NAIFA President Tom Michel, LACP, is a political advocacy rock star! He's met with more than 100 legislators in his career and had an impact on policy decisions vital to his business, the insurance and financial services industry, and the consumers who depend on financial professionals. He understands the power of the Congressional Conference, his favorite NAIFA event of the year, and extends his personal invitation for all insurance and financial advisors to attend this year's virtual event.
NAIFA President Michel: It's Not Too Late to Register for Congressional Conference
Topics: Federal Advocacy Grassroots Congressional Conference
1 min read
NAIFA Supports Cardin, Portman Efforts to Move Retirement Reform Legislation
NAIFA CEO Kevin Mayeux has thanked Sens. Ben Cardin (D-MD) and Rob Portman (R-OH) for introducing the Retirement Security and Savings Act of 2021. The Securing a Strong Retirement Act of 2021 is working its way through the House and three Senators earlier this week introduced the Improving Access to Retirement Savings Act.
Topics: Retirement Planning Federal Advocacy Congress Supported Legislation
1 min read
NAIFA Thanks Senators for Introducing Bipartisan Retirement Legislation
NAIFA CEO Kevin Mayeux, CAE, has sent a letter to three members of the U.S. Senate Finance Committee, Sen. Chuck Grassley (R-IA), Sen. Maggie Hassan (D-NH), and Sen. James Lankford (R-OK), thanking them for introducing the Improving Access to Retirement Savings Act of 2021, which contains some provisions found in a bill that has passed the House and is commonly known as the SECURE Act 2.0.
Topics: Retirement Planning Federal Advocacy Congress Supported Legislation SECURE 2.0
1 min read
NAIFA's Holzberg: Congress Needs to Hear From Financial Professionals About the PRO Act
NAIFA's Virtual Congressional Conference, May 25-26, is a great opportunity for NAIFA members to tell their Senators how being reclassified as "employees" rather than "independent contractors" by the PRO Act would hurt their businesses and ability to serve the best interests of their clients. NAIFA President Elect Lawrence Holzberg gives his take on why it's important to attend.
Topics: Federal Advocacy PRO Act DOL Insurance & Financial Advisor Regulation Producer Employment
1 min read
NAIFA Supports Federal Legislation on Remote Online Notarization
NAIFA joined with coalition partners to submit a letter to U.S. Senate co-sponsors of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act), signaling support for the legislative initiative moving forward. The Act increases access to remote transactions for consumers.
Topics: Legislation & Regulations Federal Advocacy Congress Supported Legislation Remote Notarization Producer Sales & Marketing
1 min read
US Department of Labor Withdraws Independent Contractor Rule
The U.S. Department of Labor (DOL) has announced the withdrawal of the “Independent Contractor Rule," effective May 6, 2021.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Employment
2 min read
NAIFA’s Carsrud Contributes to Capitol Hill Briefing on Retirement Issues
Policy experts from industry associations, including NAIFA Assistant Vice President for Government Relations Judi Carsrud, provided congressional staff with a briefing on the defined contribution retirement system and how Congress can improve it. They explained some common challenges faced by employers providing plans and employees anxious about covering present-day expenses while saving for retirement.
Topics: Retirement Planning Federal Advocacy Congress
2 min read
NAIFA Supports SECURE Act 2.0 Introduced by Reps. Neal and Brady
House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2021, also known as the SECURE Act 2.0, and Neal has scheduled a markup session in the committee for Wednesday.
Topics: Retirement Planning Federal Advocacy Congress Supported Legislation SECURE 2.0
1 min read
The IRS Will Correct Confusing Guidance on Stretch IRAs and the SECURE Act
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.
Topics: Retirement Planning Federal Advocacy Congress IRS Supported Legislation SECURE 2.0
2 min read
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.
