National Association of Insurance and Financial Advisors

Action on DOL Fiduciary Proposal Takes Center Stage

May 15, 2015

A raft of activity is underway as NAIFA and the retirement planning community react to the April 14 release of the Department of Labor’s (DOL’s) proposed new investment advisor fiduciary rules. The complex DOL proposal includes the proposed rule itself, which would make virtually all financial planners fiduciaries for purposes of retirement savings (including IRAs and rollovers). It also includes a package of class exemptions, carve-out’s, modifications to existing prohibited transaction exem...

Congress Approves FY 2016 Budget

May 15, 2015

On May 4, the Senate—by a vote of 51 to 49—approved the House-Senate fiscal year (FY) 2016 budget resolution. The House approved the measure, S.Con.Res.11, on April 30 by a vote of 226 to 197. The budget includes authority for Congress to pass a filibuster-proof Affordable Care Act (ACA) repeal-and-replace bill.   The budget is not a law—President Obama neither signs nor vetoes it. Rather, it is a set of principles and guidelines used by Congress as it enacts legislation to fund the gover...

House Passes Estate Tax Repeal Bill

May 15, 2015

On April 16, by a 240 to 179 vote, the House passed H.R.1105, the “Death Tax Repeal Act.” Sponsored by Ways & Means Committee member Rep. Kevin Brady (R-TX), the bill allows heirs to receive their inheritances valued at their fair market value at the date of death—the step-up in basis rule. Previous estate tax repeal measures replaced step-up rules with a carryover basis rule (with an unlimited spousal exemption and a multi-million-dollar exemption for other heirs). Under carryover basis rule...

Ways & Means Member Offers New Retirement Plan Package

May 15, 2015

On April 30, Rep. Joe Crowley (D-NY) unveiled his new retirement savings plan. The plan, which has not yet been introduced in bill form, contains three parts: A new mandatory employer- sponsored plan (the SAVE UP plan) applicable to employers with more than 10 employees that do not offer other retirement savings plans; making President Obama’s “MyRA” small retirement plan program permanent; and creation of a federally-funded savings account at birth for every child born.   The SAVE-UP p...

Congress Prepares for ACA Changes, including Cadillac Tax Repeal

May 15, 2015

Congress has begun preparing for repeal of, or changes to, the Affordable Care Act (ACA). Among the issues lawmakers are considering is repeal of the “Cadillac tax.”   Lawmakers from both parties are beginning to build a record on which to base their response to the Supreme Court ruling on whether subsidies can be paid for health insurance purchased through federal exchanges. Legislation has been introduced; hearings have been held; behind-the-scenes coalition-building has started.   C...