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1 min read

Congress Expands Paycheck Protection Program in $900 Billion Relief Bill

By NAIFA on 12/22/20 8:42 AM

Congress has agreed to a $900 billion COVID-19 stimulus package to assist American individuals and businesses impacted by the pandemic. The legislation includes stimulus checks of up to $600 per person, including children. The amount diminishes for individuals with incomes reported above $75,000 in 2019, while those who earned more than $87,000 are not eligible. The package would also extend federal unemployment benefits by up to $300 per week through the middle of March.

Topics: Advocacy COVID-19
1 min read

New DOL Rule on Retirement Advice Aligns with the SEC's Reg BI

By NAIFA on 12/15/20 6:24 PM

The U.S. Department of Labor (DOL) has finalized its new prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. The PTE requires advisors to work in the best interests of their clients, receive reasonable compensation, and make no “materially misleading statements.” The PTE is effective 60 days after publication in the Federal Register.

The DOL exemption aligns with the Securities and Exchange Commission’s Regulation Best Interest, and preserves opportunities and choices for workers and retirees seeking high-quality, personalized advice.

“NAIFA thinks the Department of Labor proposal – with the modifications in today’s final rule – will benefit retirement investors by preserving access to a wide variety investment advice professionals, products, and compensation arrangements,” said NAIFA CEO Kevin Mayeux. “The Department has struck the right balance between crafting a PTE with robust compliance obligations that serve the interests of investors, while avoiding an overly prescriptive approach or penalizing certain market segments or arrangements versus others.”

The DOL under the Obama administration initially issued a rule that would have imposed a restrictive fiduciary duty on financial professionals and hindered access of middle-market investors to retirement services and advice. NAIFA was among the organizations that filed a lawsuit resulting in the U.S. Court of Appeals for the Fifth Circuit vacating the rule in 2018.

Topics: Advocacy Retirement Legislative & Regulatory Reg BI
3 min read

NAIFA Supports COVID-19 Liability Shields

By NAIFA on 12/2/20 7:31 PM

State lawmakers across the country are grappling with different solutions to quell business owners’ fears of legal liability as the pandemic threatens to loom for many months yet to come. NAIFA is encouraging lawmakers to pass bills that would enact liability immunity for businesses to protect them from a barrage of civil lawsuits related to the exposure to COVID-19.

Topics: Advocacy State Advocacy COVID-19
1 min read

NAIFA Joins Groups Urging Congress to Reduce Health Care Costs

By NAIFA on 11/23/20 2:12 PM

NAIFA has joined with other groups and employers who sponsor health insurance benefits for tens of millions of Americans to send a letter to congressional leadership urging Congress to enact legislation to reduce health care costs.

Topics: Advocacy Health Care Legislative & Regulatory
3 min read

As Election Results Become Clearer, NAIFA Builds Advocacy Connections

By NAIFA on 11/4/20 4:55 PM

Although the results of a number of races remain undetermined, we are beginning to get a better picture of how yesterday’s election will reshape Congress in the coming year. Nearly 50 races decided yesterday, or in the process of being decided, will result in changes to the composition of congressional committees that have jurisdiction over issues important to NAIFA’s advocacy efforts, the interests of insurance and financial professionals, and the financial security of Main Street Americans.

Topics: Advocacy
1 min read

Bipartisan Legislation Would Encourage Retirement Saving and Give Greater Flexibility

By NAIFA on 10/28/20 11:20 AM

NAIFA supports the Securing a Strong Retirement Act of 2020, bipartisan legislation introduced by Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) that would help Americans prepare for a secure retirement. Among other provisions, the legislation would create new financial incentives for small employers to offer retirement plans, give people over the age of 60 greater flexibility when contributing to retirement plans, and raise the required minimum distribution age to 75.

Topics: Advocacy Retirement Planning Retirement Legislative & Regulatory
1 min read

NAIFA Submits Comments on DOL’s Proposed Independent Contractor Rule

By NAIFA on 10/27/20 4:34 PM

On October 26, NAIFA filed comments on the Department of Labor’s (DOL) proposed interpretation dictating which workers can qualify for independent contractor status under the Fair Labor Standards Act (FLSA). NAIFA supports DOL’s efforts to formalize existing interpretations, provide greater certainty for the regulated community, and promote opportunities for creating innovative work arrangements.

Topics: Advocacy Legislative & Regulatory
1 min read

Members of Congress Appreciate NAIFA

By NAIFA on 10/20/20 4:53 PM

Congress knows and appreciates NAIFA! When lawmakers seek Main Street USA perspectives on insurance and financial services issues, they know they can count on NAIFA members. NAIFA’s grassroots army serves as a resource and advocates for policies that promote financial security for American families and business owners. That's the Power of Us. Listen to what members of Congress have to say.

Topics: Advocacy
2 min read

Advocacy Takes Center Stage at NAIFA Leadership Training

By NAIFA on 10/20/20 4:03 PM

It’s not just luck that makes NAIFA the leading political advocacy association for insurance and financial professionals in the United States. It takes hard work, a dedicated and informed membership and strong leadership throughout our association chapters. Today’s NAIFA Leadership Blueprint training focused on advocacy to ensure that chapter volunteer leaders have the training and resources they need to empower their states’ NAIFA members and build on NAIFA’s advocacy strength.

Topics: Advocacy
2 min read

‘The Power of You. The Power of Us.’  NAIFA’s New Political Advocacy Campaign Stokes Individual and Group Action

By NAIFA on 10/1/20 4:35 PM

Insurance and financial professionals provide a powerful advocacy voice at state and federal levels.

Topics: Advocacy State Advocacy Press Release