NAIFA Urges Congress to Reject DOL Exemption for State-Run Retirement Plans

February 14, 2017

The Department of Labor last year implemented regulations permitting state and local governments to create mandatory retirement savings plans for private-sector employees and exempting those plans from investor protections required under the federal ERISA law.   Congress is now considering a pair of measures under the Congressional Review Act that would negate the DOL rules. NAIFA has sent letters to the leadership in the House and the Senate urging Congress to invalidate the DOL re...

Groups Urge Repeal of Cadillac Tax, Reject Tax Exclusion Cap for Health Benefits

February 13, 2017

NAIFA, along with 26 other organizations, has signed on to a letter to the White House National Economic Council “calling for a full and permanent repeal of the 40 percent ‘Cadillac Tax” on health benefits and protecting the longstanding tax treatment of employer-sponsored coverage.”   The letter further urges the Trump administration to oppose any cap on the individual tax exclusion for employer-provided plans. Many Affordable Care Act replacement proposals include such a cap , which wo...

NAIFA President: ‘Safe harbor’ regs could diminish retirement savings

February 9, 2017

On behalf of NAIFA, NAIFA President Paul Dougherty sent a letter to Speaker Ryan and Leader Pelosi to urge their support of H.J. Res 66 and H.J. Res 67 to invalidate the DOL’s “safe harbor” regulations for government saving plans. “For decades, there has been a uniform set of federal policies governing employer-provided retirement plans to ensure clear rules of the road for employers to follow and strong protections for America’s workers and retirees,” Dougherty wrote. “However, in 2016, ...

Texas Federal Court Rules on Challenge to DOL Fiduciary Rule

February 9, 2017

On Feb. 8, 2017, the federal district court in Dallas upheld the DOL fiduciary rule in a disappointing ruling on the legal challenge brought by NAIFA, ACLI, and other industry groups. In June, NAIFA, NAIFA-Texas, and five NAIFA local associations in Texas (in Amarillo, Dallas, Fort-Worth, Great-Southwest, and WichitaFalls), joined the ACLI in challenging the DOL fiduciary rule because of grave concerns that the rule will improperly reduce consumer access to professional retirement advice. ...

Administration to Review the DOL Fiduciary Rule

February 3, 2017

President Donald Trump has issued a memorandum instructing the Department of Labor to review its implementation of the “Conflict of Interest Rule,” also known as the fiduciary rule . The memo further orders the department to undertake a thorough "economic and legal analysis" of the rule.   The National Association of Insurance and Financial Advisors (NAIFA) views the administration’s action as a crucial first step in ensuring that the DOL rule does not harm Americans preparing for retire...