National Association of Insurance and Financial Advisors

GovUpdate: NAIFA Files Final DOL Comment Letter and Ignites Social Media Campaign

September 24, 2015

Issue: Labor Department’s Proposal Limits Access to Retirement Advice and Investment Options Date: September 24, 2015 Action Taken: NAIFA files final comment letter (PDF)  to Department of Labor (DOL) and engages Congress, NAIFA members and consumers to protect access to retirement advice from local financial advisors.   Action Needed: The fight is not over! AARP has activated its grassroots to close what they are calling the “retirement advice loophole,” suggesting that it cou...

NAIFA President Testifies before House Subcommittees on DOL Fiduciary Proposal

September 15, 2015

On September 10, NAIFA President Juli McNeely testified before two House Financial Services Subcommittees at their joint hearing on how and why the DOL fiduciary proposal needs significant changes. The hearing was convened by the House Financial Service Committee’s Subcommittees on Capital Markets and Government Sponsored Enterprises and on Oversight and Investigations. Titled “Preserving Retirement Security and Investment Choices for All Americans,” the hearing focused on H.R.1090, a bill by...

Congress Returns to Light but Tough Tax Agenda

September 15, 2015

On September 8, Congress returned from summer break to a packed agenda, topped by the need to fund the U.S. government by October 1. September-October brings a relatively light, but tough, tax agenda. First up is the need to fund the Highway Trust Fund (HTF)—which could trigger a tax reform proposal. Then, Congress must tackle the necessity of reinstating/extending some 55 special tax rules. Among these so-called tax extenders is the rule that allows limited direct tax-free gifts from IRAs to...

IRS Proposes Rule Requiring Health Plans to Include Hospitalization Benefits

September 15, 2015

On August 31, the Internal Revenue Service (IRS) proposed a rule (REG-143800-14) that requires ACA-compliant health insurance plans to include in-patient hospital and physician services. The proposed rule also implements the Affordable Care Act (ACA) requirement that to comply with the ACA, an employer-provided health plan “will be considered to provide minimum value coverage only if the plan’s share of total allowed costs of benefits provided to an employee is at least 60 percent.”   The...

CMS Announces New Value-Based MA Design Model

September 15, 2015

On September 1, the Centers for Medicare and Medicaid Services (CMS) announced a new pilot program, the “Medicare Advantage Value-Based Insurance Design” (MA-VBID). CMS said that the MA-VBID would “allow managed care plans to offer benefit packages that aim to improve quality of care and reduce costs.”   The MA-VBID will be tested in seven states, and will be open to health maintenance organizations (HMOs), HMO point-of-service (HMO-POS) plans, and local preferred provider organizations (...