Top Story

• Industry prepares to fight for retirement-plan tax benefits
  Industry groups are facing renewed concerns that tax advantages for 401(k) plans will be reduced and that financial advisers will face a higher fiduciary standard of care in President Barack Obama's second term. Experts also worry that Congress may lower the amount of employees' tax-deferred 401(k) contributions, which could prompt small-business owners to stop offering the plans. "We are not worried about one specific proposal. We are worried about any cuts in retirement savings," said Brian Graff, CEO of the American Society of Pension Professionals and Actuaries. Reuters (11/9)     

Industry News

• Rename inherited IRAs to avoid tax hit
  Inherited IRAs must be retitled or renamed to avoid IRS tax penalties, Tim Grant writes. Spouses inheriting IRAs need not rename them unless they plan to withdraw money before the age of 59½ -- then retitling will save the 10% tax hit levied by the IRS. "Many financial advisers don't know this. I get a ton of mail from people who failed to retitle an IRA and they want to know if it can be undone. The answer is no. Once it's done, it's done," financial adviser Jane Bryant Quinn says. Pittsburgh Post-Gazette (11/8)     

• Minn. work group plans "in-person assisters" for exchange
  Minnesota's Navigator and Agent/Broker Work Group, part of a state health insurance exchange task force, is in talks about "in-person assisters," which could include agents, brokers and navigators helping people using the exchange. In-person assisters will be able to provide general information and guidance on the exchange and benefits. A report by the work group estimates 16 to 24 hours of training is needed for those who will guide consumers in the exchange, although members have not reached consensus and said their requirements should ultimately depend on curriculum. National Underwriter Life & Health (11/8)     

• Exec: Small businesses are an underserved retirement-plan market
  Small businesses with fewer than 50 employees are an underserved market for defined-contribution plans, with 40% of such firms offering them, writes Principal Financial Group's Tim Minard, citing Bureau of Labor Statistics data. The prospects are good for financial advisers who successfully market to this segment, Minard writes, because 65% of business owners use the same adviser for their business operations and personal financial planning, according to a Principal survey. BenefitsPro.com (11/9)     

Investment Trends

• A method to save on capital-gains taxes, build portfolio
  Tax-loss harvesting can help investors stave off capital-gains taxes and improve a client's investment portfolio, Mason Braswell writes. The practice, where products are sold at a loss and bought back at a similar price later, can increase a client's assets, Braswell writes. Financial-Planning.com (11/8)     

Policy Watch

• HHS delays deadline for state health insurance exchange plans
  The deadline for states to submit plans for their health insurance exchanges is now Dec. 14, providing an additional month for planning how the marketplaces will operate. The Nov. 16 deadline is still in place for states to decide whether to run their own exchanges or cede control of the exchanges to the federal government, Health and Human Services Secretary Kathleen Sebelius wrote in a letter to governors. Exchanges still must be operational by Jan. 1, 2014. All governors except for 13 had withheld action on the exchanges until after the presidential election. Bloomberg Businessweek (11/10), IFAWebNews.com (11/10)     

• Republicans' plans on health care law are unclear
  House Speaker John Boehner, R-Ohio, says he no longer considers it his mission to repeal the Affordable Care Act. "It's pretty clear that the president was re-elected," Boehner says. However, his spokesman later said Boehner and House Republicans "remain committed to repealing the law, and he said in the interview it would be on the table." Reuters (11/8), Politico (Washington, D.C.) (11/8), The New York Times (tiered subscription model) (11/8)     

Hot Topics

Top five news stories selected by NAIFA SmartBrief readers in the past week.

• How the election's outcome could affect insurance (National Underwriter Life & Health)

• Expert: Life insurance helps secure financially stable retirement (BenefitsPro.com)

• The appeal and importance of long-term-care insurance (BenefitsPro.com)

• Hartford variable-annuity owners may be offered buyouts (The Wall Street Journal)

• Understand the differences between LTC and chronic-illness riders (Life Insurance Selling magazine)

• Results based on number of times each story was clicked by readers.

Building Your Business

• 7 "facts" that determine success in business
  Effective business owners set clear expectations, maintain control through well-defined procedures and processes, and make a priority of protecting company assets, according to Bill McBean, author of "The Facts of Business Life." His seven "facts" also include reaching a mastery of business principles such as accounting and finance, and being willing to fight for market share. National Underwriter Life & Health (11/11)     

NAIFA News

• Win a VIP Experience to the SEC
  Sign up for the UPS Savings Program by Nov. 15, 2012, and receive one entry into the sweepstakes to win a VIP experience at this year's SEC or Big Ten Football Championship Game. Depending on the prize awarded, the winner will receive a two-night stay at a downtown Atlanta or Indianapolis hotel, admittance to the pre-party and after-party, two game-day tickets, and game-day transportation. Sign up today for your chance to win.     

SmartQuote

Excuses change nothing, but make everyone feel better." --Mason Cooley, American aphorist