtime rules. Generally, DOL proposes that the salary threshold rise to $55,068/year (and suggests the number could go higher by the time the proposal is finalized), and that it be updated automatically every three years.

Legislation has been introduced in both the House and Senate to negate the Department of Labor (DOL) Acting Secretary Julie Su’s ability to lead the agency in the absence of the Senate confirming her nomination.

Employee Benefits Security Administration (EBSA) head Lisa Gomez is predicting changes to the Department of Labor’s (DOL’s) fiduciary rule due to “changes in the marketplace since 1975.” She noted, though, that EBSA is also considering the litigation that has overruled previous attempts by EBSA to change the fiduciary rule, especially in connection with advice on rollovers.

On July 21, the National Conference of Insurance Legislators (NCOIL) adopted a NAIFA-backed resolution to oppose any new fiduciary rule from the U.S. Department of Labor (DOL). The decision came in part as a result of NAIFA testimony highlighting why no change to current fiduciary rules is necessary.

On July 7, the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (the “tri-agency” reg) released a proposed regulation that would significantly and adversely impact short-term limited duration (STLD) and fixed payment (e.g., indemnity) health insurance.

On July 12, the Department of Labor’s (DOL’s) Wage and Hour Division (WHD) sent to the White House (the Office of Management and Budget’s (OMB’s) Office of Information and Regulatory Affairs (OIRA)) for review its proposed changes to the white-collar exemption from overtime (OT) rules. This is the last step prior to finalizing a proposed regulation.

The Government Accountability Office (GAO) is now investigating whether Acting Department of Labor (DOL) Secretary Julie Su has the legal authority to lead the agency. It is becoming increasingly clear that there are not yet the votes to confirm her as DOL Secretary. However, her nomination has not been withdrawn, nor is it scheduled for a Senate vote. Instead, the Administration is saying it has the authority to leave Su in place as Acting Secretary. This is triggering talk of a legal challenge to any actions taken by DOL during what some are calling Su’s illegal time as acting head of the agency.