Report on Spring 2021 NAIC meeting

Topics: advocacy, Compliance, NAIC, Regulation

This memorandum was prepared by Greg Serio of Park Strategies, LLC, Association Management for FinsecaNY. May 4, 2021 As expected, the issues of race and insurance and of COVID-19 were two prominent themes throughout the NAIC Spring Meeting, and conversations frequently returned to racial disparities, discriminatory practices, and industry responses to the pandemic. The activities…

Report on Spring 2021 NCOIL meeting

Topics: advocacy, Compliance, NCOIL, Regulation

This memorandum was prepared by Greg Serio, Candace Thorson, and Tom Buchan of Park Strategies, LLC, Association Management for FinsecaNY. May 4, 2021 The National Council of Insurance Legislators (NCOIL) ran a hybrid in-person/virtual meeting immediately after the NAIC meeting this month. NCOIL has been conducting its meetings this way for the past number of…

IRS Blesses Employer’s 401(k) Plan Designed to Provide Retirement Benefits Tied to Student Loan Repayments

Topics: 401(k), IRS, Regulation

In an IRS Private Letter Ruling (“PLR”) issued last year, PLR 201833012, the IRS blessed a 401(k) plan design in which employees who repay student loan debt instead of making 401(k) employee contributions can receive employer retirement contributions to make up for missed 401(k) matching contributions. Incorporating a student loan repayment (“SLR”) feature into a…

New DOL Rules on Disability Claims May Impact Retirement and Deferred Compensation Plans.

Topics: DOL, Qualified Plans, Regulation

New DOL rules became effective on April 1, 2018 regarding claims procedures for disability benefits offered in employee benefit plans. The rules apply not only to long-term and short-term disability plans, but may also apply to 401(k) and other qualified retirement plans, as well as non-qualified deferred compensation plans and SERPs. The new rules provide…

No Good Deed Goes Unpunished – Does the Executor Know He Can be Personally Liable for Unpaid Taxes?

Topics: Fiduciary, Regulation

Protecting executors may start with life insurance. Executors are charged with paying the decedent’s federal tax liabilities before paying general creditorsor distributing assets to beneficiaries. Fiduciaries in possession of a decedent’s assets can be held personally liable for unpaid taxes if they make such payments or distributions and then have insufficient assets to pay taxes.