Incoming President-Elect Donald Trump’s Administration is likely to roll back a plethora of regulations of concern to NAIFA members and their clients.
Government watchers expect a Trump Administration roll-back of a series of Biden-era regulations. Likely is the withdrawal of the Department of Labor (DOL) fiduciary rule, overtime regulation, worker classification rule, and the Federal Trade Commission’s (FTC’s) non-compete agreement rule. Regulations on ESG (environmental, social, and governance) considerations in choosing retirement plan investments may also change under the Trump Administration. Also possible is a change (likely beneficial) to rules from the Centers on Medicare and Medicaid Services (CMS) on advisor compensation for Medicare Advantage and Affordable Care Act (ACA) health insurance choices. Also likely is an effort to return association health plans (AHPs) to their more favorable rules promulgated under the 2017-2021 Trump Administration. Other regulations that impact NAIFA members and their clients are also possible.
Retirement: Retirement savings legislation has historically been mostly bipartisan, and that is not expected to change in 2025. Relevant lawmakers and their staffs are working on a third-generation retirement savings bill (SECURE 3.0). There is also the need to enact technical corrections to the first two retirement savings laws (SECURE and SECURE 2.0). While these issues are not as high-profile as some of the others, they do have a decent chance for inclusion in the 2025 tax bill.
NAIFA Staff Contacts: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org; or Michael Hedge – Senior Director – Government Relations, at mhedge@naifa.org.