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Advocacy in action blog

1 min read

DOL Advances Fiduciary-Only Proposal That Would Limit Access to Financial Services for Lower- and Middle-Income Consumers

By NAIFA on 3/11/24 3:06 PM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement in response to the U.S. Department of Labor’s decision to advance its proposed “Retirement Security Rule” for review by the White House Office of Management and Budget (OMB).

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
2 min read

NAIFA-WA Testifies at Hearing on State-Run Retirement Legislation

By NAIFA on 1/30/24 3:00 PM

NAIFA members in Washington state and across the country have dedicated their careers to ensuring their clients are well-prepared for retirement. Financial professionals offer a robust variety of products and services, working with employers and employees, alike, to provide retirement security options.

Topics: Retirement Planning State-Facilitated Retirement Plans Opposed Legislation Washington
3 min read

NAIFA Thanks Lawmakers Asking DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/10/24 4:38 PM

NAIFA appreciates the work of a bipartisan group of federal lawmakers who oppose the Department of Labor’s proposed “Retirement Security” rule that would require a fiduciary-only model for financial services.

Representatives French Hill (R-AR) and David Scott (D-GA) and forty-eight of their colleagues in the House signed a letter to acting DOL Secretary Julie Su and Assistant Secretary Lisa Gomez asking the Department to withdraw its proposal.

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

NAIFA Survey Shows the DOL’s Fiduciary Proposal Will Increase Costs and Reduce Access to Retirement Planning Services

By NAIFA on 12/19/23 1:55 PM

NAIFA conducted a survey of more than 1,000 members between November 27 and December 1, 2023, to gauge the potential effects of the U.S. Department of Labor’s proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary” on the consumers who rely on financial professionals for retirement products, services, and advice.

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

No Candy for You: DOL Rolls Out Failed Fiduciary-Only Approach Again

By NAIFA on 10/31/23 10:39 AM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement on the proposed Department of Labor fiduciary rule expected to be made public later today:

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
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