NAIFA along with five other organizations has sent a letter to Congress asking legislators to support the Insured Retirement Institute’s (IRI) five-point plan to help retirement savers recover from losses caused by the COVID-19 outbreak. NAIFA has worked with IRI to promote the plan and garner support in Congress.

The plan calls for legislation to:

• Increase the age for retirement-plan required minimum distributions (RMDs)
• Eliminate barriers to qualified longevity annuity contracts in retirement plans
• Allow COVID-19 catch-up contributions for plan participants of any age
• Allow 403(b) plans to participate in multiple-employers plans (MEPs) or pooled-employer plans (PEPs)
• Clarify a SECURE Act provision to allow more small businesses to use the MEPs/PEPs start-up plan tax credit

For more details on the IRI’s five points, please read the letter or see IRI's press release.