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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
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

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 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
2 min read

Roth Rule Catch-Up Contribution Notice Resolves Some Effective Date Issues

By NAIFA on 9/15/23 2:08 PM

In Notice 2023-62, the IRS and Treasury clarified that many catch-up contributions for 2024-2025 will not have to be Roth contributions for taxpayers earning $145,00/year or more.

Topics: Retirement Legislation & Regulations Federal Advocacy IRS SECURE 2.0
2 min read

EBSA Sends New Fiduciary Proposal to White House for Review

By NAIFA on 9/15/23 2:06 PM

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.

Topics: Retirement Legislation & Regulations Federal Advocacy DOL
3 min read

Congress Returns to a Brutal September

By NAIFA on 9/15/23 2:05 PM

Lawmakers returned to Washington after a six-week August recess with just two weeks in which to provide funding for the entirety of the discretionary spending available to the federal government. Other must-pass legislation, also due by October 1, further complicates September. And the politics are extremely difficult for all of this must-do legislation. A number of issues of concern to NAIFA could be caught up in what looks like will be a brutal month (or four).

Topics: Legislation & Regulations Federal Advocacy Congress SECURE 2.0
3 min read

NAIFA Submits Comments on Proposed STLD Health Insurance Regs

By NAIFA on 9/15/23 2:04 PM

On September 11, NAIFA submitted comments on the tri-agency (Departments of Health & Human Services (HHS), Labor (DOL) and Treasury) proposed regulations on short-term limited duration (STLD) health insurance, and on fixed payment (indemnity) health insurance.

Topics: Health Care Legislation & Regulations Federal Advocacy
2 min read

DOL Proposes New White-Collar Exemption Rule

By NAIFA on 9/15/23 2:03 PM

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.

Topics: Legislation & Regulations Federal Advocacy DOL
2 min read

SCOTUS Receives Briefs on Constitutionality of Tax on Unrealized Income

By NAIFA on 9/15/23 2:02 PM

The U.S. Supreme Court (SCOTUS) has received scores of briefs on whether it is constitutionally permissible for the United States to tax unrealized income. The briefs are in connection with a case now pending before SCOTUS, Moore v United States, which raises the issue of whether unrealized income can be subject to current tax liability. The case has significant implications for cash value life insurance, and for long-held investments.

Topics: Taxes Federal Advocacy
2 min read

House Republicans Advance Anti-ESG Legislation

By NAIFA on 9/15/23 2:02 PM

Republicans on the House Financial Services Committee approved four anti- environmental/social/governance (ESG) bills this past July, and on September 5, GOP members of the House Education & the Workforce Committee introduced another four bills that would restrict the use of ESG factors in evaluating investments in a retirement savings plan.

Topics: Legislation & Regulations Federal Advocacy Congress
1 min read

NFIP Caught in Year-End Government Funding Controversy

By NAIFA on 9/15/23 2:01 PM

The National Flood Insurance Program (NFIP) must be reauthorized and funded before the October 1 start of the new fiscal year (FY).

If Congress does not reauthorize and fund the NFIP by October 1 (whether in a continuing resolution or in a FY 2024 appropriations bill), the agency would not be able to issue new flood insurance policies. Plus, funding would become even more of an issue than it already is. (FEMA, the Federal Emergency Management Agency, is already running low on funds with literally billions in claims from various natural disasters still outstanding.)

Topics: Federal Advocacy
2 min read

GOP Reacts to DOL Acting Secretary Status

By NAIFA on 9/15/23 1:59 PM

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.

Topics: Federal Advocacy DOL
2 min read

NAIFA To Send 500+ Members to Capitol Hill to Protect NAIFA Interests

By NAIFA on 5/15/23 8:30 AM

NAIFA’s Congressional Conference is set for May 22-23 in Washington, D.C. It’s not too late to register to participate in this program that establishes and grows the constituent-lawmaker relationships that protect the rules that allow middle America to safeguard their families’ and business’ financial futures.

Topics: Legislation & Regulations Federal Advocacy Congress Congressional Conference