National Association of Insurance and Financial Advisors

NAIFA Members Met With 91 Percent of Congress During Recent Day On The Hill

June 15, 2015

More than 800 insurance and financial advisors took NAIFA’s advocacy message to Capitol Hill during NAIFA’s Congressional Conference on May 20, NAIFA’s premier grassroots political involvement event. They spoke to their representatives and senators about the potential impact on their practices and their clients of  tax reform  and the proposed  DOL best interest rule . Some 91 percent of Congress was visited by constituents from all 50 states and Washington, D.C.  Attendees had meetings wi...

Congress Takes Active Role in Fiduciary Proposal

June 15, 2015

Congressional briefings, requests for information, and meetings with stakeholders on both sides of the current fiduciary issue make this DOL proposed new rule one of the most contentious on lawmakers’ current agenda. Already in the works are:   A briefing by committee staff for the House Education & the Workforce Committee Democrats on June 15 Another briefing, hosted by Reps. Ron Kind (D-WI), John Larson (D-CT) and Richard Neal (D-MA) for all interested House Democrats on June ...

Two Financial Services Groups Offer Alternatives to DOL Fiduciary Proposal

June 15, 2015

The Financial Services Roundtable (FSR) and the Securities Industry and Financial Markets Association (SIFMA) have offered proposals for a Uniform Best Interest standard to have brokers-dealers put clients’ interest first. . Both proposals suggest imposition of a uniform best interest standard across all kinds of investment advising—both in and outside of the retirement savings space.   SIFMA Proposal : On June 3, SIFMA proposed its best interest standard alternative to the DOL proposal....

House Republicans Offer another ACA Alternative

June 15, 2015

On June 4, the House Republican Study Committee (RSC) announced its plan to repeal and replace the Affordable Care Act (ACA). The 2015 RSC plan is similar to the one the group of more than 80 mostly conservative House Republicans first offered in 2013. It would:   Repeal, as of January 1, 2016, the ACA (including the individual and employer mandates, insurance reforms, and exchanges) Create a standard tax deduction for health insurance—the deduction would be set at $7500 for i...

Bipartisan Lifetime Disclosure Legislation Introduced

June 15, 2015

The bipartisan Lifetime Income Disclosure Act has been introduced in both the House and Senate. The bills, S.1317 and H.R.2317, would require that retirement plan participants’ statements show projected monthly income, payable over life, from the participants’ retirement savings account balances.   On May 13, Sens. Johnny Isakson (R-GA) and Chris Murphy (D-CT) introduced S.1317. On May 14, Reps. Luke Messer (R-IN) and Mark Pocan (D-WI) introduced H.R.2317. Both bills would give to the Dep...