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November 12, 2012
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News covering the insurance and financial advising industry

  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) LinkedInFacebookTwitterEmail this Story
  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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  • 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. (11/9) LinkedInFacebookTwitterEmail this Story
  Investment Trends 
  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), (11/10) LinkedInFacebookTwitterEmail this Story
  Hot Topics 

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

  • 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) LinkedInFacebookTwitterEmail this Story
  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. LinkedInFacebookTwitterEmail this Story
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