FAQ: The Department of Labor Fiduciary Proposal

April 15, 2015

Where does the Department of Labor get the authority to regulate advisors?   The Employee Retirement Investment Security Act of 1974 (ERISA) sets minimum standards for pension plans in private industry. For example, if an employer maintains a qualified retirement savings plan, ERISA specifies when an employee must be allowed to become a participant, how long they have to work before they become vested in their pension, how long a participant can be away from their job before it might af...

  • Comments (1)

NAIFA Statement on DOL Proposed Regulation Redefining Fiduciary under ERISA

April 14, 2015

NAIFA President Juli Y. McNeely, LUTCF, CFP, CLU, issued the following statement: “It will take some time to read and analyze the regulation before we can determine its impact on NAIFA members and the families they serve in preparing for retirement.    “According to the DOL’s summary of the proposed regulations , fiduciaries must provide impartial advice in their clients’ best interests - and cannot accept payments creating a conflict of interest – unless they satisfy on...

Juli McNeely: "There's something empowering about all of us being at the Congressional Conference together."

April 14, 2015

NAIFA President Juli McNeely talks about the value of NAIFA’s grassroots political involvement opportunities and NAIFA’s Congressional Conference.   The Congressional Congress is NAIFA’s premier federal grassroots political involvement event. Hundreds of insurance and financial advisors representing every state will gather in Washington to meet with their representatives in Congress and deliver NAIFA’s advocacy message.   This year’s Congressional Conference is May 19-20 in Wash...

As the Senate Considers Tax Reform, NAIFA Stresses the Importance of Insurance and Retirement Savings

April 9, 2015

Five U.S. Senate Finance Committee Tax Working Groups have been charged by Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) “to spur congressional comprehensive tax reform efforts in the 114 th Congress.”   The Savings and Investments Working Group is expected to analyze and make policy recommendations on the tax treatment of a number of products important to NAIFA members and their clients, including life insurance, annuities, long-term-care insura...

NAIFA Tells OMB of Potential Concerns About DOL Fiduciary Rule

April 8, 2015

The federal Office of Management and Budget is conducting a review of the Department of Labor’s draft fiduciary rule for financial professionals who provide retirement accounts advice. The OMB review comes prior to DOL’s officially proposing the rule and making it subject to public review.   However, based on statements by the President and other members of the administration, NAIFA has some apprehension about potential impacts of the rule.      NAIFA President Juli McNeely and Acti...