The House Financial Services Committee today marked up the Terrorism Risk Insurance Act (TRIA Reform Act) including an amendment that would create a National Association of Registered Agents and Brokers (NARAB). NARAB would be a national licensing organization to allow insurance agents to operate in multiple states more efficiently.
A new report published by the College for Financial Planning concludes that consumers whose household incomes fall in the middle market range ($30,000 to $100,000) have “an uphill battle” to overcome when planning for retirement: low income, low retirement fund balances, and few assets. The report cites the two greatest factors for middle-income retirement: the stability of Social Security and the health of the retiree.
Last week, more than 700 NAIFA members, including 46 members from Texas, attended the association's Congressional Conference in Washington, D.C.
The Department of Labor has announced that it will not re-propose a fiduciary rule for advisors who sell and service retirement plans until January 2015 at the earliest. DOL did not provide a reason for the delay, but NAIFA along with other industry groups and members of Congress have asked DOL to meet with stakeholders and coordinate with the Securities and Exchange Commission, which is considering an advisor fiduciary rule of its own. DOL needs to ensure that any proposed rule does not increase costs or limit access to investment advice for retirement savers.