A Message to Members and Your Clients: NAIFA has Your Back



Dear NAIFA member,
 
Tax season may not begin until next year, but we have officially entered tax-reform season. The White House and Republican leaders in Congress yesterday released their “Unified Framework for Fixing Our Broken Tax Code,” which establishes guiding principles for congressional tax-writing committees tasked with drafting legislation in the months to come.
 
It is times like these that NAIFA’s advocacy efforts switch into high gear, and NAIFA members like you reap some of the greatest benefits of your membership investment.
 
It is encouraging that the Framework lays out the intention of congressional Republicans and the administration “to maintain or raise retirement plan participation of workers and the resources available for retirement.” However, details at this point remain scarce. Individual members of Congress have proposed increasing the government’s immediate revenue by converting all retirement plans to Roth-style products. NAIFA believes this is a bad idea that would limit your ability to serve the best interests of your clients and discourage many Americans from preparing for retirement. NAIFA will oppose it vigorously. The Framework doesn't mention the roles life insurance and annuities play in protecting American families. NAIFA will work with legislators to make sure the private safety net provided by the life insurance industry isn’t weakened.
 
As committee members roll up their sleeves and get down to the nitty-gritty of producing legislative language, you can bet that interest groups far and wide will be whispering, and at times yelling, in their ears. Fortunately, NAIFA is already there! And we have an advantage over many of these other groups.
 
NAIFA is by far the largest and most established association representing agents and advisors, as well as the clients you serve. NAIFA was there when the very first permanent federal income tax law was written in 1913, and our members ensured that life insurance dividends and death benefits were protected. We have had a huge impact on every tax code revision or negotiation since, and NAIFA has your back this time as well.
 
NAIFA’s Congressional Conference, which annually sends more than 700 agents and advisors to meet with their senators and representative in Washington, D.C., has hammered home messages about the tax treatment of our products for years. NAIFA’s leadership and staff, including myself, have already engaged with administration officials and members of Congress on tax issues.
 
Today, NAIFA legislative contacts – at least one and often several – have established relationships with every member of Congress. The National Journal, an independent research organization, has assessed NAIFA’s grassroots representation on Capitol Hill to be stronger than any other association or corporation in the insurance and financial services industry. In fact, the National Journal concluded that NAIFA is uniquely positioned as the voice of our industry.
 
When NAIFA tells Congress how tax reform will affect you and the everyday Americans you serve, they listen!
 
I want to take this opportunity to once again thank you for your NAIFA membership. Together we will help Congress ensure that the tax code works with you, not against you, as you serve American families and help them prepare for retirement and achieve financial success.
 
Sincerely,

Kevin Mayeux, CAE
NAIFA CEO


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