<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=319290&amp;fmt=gif">
Member Login
2012

Advocacy in action blog

2 min read

NAIFA Financial Professionals Meet With Members of Congress

By NAIFA on 11/15/22 2:15 PM

NAIFA members, in Washington, D.C., for NAIFA’s National Leadership Conference, went to Capitol Hill to participate in more than 150 in-person meetings with members of Congress and their staff.

Topics: Retirement Legislation & Regulations Press Release Federal Advocacy
1 min read

NAIFA Supports Cardin, Portman Efforts to Move Retirement Reform Legislation

By NAIFA on 5/21/21 3:59 PM

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 Legislation & Regulations Federal Advocacy
2 min read

NAIFA’s Carsrud Contributes to Capitol Hill Briefing on Retirement Issues

By NAIFA on 5/5/21 3:19 PM

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: Advocacy Retirement Legislation & Regulations
1 min read

NAIFA Urges New Congress to Take Up Bipartisan Retirement Bill

By Judi Carsrud on 1/21/21 3:10 PM

NAIFA is hopeful that the 117th Congress will reintroduce and enact the Securing a Strong Retirement Act of 2020 (SSRA), bipartisan legislation with many provisions to make it easier for employers to offer plans and to encourage higher participation rates by employees.

Topics: Advocacy Retirement
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 Legislation & Regulations Regulation Best Interest
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 Legislation & Regulations
1 min read

New DOL Rule Provides Important Guidance on How to Illustrate Monthly Lifetime Income

By NAIFA on 8/19/20 4:44 PM

The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) issued an interim final rule providing the important information employers need to comply with the new requirement that they give retirement plan participants annual illustrations of the monthly lifetime income they would receive from their retirement plan account balances.

Topics: Advocacy Retirement Planning Retirement Press Release
2 min read

NAIFA’s Carsrud Briefs WIFS Members on Advocacy Issues

By NAIFA on 7/9/20 1:51 PM

NAIFA Assistant Vice President of Government Relations Judi Carsrud provided members of Women in Insurance and Financial Services (WIFS) in Central Pennsylvania a briefing on the SECURE Act and the Security and Exchange Commission’s Regulation Best Interest (Reg BI) in a virtual meeting on Thursday.

Topics: Advocacy Retirement Legislation & Regulations Standard of Care & Consumer Protection
1 min read

SEC Chair Urges Caution Recommending Retirement Account Rollovers, Withdrawals

By NAIFA on 6/18/20 9:07 AM

SEC Chairman Jay Clayton issued a statement June 15 reminding financial firms and advisors of the new, enhanced conduct standards found in Regulation Best Interest. Reg BI requires broker-dealers and their representatives to act in the best interest of their clients when making recommendations, and to not put the firm’s or representatives’s financial interests ahead of the consumer’s.

Topics: Retirement 401(k) Standard of Care & Consumer Protection Regulation Best Interest
1 min read

NAIFA Urges Congress to Bolster Retirement Savers in Next Phase of COVID-19 Legislation

By NAIFA on 6/17/20 2:45 PM

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.

Topics: Advocacy Retirement Legislation & Regulations COVID-19

Featured