The Office of Management and Budget has ruled that the Trump administration’s proposal to delay implementation of the Labor Department’s fiduciary rule is “economically significant,” a designation that subjects the proposal to more scrutiny than a proposal that is not economically significant. Several supporters of the rule have met with OMB in recent weeks to present their views.
Little difference exists with regard to retirement concerns among people who identify as Republicans and those who describe themselves as Democrats, a survey finds. Greenwald & Associates says 76% of Republicans and 78% of Democrats reported concerns about the economy hindering them from reaching a secure retirement.
The Internal Revenue Service has postponed a March 13 deadline for small employers to notify workers of a new option for health reimbursement arrangements. The IRS still needs to provide guidance on how the written notices should be constructed, and it will give employers at least 90 days to notify workers after it provides the guidance.
Smaller independent marketing organizations appear likely to start a trend of consolidation, with the trend reaching bigger IMOs in five to seven years, says Scott Perry, chief executive of AmeriLife, a major IMO. “Consolidation drivers are scale and access to capital,” as well as insurers’ desire to work with fewer intermediaries, Perry says.
President Donald Trump addressed several health care points during his first major address before Congress, expressing his support on issues such as greater Medicaid flexibility for states, selling insurance across state lines and health care tax credits, which has long received mixed support from Republicans. Trump also emphasized the importance of repealing the Affordable Care Act and providing coverage for those with pre-existing conditions, but noted that the insurance mandate “was never the right solution” for America.
St. Louis Federal Reserve Bank President James Bullard said he “wouldn’t see any reason to be especially aggressive” with interest-rate increases given his forecast of 2% annual growth and inflation. However, his New York counterpart, William Dudley, has said that the case for a rate increase is becoming more compelling.
Indiana’s alternative Medicaid expansion program, or the Healthy Indiana Plan, designed by Centers for Medicare & Medicaid Services appointee Seema Verma, is now eligible for a three-year renewal subject to its success. While the state claims that most members make regular payments and regularly check their accounts and that the program has met its enrollment projections, health policy experts say the data disagree with those assessments.
Hispanic workers tend to have strong financial discipline but difficulty saving enough for retirement, experts say. Plan sponsors should focus on cultural issues to better educate Hispanic employees about retirement-savings plans and thereby improve engagement, experts say.
Data breaches: A major risk for financial professionals
Dealing with cyberthreats and staying compliant with government and industry requirements are now inherent risks of doing business for financial professionals. While some in insurance and financial services have awakened to this reality, most have significant work to do to protect themselves and their clients. Read more on the Advisor Today Blog.