National Association of Insurance and Financial Advisors

GovUpdate: Secretary Acosta Allows Partial Applicability as of June 9

May 30, 2017

Issue: DOL Fiduciary Rule Date: May 30, 2017 Action Taken: DOL Secretary Announces Partial Applicability in Wall Street Journal; FAQs; Bulletin   Background: The Department of Labor released FAQs and a temporary enforcement bulletin regarding the fiduciary rule/PTE transition period from June 9, 2017—when the rule and limited parts of the PTEs become applicable—until January 1, 2018—when the remaining parts of the PTEs are scheduled to take effect, absent further action by the Depar...

If June 9th Comes and There is Not a Full Delay of Fiduciary Rule

May 15, 2017

Secretary Acosta may or may not issue a delay of the entire rule before parts of the rule become applicable. What do you need to know and where do you get pertinent information?   The portions of the DOL rule that are applicable, assuming Secretary Acosta does not delay the rule in its entirety, require that advisors satisfy the Impartial Conduct Standard.  This standard says advice must be in the clients’ best interest, that compensation be no more than reasonable, and that there are no ...

Tax Reform—including Lower Rates, Retirement Savings Changes, and Base Broadening— Begins to Move in Congress

May 15, 2017

On April 26, the Trump Administration announced the president’s principles for tax reform. They include dramatically lowering business tax rates, base broadening, and lowering individual tax rates. Plus, although the Trump announcement included a promise that retirement savings would be protected, there is talk of significant retirement savings tax rule changes.   The Trump-proposed tax reform principles were announced by Treasury Secretary Steve Mnuchin and National Economic Council chai...

Congress Passes CRA Motion to Disapprove DOL’s State Retirement Program Rule

May 15, 2017

On May 4, by a narrow 50 to 49 vote, the Senate joined the House in approving a Congressional Review Act (CRA) motion to disapprove the Department of Labor’s (DOL’s) state retirement program rule. President Trump is expected to sign it into law. NAIFA lobbied hard for this result. Kudos to all who responded to our grassroots call to action.   Last month Congress passed (and the President signed into law) the DOL’s companion rule that affected cities and municipalities.   The DOL rules...

House Passes ACA Repeal-Replace Bill; Sends It to Senate

May 15, 2017

On May 4, by a partisan 217 to 213 vote, the House passed its Affordable Care Act (ACA) repeal-and-replace bill, H.R.1628. The American Health Care Act (AHCA) bill now goes to the Senate where it is virtually certain to change significantly.   Currently there is a working group of 14 GOP Senators working on a Senate version of ACA repeal-and-replace legislation. The Senators in the working group say that while they will study the House-passed AHCA and include in a Senate bill any “good id...