The SECURE Act, enacted in December 2019, changes the rules for certain inherited retirement accounts whose original owners died after Dec. 31, 2019. Under the new rule, many heirs to IRAs and 401(k) accounts will have to fully distribute the funds from their inherited accounts (and pay income tax on the distributions) within 10 years of the original owner’s death. The rule does not apply to surviving spouses, minor children, heirs who are disabled or chronically ill, and heirs who are within 10 years of the age of the decedent.
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The IRS Will Correct Confusing Guidance on Stretch IRAs and the SECURE Act
Topics: Retirement Planning Federal Advocacy Congress IRS Supported Legislation SECURE 2.0
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NAIFA Members Show Almost No Interest in Being Classified as “Employees”
More than 90% of NAIFA members have income reported to the government on IRS Form 1099, and very few of them show any appetite for giving up their status as independent contractors, according to a recent survey.
Topics: State Advocacy Federal Advocacy Insurance & Financial Advisor Regulation Producer Employment
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New NAIFA Survey: What Was Your Path Into the Financial Services Industry?
NAIFA’s advocacy educates and informs policymakers so they understand the important work insurance and financial professionals do to help American families and businesses achieve their financial goals and attain financial security. Well-informed officials make better decisions to serve NAIFA members and their clients as well as all Americans who seek financially secure futures.
Topics: State Advocacy Federal Advocacy Insurance & Financial Advisor Regulation Producer Employment
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NAIFA State Advocacy in Action: Montana Rate-Setting Law Signed
Montana Governor Greg Gianforte has signed legislation that revises state non-discrimination laws to allow insurers to consider insured individuals’ gender and marital status when setting rates for insurance premiums. NAIFA’s Montana chapter worked with state Commissioner of Securities and Insurance Troy Downing to craft and promote the legislation. NAIFA-MT members testified on its behalf at hearings in the state. The commissioner cited research by NAIFA-MT in his press release on the legislation.
Topics: State Advocacy Grassroots Montana Underwriting & Risk Classification
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NAIFA Looks to Work With Congress on Paid Family Medical Leave Solutions
NAIFA CEO Kevin Mayeux issued the following statement following a House Ways and Means Committee hearing on paid family medical leave:
Topics: Group & Employee Benefits Federal Advocacy Congress Paid Family Medical Leave
NAIFA Issues Statement on Confirmation of SEC Chair Gensler
NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the confirmation of Gary Gensler as chair of the SEC:
Topics: SEC Federal Advocacy
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NAIFA Invites All Financial Services Professionals to Attend Virtual Congressional Fly-In May 25-26
NAIFA’s Congressional Congress, May 25-26, will be a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members’ businesses, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.
Topics: Federal Advocacy Grassroots Congressional Conference
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NAIFA Urges DOL to Move Forward With Rule on Independent Contractor Status
NAIFA has joined with industry partners to submit a comment letter to the Department of Labor (DOL) on the proposed withdrawal of the Independent Contractor Status rule under the Fair Labor Standards Act (FLSA). The rule was published on January 7, 2021.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Employment
3 min read
COBRA Premium Assistance: What NAIFA Members Need to Know
In March, Congress passed the American Rescue Plan (ARP) Act, which included provisions that provide 100% COBRA subsidies from April 1 through September 30 of 2021.
Topics: Health Care Federal Advocacy Advocacy Resources COBRA
2 min read
Nebraska Law Enhances Protections for Annuity Consumers
Legislation signed into law today by Nebraska Governor Pete Ricketts provides citizens throughout the Cornhusker state with enhanced consumer protections when buying annuities. Strongly supported by Nebraska Director of Insurance Bruce Ramge and championed in the Nebraska Legislature by State Senator Matt Williams, the new law closely tracks the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. It also aligns with the SEC’s Regulation Best Interest.
