NAIFA testified on the first day of the two-day (December 12-13) Department of Labor (DOL) fiduciary rule hearing. President Bryon Holz, who appeared with one of his clients, represented NAIFA, telling DOL of the harm its proposed rule would cause for middle-income retirement investors. NAIFA will also submit formal comments to the DOL ahead of the January 2 deadline for close of comments.

As part of NAIFA’s National Leadership Conference, 248 NAIFA leaders from around the country spent December 5 on Capitol Hill, asking lawmakers to support our efforts to kill the Department of Labor’s (DOL’s) proposed fiduciary rule and exempt financial advisors from its worker classification/independent contractor proposed rule.

On November 15, Congress enacted, and on November 17, President Biden signed into law a continuing resolution (CR) that extends current funding for the government’s discretionary spending until early in 2024. It was a two-part extension that was fraught with political peril. Renewed debate—and risk—will peak again right after the holidays.

On December 6, the tax-writing House Ways & Means Committee’s Subcommittee on Tax Policy held a hearing to look into extending those 2017 Tax Cuts and Jobs Act (TCJA) individual and estate tax provisions that are set to expire as of 2026. There was, of course, the predictable partisan squabbling over “tax cuts for the wealthy” as compared to “tax cuts that stimulate economic growth.” But there was also considerable evidence that there is bipartisan support for a fair number of the TCJA’s provisions, and for some other tax cut ideas.

On December 6, professional staff to Congress’ retirement savings committees released a draft of their proposed SECURE 2.0 technical corrections package. The committee staff are requesting input from stakeholders to be sure the proposed fixes work, and to provide one last opportunity to add any newly identified errors that need correcting.

The issue of “wealth taxes”—particularly whether investment wealth in the form of unrealized gains can be subject to current income tax liability—is swirling in Washington this month. Both the Supreme Court and Congress are confronting the issue.

Treasury and the Internal Revenue Service (IRS) continue to ratchet up pressure on employee retention tax credit (ERTC) claims that they say show evidence of fraud. That, in turn, puts pressure on ERTC claims that, while not necessarily fraudulent, may contain errors and thus attract the attention of government officials cracking down on ERTC claims.

On November 24, the Treasury Department and the IRS issued proposed regulations implementing the rules of the provision in the SECURE retirement laws that qualifies long-term (those who have worked two years or more for an employer), part-time (those who work at least 500 hours/year) employees to participate in an employer-sponsored retirement savings plan.

Congressional Republicans are fighting back against the Department of Labor’s (DOL’s) proposed rule to increase the salary threshold below which the white-collar exception to the Fair Labor Standards Act’s (FLSA’s) overtime (OT) rules would not apply.

Ideas for the emerging “SECURE 3.0” retirement savings bill—which is still early in the development phase—are beginning to proliferate. Here is a summary of some of the idea's lawmakers are considering for the next-generation retirement savings legislation.

A new poll shows that 85 percent of voters in battleground states support a federal paid leave program. And 65 percent of those polled said they would be motivated to vote based on the federal paid leave issue.

During the NCOIL Fall Meeting, an Industry Education Council (IEC) Board vote was taken to have NAIFA’s State Government Relations Manager, Bianca Alonso Weiss, serve a 2-year term. The NCOIL Life Insurance is a Promise for Life Model Act was put on hold. Committee Chair Representative Carl Anderson (S.C.) states that industry representatives had withdrawn their requests to speak as a result.