NAIFA Senior Vice President Diane Boyle and Government Relations Director Michael Hedge spend part of their week keeping insurance and financial professionals up-to-date with the latest information on the PRO Act, where it stands, and how it could impact advisors.
During a NAIFA Legislative Update kicking off NAIFA’s highly successful Business Performance Center Impact Week, Boyle and Hedge took a deep dive into the potential implications of reclassifying producers as “employees” rather than “independent contractors” under federal labor laws. Hedge also reviewed the results of a recent survey of NAIFA members that gauged their preferences on such matters as their tax fling status and ability to organize into labor unions.
Boyle ran down the PRO Act on an InsuranceNewsNet webinar hosted by INN’s John Hilton. In addition to the PRO Act, Boyle and Hilton discussed the Biden administration’s decision to move forward with Department of Labor’s prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice, originally proposed by the Trump administration.