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1 min read

NAIFA Thanks Senators for Introducing Bipartisan Retirement Legislation

By NAIFA on 5/20/21 11:34 AM

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
2 min read

NAIFA Supports SECURE Act 2.0 Introduced by Reps. Neal and Brady

By NAIFA on 5/3/21 4:24 PM

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 Legislation & Regulations Press Release
1 min read

DOL Confirms PTE on Retirement Advice Will Go Into Effect Feb. 15

By NAIFA on 2/12/21 4:50 PM

The Biden Administration has confirmed that the Department of Labor (DOL) will move forward with a prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. DOL previously announced the new PTE on December 15 during the Trump Administration. It goes into effect February 15.

Topics: Advocacy Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection
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 Sees DOL Proposal as a Step in the Right Direction, But Offers Improvements

By NAIFA on 8/11/20 10:29 AM

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.

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

ALI Survey Finds Growing Concern Among Workers Planning for Retirement

By NAIFA on 7/29/20 1:26 PM

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.

Topics: Annuities Retirement Planning Legislation & Regulations COVID-19
1 min read

DOL Proposes New Rule to Replace Fiduciary Rule NAIFA Helped Defeat

By NAIFA on 6/30/20 10:26 AM

The U.S. Department of Labor has proposed a new rule to govern the standard of care for producers providing consumers with retirement guidance and products. NAIFA was a part of the lawsuit, along with the American Council of Life Insurers and other groups, that resulted in the DOL’s original fiduciary rule being struck down by the Fifth Circuit Court of Appeals in 2018. The new proposal would create a “best interest” prohibited transaction exemption (PTE) for ERISA- and Internal Revenue Code-covered investment advice fiduciaries.

Topics: Advocacy Retirement Planning Standard of Care & Consumer Protection Press Release
1 min read

NAIFA's Mayeux Commends DOL on Rule Allowing E-Delivery of Retirement Plan Documents

By NAIFA on 5/21/20 11:51 AM

The U.S Department of Labor has finalized a rule permitting electronic delivery of required retirement plan disclosures and documents to plan participants.

Topics: Advocacy Retirement Planning
1 min read

NAIFA Urges Fast Track for Proposed  Electronic Delivery of Retirement Documents

By NAIFA on 5/1/20 2:42 PM

NAIFA supports a rule proposed by the Department of Labor that would expand the ability of retirement plan sponsors to provide participants with required disclosures and notices electronically. In a letter to Russ Vought, acting director of the Office of Management and Budget, NAIFA and partner organizations urge the administration to finalize the rule as quickly as possible.

Topics: Advocacy Retirement Planning