During the last week of May, NAPA PAC hosted a meeting with Sen. Kay Hagan (D-NC), who serves on the Senate Committee on Health, Education, Labor, and Pensions, to discuss the prospects for federal tax reform and the Department of Labor's proposed regulation on the definition of a fiduciary. The meeting was facilitated by NAPA PAC Political Director Jim Dornan and hosted by NAPA member Joe Gordon of Gordon Asset Management, LLC of Raleigh, NC. Local NAPA advisors attended to talk with Sen. Hagan about our industry.
Hagan expressed her support for NAPA's position opposing the original DOL regulations proposed in 2010, as well as her deep reservations about whether the regulations would be improved from the original proposal when they are re-proposed. She related how her personal work experience with North Carolina National Bank and subsequently Bank of America made her deeply appreciate the role of a fiduciary in overseeing the proper investment and administration of trust assets for the named beneficiaries.
Hagan also discussed her recent meeting with Phylis Borzi, head of the DOL’s Employee Benefits Security Administration, about the current rule, the re-proposed rule and the conflicts that exist between the DOL and the Securities and Exchange Commission on the definition of fiduciary.
The DOL’s efforts to re-propose its fiduciary definition rule have been delayed until January 2015 — thanks in part to NAPA PAC’s continued pressure and work on Capitol Hill.
Also discussed: the devastating tax reform draft floated by House Ways & Means Chairman Dave Camp (R-MI), which contains provisions to freeze deferrals for 10 years and would subject individuals in a proposed new 35% income tax bracket to an additional 10% surtax on contributions to qualified retirement plans. Hagan shared NAPA’s concern about the damage these proposals could have on the retirement savings of millions of Americans.
This meeting is just one of many meetings NAPA PAC is hosting around the country and in Washington, D.C. to educate members of Congress and ensure that our elected representatives understand the importance of America’s retirement system.
To join the NAPA members who have decided to take action to protect our industry through advocacy on Capitol Hill, click here to contribute to NAPA PAC.
Alisa Wolking is NAPA’s Grassroots Advocacy Manager.
