National Association of Insurance and Financial Advisors

President Trump Signs Executive Order on Retirement Savings

September 11, 2018

On August 31, President Trump signed an Executive Order (EO) directing Treasury and the Department of Labor (DOL) to consider changes in retirement savings rules to encourage more retirement savings, especially among small business employees. Specifically, the agencies will focus on multiple employer pension (MEP) plans, required minimum distribution rules, and notice/disclosure requirements. The EO requires the two agencies to investigate whether new regulations could improve retirement savi...

House Ways & Means to Mark Up New Tax Reform Legislation

September 11, 2018

On September 10, the House Ways & Means Committee released the three bills that together will form their "Tax Reform 2.0”. The committee plans to mark up (finalize) this new tax cut/reform legislation on September 13, subject to Hurricane Florence causing a postponement. The legislation focuses on making permanent individual tax rates, promoting retirement (and other) savings, and capital formation/small business incentives. The three bills are: H.R.6760, the “Protecting Family and Smal...

House to Vote on Health Bills Aimed at Employer Relief

September 11, 2018

The House GOP leadership is planning to bring H.R.3798 to the House floor. This bill package aims at providing relief to employers from some of the Affordable Care Act’s (ACA’s) requirements. The definition of full-time work, the employer mandate, and further delay of the Cadillac tax are at the heart of the effort. Included in the packaged health bill are provisions from: H.R.3798, introduced by Rep. Jackie Walorski (R-IN)—this bill returns the definition of full-time work to the usual...

Key Labor Lawmakers Call for 401(k) Fee Disclosure Study

September 11, 2018

On August 21, the lead Democrats on Congress’ pension/labor committees asked the Government Accountability Office (GAO) for a study on the effectiveness of current 401(k) plan fee disclosure rules. The request was in a letter to GAO from Sen. Patty Murray (D-WA) and Rep. Bobby Scott (D-VA), ranking members of the Senate Health, Education, Labor and Pensions (HELP) and House Education & the Workforce Committees.   Current rules were last updated in 2012. They require disclosure of “hidden”...

State Securities Regulators Group Expresses Concern over SEC’s Proposed Best Interest Standard

September 11, 2018

On August 23, the North American Securities Administrators Association (NASAA) submitted a comment letter to the Securities and Exchange Commission (SEC) stating its belief that the SEC’s proposed Regulation Best Interest standard needs “significant improvement.” The organization of state securities regulators is among many --including NAIFA—suggesting changes to the SEC’s proposed Regulation Best Interest.   The NASAA letter said there was particular concern that the SEC’s proposed regul...