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Advocacy in action blog

2 min read

NAIFA Applauds IRS Move on Retirement Plan Catch-Up Contributions

By NAIFA on 8/28/23 12:55 PM

Retirement planners can breathe a sigh of relief.

The IRS has delayed implementing a provision of the SECURE 2.0 legislation that would require retirement plan catch-up contributions by high-income earners to be made as after-tax Roth-style contributions rather than pretax contributions. The legislative language states that the change is effective after 2023, which would have presented unworkable communications, record-keeping, and implementation challenges to plan sponsors and participants as well as advisors. Prior to this fix, some plan sponsors had said they would likely have to eliminate the ability of employees to make catch-up contributions.

Topics: Retirement Planning Congress IRS Individual Retirement Accounts
3 min read

NAIFA Hails Passage of SECURE 2.0 and RILA Act to Benefit Consumers Preparing for Retirement

By NAIFA on 12/23/22 2:06 PM

Passage of the Registered Index-Linked Annuities (RILA) Act and the SECURE Act 2.0 as part of the 2023 Omnibus Appropriations bill greatly benefits consumers as well as the insurance financial professionals who help them prepare for retirement and achieve financial security. The National Association of Insurance and Financial Advisors (NAIFA) has strongly advocated on behalf of both pieces of legislation.

“With this bipartisan legislation, Congress makes it easier for Americans to prepare for retirement and gives them greater access to innovative annuity products that guarantee lifetime income while offering some protections from market volatility,” said NAIFA President Lawrence Holzberg, LUTCF, LACP. “SECURE 2.0 will also make it easier for more companies to offer retirement plans for their employees. Preparing for a secure retirement is a vital part of any financial plan and receiving a guaranteed lifetime income can be an important part of that plan for many consumers. It’s great to see strong advocacy efforts by NAIFA, our members, and our advocacy partners pay off with a great win for consumers.”

Topics: Retirement Planning Life Insurance & Annuities Legislation & Regulations Press Release Federal Advocacy SECURE 2.0
1 min read

SECURE 2.0 Takes Next Step Toward Enactment

By NAIFA on 6/21/22 3:42 PM

NAIFA and other interested parties sent a letter of appreciation to the Senate Finance Committee Chairman Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) for their leadership in releasing the Enhancing American Retirement Now (EARN) Act, which would enhance retirement security for many Americans.

Topics: Retirement Planning Federal Advocacy Congress Supported Legislation
3 min read

Senate Committee Advances NAIFA-Supported Retirement Legislation

By NAIFA on 6/15/22 3:59 PM

NAIFA joined other industry organizations in sending a letter to Senators Patty Murray (D-WA) and Richard Burr (R-NC), the Chair and Ranking Member, respectively, of the Senate Committee on Health, Education, Labor and Pensions, thanking them for their bipartisan support for retirement-reform legislation.

Topics: Retirement Planning Federal Advocacy Congress Supported Legislation

NAIFA-KY and the Importance of State Advocacy: An Update From Brian Wilson

By NAIFA on 4/18/22 1:29 PM

The advocacy work of NAIFA-KY was highly influential in the late revision of tax reform legislation in the state that would have placed a 6% tax on financial planning and investment management services. This tax would have impacted many investors in Kentucky and the financial professionals they rely on for advice and services. NAIFA Trustee Brian Wilson offers his perspective on why this advocacy win and all of NAIFA's state advocacy efforts are so important.

Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
8 min read

Biden FY 2023 Budget Proposes $1 Trillion+ in New Taxes, Mostly on Corporations, Wealthy Individuals

By NAIFA Government Relations Team on 4/5/22 10:49 AM

On March 28, President Biden sent Congress a Fiscal Year (FY) 2023 budget that calls for $1.58 trillion in discretionary spending (a 7.4 percent increase over last year) and over $1 trillion in new taxes. The budget, the Administration says, would reduce the federal deficit by $1 trillion over ten years.

Most of the new taxes would come from the proposal to hike the corporate tax rate from the current 21 percent to 28 percent (starting in 2023) and from a new 20 percent tax on a combination of income and capital wealth held by households with $100 million or more in income from earnings and increases in the value of their capital assets. The budget also proposes raising the top individual tax rate to 39.6 percent.

Topics: Retirement Planning Federal Advocacy Congress Tax Reform
2 min read

NAIFA-Kentucky Celebrates Legislative Win

By Bianca Alonso Weiss on 3/31/22 3:45 PM

The Kentucky Legislature has passed a comprehensive tax reform package, and thanks to advocacy work by NAIFA's Kentucky chapter financial planners and investment advisors narrowly avoided a 6% sales tax on their services.

Topics: Retirement Planning State Advocacy Grassroots Kentucky Tax Reform
2 min read

NAIFA Strongly Supports SECURE 2.0 Retirement Bill Passed by the House

By NAIFA on 3/29/22 9:41 PM

NAIFA commends the House of Representatives on passing the SECURE 2.0 (H.R.2954) retirement planning legislation in a 414-5 vote. The popular legislation simplifies the process and creates incentives for employers to create and enroll employees in workplace retirement plans. It also creates greater flexibility for workers who contribute to the plans.

Topics: Retirement Planning Federal Advocacy Congress Supported Legislation SECURE 2.0
1 min read

NAIFA Supports Bipartisan Legislation to Protect Senior Investors

By NAIFA on 1/21/22 9:31 AM

U.S. Senators Chris Van Hollen (D-Md.), Tim Scott (R-S.C.), Raphael Warnock (D-Ga.), and Cynthia Lummis (R-Wyo.) introduced the Empowering States to Protect Seniors from Bad Actors Act, a bipartisan bill that would create a Securities and Exchange Commission program to work with state regulators to protect senior investors.

Topics: Retirement Planning Standard of Care & Consumer Protection Federal Advocacy Congress Supported Legislation Senior Financial Protection
1 min read

Senate Report Quotes NAIFA to Highlight Retirees' Need for Financial Services

By NAIFA on 1/14/22 5:34 PM

A new report by the U.S. Senate Special Committee on Aging prominently features comments submitted by NAIFA that highlight the important ongoing role advisors play in retirement planning.

Topics: Retirement Planning Federal Advocacy Congress