National Association of Insurance and Financial Advisors

2014 Legislative Forum now available at NAIFA125.org

October 15, 2014

Missed out on NAIFA’s Career Conference and Annual Meeting this year? Watch the NAIFA Government Relations team provide their annual legislative update to attendees. The panel provided public policy and political updates on many hot topics that impact insurance and financial advisors and the clients they serve. Those topics include: Agent Licensing Reform Tax Reform Regulating Financial Advice State Health Exchanges Grassroots Read the NAIFA Blog and media cove...

Key Senators in Both Parties Say Tax Reform Is High Priority in 2015

October 15, 2014

Literally for years now, we’ve been hearing lawmakers say that tax reform is coming. And they’re saying it again now. Will 2015 actually be the year that Congress finds a way to make it happen?   Last month Senate Finance Committee chairman Sen. Ron Wyden (D-OR) said he intends to work on tax reform in 2015. On October 8, the Senate tax-writing committee’s ranking member, Sen. Orrin Hatch (R-UT), echoed that sentiment—putting tax reform alongside reform of the Affordable Care Act (ACA) at...

Congress May React to GAO Study Finding 9,000 Outsized “Mega-IRAs”

October 15, 2014

On September 16, the Government Accountability Office (GAO) released a summary of its soon-to-be-released report on the number and size of Individual Retirement Accounts (IRAs) currently on the books. The report summary is online, at gao.gov/products/GAO-14-878T.   The report summary found that there are about 43 million IRA accounts in existence, with about 99 percent of them having an average value of just under $1 million. However, some 9,000 IRAs held aggregated balances in excess of ...

Key Senators Reach Agreement on Moving Tax-Favored Savings Program for People with Disabilities

October 15, 2014

A key obstacle to enactment of the ABLE Act, H.R.647/S.313, has been overcome. On September 22, the leaders of the Senate Finance Committee—Sens. Ron Wyden (D-OR), chairman, and Orrin Hatch (R-UT), ranking member—announced a “policy agreement that will serve as a foundation for final passage.” Joining in the agreement are the Senate bill’s main sponsors, Sens. Richard Burr (R-NC) and Bob Casey (D-PA), also members of the Finance Committee.   The ABLE Act would create a new state-based sav...

Senate Bill Would Create Tax-Favored Savings Accounts for Dependent and Long-Term Care Expenses

October 15, 2014

On September 25, Sen. David Vitter (R-LA) introduced a bill (S.2806) to create individual tax-favored savings accounts from which long-term care and dependent expenses can be paid. S.2806’s Dependent Care Savings Accounts (DCSAs) would operate like a Health Savings Account (HSA) or Medical Savings Account (MSA) with both individual and employer contributions permitted.   Each DCSA could receive an annual tax-deductible contribution of up to $5,000 (or, if less, the amount of earned income...