Advocacy in action blog

NAIFA encourages all insurance and financial professionals to vote in local, state, and federal elections and to encourage others to follow their example. Approximately 63 million Americans who are eligible are not even registered to vote. Encouraging your colleagues, team, and clients to register is a great first step and a way to show your dedication to participating in the democratic process.

Retirement planners can breathe a sigh of relief.

The IRS has delayed implementing a provision of the SECURE 2.0 legislation that would require retirement plan catch-up contributions by high-income earners to be made as after-tax Roth-style contributions rather than pretax contributions. The legislative language states that the change is effective after 2023, which would have presented unworkable communications, record-keeping, and implementation challenges to plan sponsors and participants as well as advisors. Prior to this fix, some plan sponsors had said they would likely have to eliminate the ability of employees to make catch-up contributions.

California has not at this time established a publicly funded state-run long-term care insurance program or set deadlines for employees in the state to opt out. The state established a Task Force to study the possibility of such a program and make recommendations, and that study is ongoing. The California Department of Insurance has issued a revised Frequently Asked Questions Document to clear up some common misconceptions. Among topics covered by the FAQ are:

On August 18, 1966, NAIFA formed the Insurance and Financial Advisors Political Action Committee (IFAPAC) as a nonprofit, nonpartisan organization. Then known as LUPAC, it was created "to engage in voter registration and get-out-the-vote campaigns, compile voting records of individual members of Congress, and implement nonpartisan courses designed to stimulate citizen involvement in politics," according to NAIFA's magazine at the time. The PAC also solicited "contributions to aid selected Congressional candidates," the publication said.

When we think of the In-District Meetings NAIFA promotes each August, we usually think of get-togethers at district offices with federal lawmakers or their staff. But really, they can take all shapes and forms.

NAIFA's Nebraska chapter has been a strong advocate for the life insurance industry, working with state officials to proclaim September Life Insurance Awareness Month (LIAM) in the state. Their efforts were successful and several members of the association were on hand at the ceremony when Governor Jim Pillen issued the proclamation.

Congress has begun its August recess, and members of the National Association of Insurance and Financial Advisors (NAIFA) are capitalizing on lawmakers’ annual working session in their home districts by meeting with their Representatives and Senators to strengthen grassroots relationships and discuss issues important to financial professionals and their clients.

NAIFA recently signed onto a letter supporting Congressman Lloyd Smucker's (R-PA, 11th District) newly introduced bill that would make the Section 199A deduction permanent. The bill had over 80 co-sponsors from both aisles and received unanimous support from the 25 Republicans on the Ways & Means Committee. The bill is similar to S.1706 introduced by Senator Steve Daines (R-MT) making the support for minimizing tax hikes bipartisan and bicameral. 

The Fourth of July, naturally, celebrates our nation’s independence declared in 1776, won through the struggle and sacrifice of the American Revolution, and maintained by generations of Americans throughout the history of the United States. NAIFA joins in this celebration of our country and the freedoms we all enjoy.

NAIFA is the only association for insurance and financial professionals with a strong political advocacy presence in Washington, D.C., and every state capital.

Last month, NAIFA members in Connecticut amplified NAIFA's advocacy message in Hartford. NAIFA-Connecticut's Legislative Day created great momentum heading into the Congressional Conference, May 22-23, in Washington, D.C.