National Association of Insurance and Financial Advisors

House Ways & Means Committee Approves SECURE (New RESA) Act

April 15, 2019

On April 2, by a bipartisan unanimous voice vote, the House Ways & Means Committee approved a new version of the Retirement Enhancement Savings Act (RESA), now renamed the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The measure is now ready for a House floor vote. That is targeted for early-to-mid-May.   The SECURE Act was authored by the leaders of the Ways & Means Committee, Chairman Rep. Richard Neal (D-MA) and Ranking Member Rep. Kevin Brady (R-TX). The measure...

Senate Finance Committee Leaders Introduce Updated RESA

April 15, 2019

On April 1, Senate Finance Committee (SFC) leaders—Sens. Chuck Grassley (R-IA), SFC Chairman, and Ron Wyden (D-OR), the committee’s ranking member—introduced S.972, an updated version of the Retirement Enhancement Savings Act (RESA). The bill mirrors last Congress’ version of RESA, although its offset provision, a stretch IRA rule, differs from the one in the older versions of RESA.   The new stretch IRA provision would change (from an older version of the stretch IRA proposal) an exempti...

AHP, STLD Health Plans, and MEP Regulations at Risk

April 15, 2019

A judicial decision and moving legislation are putting association health plan (AHP), short-term limited duration insurance (STLDI) health plan and multiple employer pension plan (MEP) regulations at risk.  At this time, it remains uncertain if any of these regulations will ultimately be overturned.    First, on March 28, a Washington, DC district court struck down the Trump Administration’s AHP regulation. The court found that the regulation was an “end run” around the Affordable Care Ac...

Top Senate Dem Tax Writer Plans to Offer a Wealth Tax Bill

April 15, 2019

On April 2, Senate Finance Committee ranking member Sen. Ron Wyden (D-OR) announced that he plans to revive his proposal to tax wealthy individuals annually on the yearly gains in their investments. This “wealth tax” is still being drafted and is usually referred to as a “mark-to-market” plan.   As currently envisioned, the mark-to-market plan would apply only to high-income taxpayers, and would not apply to assets held in tax-favored retirement savings vehicles such as IRAs, 401(k), 403(...

House Democrats Offer Legislation to Expand ACA

April 15, 2019

On March 26, House Democrats floated comprehensive Affordable Care Act (ACA) legislation that would, among other things, expand premium tax credits, overturn association health plan (AHP) and short-term limited-duration insurance (STLDI) health plan regulations and provide additional funding to states to implement ACA programs.  The legislation combines a series of 12 bills that were approved by the House Energy & Commerce Committee on April 3 on a party-line vote.    Among the provisions...