NAIFA Blog

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...

The DOL Fiduciary Rule Wouldn't Help Johnny Depp

February 2, 2017

Has Johnny Depp really become the poster child for advocates of the Department of Labor’s fiduciary rule? As ridiculous as that may seem, several news outlets, including the New York Times and Yahoo! Finance , have published columns relating the Edward Scissorhands actor’s financial woes as a cautionary tale promoting regulatory intervention.   The reasoning in these columns is pretty thin, and we won’t try to relate it here. It challenges the limits of one’s imagination to make a...

NAIFA Applauds Senior$afe Act of 2017

January 27, 2017

NAIFA President Paul Dougherty praised the efforts of Sen. Susan Collins (R – Maine), who yesterday introduced the Senior$afe Act of 2017 (S. 223) . The legislation would allow insurance and financial advisors to report suspected cases of financial fraud involving senior clients to financial institutions, which could then pass the suspicions along to the authorities.   NAIFA worked closely with members of Congress on the bipartisan bill to ensure that it included necessary liability pr...