NAILBA Perspectives Winter 2019 | Page 41

Recent successes The Power of Us has had many notable and recent successes. Remember the Department of Labor (DOL) rule that would have imposed fiduciary status on all your conversations and recommendations related to qualified plans and IRAs? The 5th Circuit Court of Appeals vacated the DOL fiduciary rule in its entirety. The Power of Us also protected the current tax rules for life and annuity products, as well as the pre-tax funding of retirement savings plans. We advocated for and got improvements to the Security and Exchange Commission’s new Regulation Best Interest. We promoted changes in the federal Senior Safe Act to protect you from liability issues when you identify potential senior financial abuse. Our work is never-ending. Earlier this year, the House of Representatives passed 417-3 the Setting Every Community Up for Retirement Enhancement Act (SECURE) retirement readiness legislation followed by another overwhelmingly bipartisan vote, 419 to 6, to permanently repeal the 40% excise tax on health plans, the so-called “Cadillac Tax.” We’re still leading the effort to get the Senate to pass these measures. We also suggested long-term care policies to the Department of Treasury and raised concerns with the new Medicare Plan finder and offered suggested fixes to CMS. Power to protect and influence Being part of the process and part of the team of influencers is hugely rewarding. You can use the power of your profession to differentiate yourself from the competition, instill trust in your clients and do the good work needed to help Americans achieve financial security. You can learn more about how NAILBA and NAIFA are involved, as well as how you can become politically active by visiting the Advocacy Action Center on both the NAILBA and NAIFA websites. The Power of Us protected the current tax rules for life and annuity products, as well as the pre-tax funding of retirement savings plans. Making a difference at the state level The Power of Us extends to state-level advocacy work to stave off several potential threats to your livelihood. For example, state government proposals mandating employers participate in state- run retirement and health programs that would compete directly with you. The 2020 State Risk Assessment suggests California, Colorado, Florida, Illinois, Massachusetts, Maryland, and New Jersey will face the greatest battles addressing fiduciary, privacy, genetic testing, state-run retirement and health plans balanced with the opportunity to enhance senior protection. We are committed to legislative and regulatory success in all states. You have the power to protect your business’ livelihood. All it takes is your involvement and participation. In the words of former Sen. Thad Cochran, “If you don’t help shape legislation by providing your input and expertise to your elected officials, you can be sure that someone else will.” Adding the Power of You to the Power of Us results in more impactful engagement. Policymakers intuitively lean toward policy positions that have broad and local support. www.nailba.org 41