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.

The National Association of Insurance and Financial Advisors (NAIFA) would like to thank Securities and Exchange Commission Chairman Jay Clayton for his leadership and service. Clayton has announced that he will leave the agency at the end of 2020. As chairman, Clayton has shown a strong willingness to understand and consider the perspectives of financial professionals. He has met with NAIFA leaders and members on issues of importance to advisors and their clients.

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.

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.

Bradford Campbell, a partner with the law firm Faegre, Drinker, Biddle & Reath, testified today on behalf of NAIFA and several other industry organizations at the U.S. Department of Labor’s Administrative Hearing on the Proposed Class Exemption Regulation “Improving Investment Advice for Workers & Retirees.”

Maryland’s new Insurance Commissioner, Kathleen Birrane, had an opportunity to introduce herself to the state’s insurance agents and financial advisers on August 25 during a townhall webinar with NAIFA-MD, the Maryland Association of Health Underwriters and Maryland Insurance Agents and Brokers.

NAIFA President Cammie Scott submitted a comment letter on behalf of NAIFA that generally supports the Department of Labor’s proposed class exemption for investment advice fiduciaries under ERISA and the Internal Revenue Code and makes several suggestions to improve the proposal.

A new survey by the Alliance for Lifetime Income (ALI) finds that 70% of older working Americans with at least $100,000 in assets are more pessimistic about their retirement plans because of the COVID-19 pandemic. One-in-five of these workers, or approximately 3.2 million Americans, now plans to retire later than they had anticipated. ALI notes that the number would likely be much higher had the survey also included older workers with less than $100,000 in assets.

This special NAIFA webinar provided Paycheck Protection Program updates and information on COVID-19 amendments to the Family Medica Leave Act that insurance and financial professionals need to know. NAIFA members may view the webinar on-demand. If you are not a NAIFA member, please join.

The federal Paycheck Protection Program (PPP) has provided more than $517 billion in COVID-19 relief loans to nearly 5 million employers across the United States. Nearly 170,000 loans have gone to companies in the finance and insurance sector, while many more have gone to small businesses served by NAIFA members and other financial professionals. As of July 7, more than $130 billion remained in PPP funding, according to the Small Business Administration.