National Association of Insurance and Financial Advisors

Congress Takes Action to Protect Millions of Retirement Savers & Assure Quality Advice

December 18, 2015

On December 18 in the waning minutes prior to adjourning the first session of the 114 th Congress, key Republican and Democratic House lawmakers introduced bipartisan legislation to protect consumers and keep high-quality financial advice affordable for all Americans.  The legislation would ensure that individuals and families saving for retirement have access to advice and investment options to meet their individual needs and circumstances. The legislation was introduced in two parts, th...

Year-End Brings NAIFA Some Additional Wins and at least One Continuing Challenge

December 18, 2015

Congress ended 2015 with a legislative burst that brought a few additional wins to NAIFA—positive 2015 outcomes include:   Introduction of a bipartisan legislative alternative to DOL fiduciary A decision not to adversely tax stretch IRA in the transportation bill Delay in the ACA Cadillac tax Permanent and much higher small business expensing limits Authority to roll over retirement plan funds into a SIMPLE IRA Permanent IRA-to-charity gifting rules Cong...

Congress Does Not Include Fiduciary Rider in Year-End Funding Bill

December 18, 2015

On December 18, Congress approved a year-end government funding bill that does not impact the Department of Labor’s (DOL’s) work on modifying its fiduciary proposal. It was a hard-fought negotiation in which Congressional Republicans—supported by a number of Democrats, NAIFA and a broad coalition of financial services and retirement planning interests—urged inclusion of a policy rider that would have at least required DOL to provide a 30-day comment period on the changes the agency will make ...

Tax Extenders Package Makes Permanent Section 179 Expensing, IRAs-to-Charities Gifting; Permits Rollovers to SIMPLE IRAs

December 18, 2015

On December 18, Congress approved a tax extender package that makes permanent section 179 expensing and IRAs-to-charities gifting rules. It also contains a new rule that will allow rollovers from 401(k) and other retirement plans into a SIMPLE IRA. The Senate approved the bill that was combined with the government-funding bill (see above) that cleared the House on 318-109 on December 17. President Barack Obama is expected to sign both bills into law.   These permanent (i.e., not subject t...

Latest Tax Expenditure Report Excludes Inside Buildup But Discusses Death Benefits

December 18, 2015

The most recent tax expenditure report, released on December 7 by Congress’ Joint Committee on Tax (JCT), takes life insurance and annuity inside buildup off the list of tax expenditures. But it notes that under JCT’s new analysis parameters it may be that life insurance death benefits should be listed identified as a tax expenditure. Death benefits are not listed as a tax expenditure in this report.   The JCT is required by law to report annually on “tax expenditures.” Tax expenditures a...