National Association of Insurance and Financial Advisors

Fifth Circuit Vacates DOL Fiduciary Rule

April 16, 2018

On March 15, the Fifth Circuit Court of Appeals vacated the Department of Labor (DOL) fiduciary rule. The rule is now on hold nationwide, awaiting a DOL decision to ask for a rehearing, appeal the Fifth Circuit decision, or acquiesce to it.   In a two-to-one decision by a three-judge panel, the Fifth Circuit held that the fiduciary rule as drafted by DOL exceeds the agency’s statutory (ERISA) authority, and therefore could not stand. The court characterized the rule in its entirety as one...

Senate Approves Banking Bill that Includes Senior Safe Act

April 16, 2018

On March 14, the Senate passed, by a bipartisan 67 to 13 vote, a banking reform bill, S.2155, that includes the Senior $afe Act. S.2155 rolls back some of the Dodd-Frank banking reform law’s restrictions on community, small and medium sized banks. The provisions of the Senior $afe Act were included in the bill.   The House of Representatives passed H.R.2255, a very different bill that included the provisions of the Senior $afe Act, in January.  H.R.2255 is the Housing Opportunities Made E...

New CMS Regulations Expand Exemptions to ACA Individual Mandate and Provide States with More Flexibility in Complying with Other ACA Rules

April 16, 2018

On April 9, the Trump Administration issued new regulations that ease some ACA rules for both consumers and the states.  In particular, the new rules will allow individuals to qualify for an exemption from the ACA’s individual mandate tax penalty.  Although the penalty is effectively repealed starting in January 2019, it remains in effect through 2018.  Under the new regulations, individuals who live in areas where there are no health insurers or only one insurer will be eligible for an exemp...

Congress Funds the Government, without Addressing RESA, ACA Fixes

April 16, 2018

On March 22, Congress concluded its work on the Fiscal Year (FY 2018) government funding bill without including most of the policy riders it had been considering. Thus, the retirement provisions in the Retirement Enhancement and Savings Act (RESA) and the Affordable Care Act (ACA) market stabilization fixes remain unaddressed.   President Trump signed the bill into law on March 23.   RESA contains a number of relatively small but important retirement savings plan improvements, includi...

GOP Promises “Tax Reform—Part Two”

April 16, 2018

Both Congressional Republicans and President Trump are talking up a new tax bill for later this year. The bill’s centerpiece would be making permanent the individual provisions (including rates and the 20 percent pass-through business income deduction) in the tax bill enacted this past December. Virtually all of the individual provisions in the Tax Cuts and Jobs Act (TCJA) that was signed into law this past December are scheduled to expire after 2025.   Of particular interest to NAIFA mem...