May 2013 • Vol. 5, Issue 5
PURPOSE OF LEGISLATIVE SPOTLIGHT
Speaking as one, we can and will make a difference.
Comments on Legislative Spotlight: Contact Ron Panneton with comments or suggestions concerning this newsletter.
NAIFA Congressional Conference a Success
Nearly 1,000 NAIFA members visited Capitol Hill on April 8th and 9th to urge their lawmakers to protect the current treatment of life insurance under the U.S. tax code. NAIFA convened the two-day Congressional Conference to give its members the opportunity to share their expertise with their members of Congress and express their concerns on the impacts of tax reform.
NAIFA members educated lawmakers about how critical the products they sell are to the 75 million American families who rely on them. With this Conference, NAIFA members sought to ensure that tax reform does not make it more difficult or expensive for Americans seeking to protect their families and plan for their financial security.
“NAIFA’s Congressional conference has come at the perfect time,” said NAIFA President Rob Smith, coinciding with the April 10th release of the President’s budget, and the looming discussion of tax reform in both the House and the Senate.
During the Conference, NAIFA members met with more than 85 percent of congressional offices, every member of House and Senate leadership, and nearly every member on the House Ways and Means and Senate Finance Committees-the two committees with jurisdiction on tax reform.
Why It Matters: 75 million American families rely on the critical products offered by the life insurance industry. The last thing that is needed for consumers who desperately need these products is for them to become more expensive.
To Learn More: Contact Kyle Kunkler at firstname.lastname@example.org.
NAIFA Invited to Testify Before Ways & Means Working Group
NAIFA and over 17 other associations, including the Insured Retirement Institute (IRI), American Benefits Council (ABC), American Society of Pension Professionals and Actuaries (ASSPA) and others, provided comments on the potential impact of tax reform on retirement savings programs, urging Congress to focus on crafting policy that will result in better long-term retirement outcomes, noting that there is “substantial evidence that changing the tax treatment and/or lowering contribution levels will result in lower retirement savings and fewer workers being offered retirement plans by their employers.”
In addition, on April 19 NAIFA received an invitation from the Ways & Means Committee to make an in-person presentation (informal testimony) at a hearing of the Committee’s Working Group on Financial Services round table on tax reform issues scheduled for April 25. NAIFA President Rob Smith is scheduled to testify for NAIFA. The Association for Advanced Life Underwriting (AALU) and the American Council of Life Insurers (ACLI) were also invited to participate.
Why It Matters: The above quote probably says what NAIFA has been saying for several years, “changing the tax treatment and/or lowering contribution levels” on retirement savings programs will not be good for this country or the American consumer.
To Learn More: Contact Judi Carsrud at email@example.com.
For more on NAIFA: