National Association of Insurance and Financial Advisors

Retirement Savings Provisions Still in Play for 2018 Enactment

December 13, 2018

A package of helpful retirement savings provisions is among the possibilities for inclusion in a must-pass end-of-Congress appropriations (spending) bill. Some say chances at this point appear to be about 50-50.   The end-of-Congress appropriations bill must be passed before the 115 th Congress ends and takes its place in history. It is needed to fund approximately 25 percent of the federal government. Among the agencies affected are the Treasury Department and the Department of Homeland...

Ways & Means Chairman Introduces New Tax Bill

December 13, 2018

House Ways & Means Committee Chairman Rep. Kevin Brady (R-TX) introduced a new tax bill (H.R.88) just after Thanksgiving. The bill includes a retirement savings package that represents a significant win for NAIFA. It is currently pending House and then Senate action.   Introduced on November 26, the bill includes what Rep. Brady believes is agreement between House and Senate GOP negotiators who are reconciling the differences between the Retirement Enhancement Savings Act (RESA) and the H...

Health Issues Compete for Lame Duck Attention

December 13, 2018

As the 115 th Congress stares down its waning days, a number of health issues are competing to be included in session-ending legislation. Among them are the Affordable Care Act’s (ACA’s) health insurance tax (HIT), Cadillac tax, and definition of full-time work.   Capitol Hill insiders believe that only two pieces of legislation are likely to pass Congress prior to the December 21 end of the 115 th Congress. These are the must-pass government funding bill, and the farm bill. Thus, these...

NAIFA-NY Sues New York on State’s Fiduciary Standard

December 13, 2018

 NAIFA-New York has filed a lawsuit against the state’s new fiduciary regulation. The regulation applies a fiduciary standard to sales of life insurance and annuities. The lawsuit was filed on November 16.   In its lawsuit, NAIFA-NY alleges that New York’s Department of Financial Services (NYDFS) overstepped its authority by promulgating the rule without legislative or constitutional authorization. It also says the new standard contradicts existing New York insurance law.   "This rule...

NAIFA-New Jersey Testifies in Opposition to Fiduciary Rule Proposal

December 13, 2018

The state of New Jersey is considering a rule to impose fiduciary duty on all financial planners in the state. NAIFA trustee and NAIFA-New Jersey Past President Dennis Cuccinelli testified against the proposal at one of two conferences on the issue held by the state last month.   Cuccinelli told the New Jersey Division of Consumer Affairs personnel that the proposed fiduciary regulation would hurt middle income investors. A uniform fiduciary standard would result in a system where to get ...