On June 5, the House of Representatives approved H.R.2593, the Senior Security Act. The bill, which passed by a voice vote, tasks the Securities and Exchange Commission (SEC) with creation of a Senior Investor Task Force. The Task Force’s mission is to protect senior investors from fraud.

On June 6, the House Education & the Workforce Committee approved H.R.2868, the Association Health Plans Act (AHPA). The committee also favorably reported another health-related bill, H.R. 2813, the Self Insurance Protection Act (SIPA).

The “four corners” of Congress’ tax-writing committees (House and Senate Chairs and Ranking Members) have written to the Treasury Department to say they intend to pass new legislation to address needed clarifications and corrections to SECURE 2.0.

The chair and ranking member of the ERISA-focused Senate Health, Education, Labor and Pensions (HELP) Committee wrote to the Department of Labor (DOL) urging the agency to prioritize guidance on provisions relating to pension-linked emergency savings and promotion of employee ownership. The letter was written by HELP Chairman Sen. Bernie Sanders (I-VT) and Ranking Member Sen. Bill Cassidy (R-LA). It was sent to DOL’s Acting Secretary, Julie Su, on May 30.

On May 16, the Internal Revenue Service (IRS) announced the health savings accounts (HSA) contribution limits, as adjusted for inflation, for 2024. Also included in the announcement were inflation adjustments to minimum permissible deductibles under a high deductible health plan (HDHP), and maximum out-of-pocket costs allowable under an HDHP. The 2024 limits are:

On April 26, the House of Representatives passed a partisan bill (H.R.2811) that would raise the debt limit “in exchange” for deep spending cuts. The bill is the GOP’s opening offer—in response to the FY 2024 Biden budget proposal—for use in what Republicans hope will be negotiations to approve spending cuts in return for their support for raising the debt limit.

The nation’s debt limit—the amount above which Treasury is precluded by statute from borrowing—could kick in as soon as June 1, according to Treasury Department projections. If it does, the U.S. could default on some of its obligations, putting at risk the full faith and credit of the United States. Economists say this would be catastrophic, resulting in substantial interest rate increases, massive jobs losses, and huge investment losses. Preventing this is at the top of the Congressional agenda this month.

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.

House Ways & Means Committee Chair Rep. Jason Smith (R-MO) says his committee will propose a tax package by late May or in June. The package will reflect priorities discussed at the committee’s field hearings (so far, four have been held outside of Washington), and will prioritize “working families and small businesses.” Currently, this effort appears to be entirely Republican-generated and supported.

The Secure Notarization Act of 2023, S.1212, was introduced on April 19 in the Senate. It joins the House bill, H.R.1059, which the House approved by voice vote this past February. NAIFA supports this legislation.

On April 14, the U.S. Department of Labor (DOL) filed a notice of appeal to the 11th Circuit Court of Appeals on a Florida District Court ruling (American Securities Association v. United States Department of Labor) that struck down parts of the agency’s sub-regulatory guidance on the applicability of the fiduciary standard to advice on rolling over ERISA plan retirement funds into IRAs.

Rep. Adrian Smith (R-NE) has introduced bipartisan legislation that would allow use of health savings account (HSA) funds to pay for in-home long-term care. The bill has 11 bipartisan cosponsors.

On April 18, Sen. Bernie Sanders (I-VT) reintroduced his “tax-the-rich” bill, the “For the 99.5 Percent Act,” in the Senate. The bill was reintroduced in the House by Rep. Jimmy Gomez (D-CA). The bill would impose higher estate tax rates on those who inherit more than $3.5 million.

On April 12, the Centers for Medicare, and Medicaid Services (CMS) finalized rules governing practices involving advising/selling Medicare Advantage (MA) and Part D (prescription drug) plans. The rules cover practices applicable to plan sponsors, agents, brokers, and third-party marketing associations. The final rules reflect changes sought by NAIFA.

On May 3, the Internal Revenue Service (IRS) released an advice memo (Memorandum Number 202317020) making clear that expenses to be paid from cafeteria plan funds must be documented. If they are not, the memo states, the funds used to pay unsubstantiated expenses will not be shielded from income or employment taxes.