Advocacy in action blog

On December 9^th, the Social Security, Pensions and Family Policy subcommittee of the Senate Finance Committee, chaired by Senator Rob Portman (R-OH), held a hearing entitled “Investigating Challenges to American Retirement Security.”

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.

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.

The House has passed the updated HEROES Act by a vote of 214 to 207. The partisan bill is not expected to be considered by the Senate. 

On Sept 21, the U.S. House of Representatives passed H.R. 1418, the Competitive Health Insurance Reform Act of 2020. The bill repeals specific parts of the McCarran-Ferguson Act that exempt insurance businesses from most federal regulation.

NAIFA’s advocacy team and grassroots army have been engaged from the beginning of conronavirus-related shutdowns with Congress, state legislatures, and federal and state regulators on proposals to provide economic relief and recovery assistance to individuals, families, and small businesses. We provided input to Congress as they shaped the first three phases of COVID-19 legislation, including the Paycheck Protection Program.

Registered index-linked annuity (RILA) products offer a good option for some consumers who want to benefit from market growth while reducing their exposure to market losses. These are long-term, tax-deferred investments that are often well-suited for investors who are preparing for retirement, especially those who are retired or are nearing retirement and wish to reduce the impact of market downturns.

The U.S. Senate has passed the Paycheck Protection Program Flexibility Act that would increase the program’s loan period for borrowers seeking forgiveness from eight weeks to six months. The legislation would also expand the ability of small businesses to use PPP funds to pay rent, mortgages, utilities, and other essential business costs. The bill keeps the obligations requiring recipients seeking loan forgiveness to avoid layoffs and provide worker protections. The House of Representatives had previously passed the bill, and the president is expected to sign it into law.

Sen. Tim Scott (R-SC) had some interesting things to say on the Politico "Morning Money" program about the economic recovery and the potential for future COVID-19 legislation. As a former financial professional and NAIFA member in the days before he entered politics, Scott shows a strong understanding of the issues important to agents and advisors and their Main Street clients.

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.