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Event Calendar

NAIFA-Statewide Local Skill Builders DOL Workshop
 (4 hours of CE)
Date: November 2, 2016
Time: 1-5pm
The Grill at Legacy Ridge
Cost: $190.00

Event Day and Date Start Time End Time
Executive Committee Mini-ALC Thursday, August 11, 2016 10:00AM 3:00 PM
Executive Committee Call Friday, September 09, 2016 10:30am 12:00 PM
NAIFA Annual Conference NAIFA Annual Conference Friday 9/16/16 -Monday 9/19/16 Las Vegas
Executive Committee Meeting Friday, October 28, 2016 9:00 AM 10:30 AM
Colorado Statewide Local Board Meeting Friday, October 28, 2016 10:30 AM 11:30AM
State Board Meeting Lunch Friday, October 28, 2016 11:30AM 12:00PM
State Board Meeting Friday, October 28, 2016 12:00pm 3:00pm
Executive Committee Call Friday, November 18, 2016 9:00 AM 10:30 AM
Executive Committee Call Friday, December 16, 2016 9:00 AM 10:30 AM
Executive Committee Meeting Friday, January 27, 2017 9:00AM 10:30 AM
Statewide Local Board Meeting Friday, January 27, 2017 10:30am 11:30am
State Board Meeting Lunch Friday, January 27, 2017 11:30 AM 12:00 PM
State Board Meeting Friday, January 27, 2017 12:00 PM 3:00 PM
Executive Committee Call Friday, February 24, 2017 9:00 AM 10:30 AM
Day on the Hill TBD 8:00am 3:00pm
Executive Committee Meeting Friday, March 24, 2017 9:00 AM 10:30 AM
Statewide Local Board Meeting Friday, March 24, 2017 10:30am 11:30am
State Board Meeting Lunch Friday, March 24, 2017 11:30 AM 12:00 PM
Annual State Board Meeting Friday, March 24, 2017 12:00 PM 3:00 PM
Executive Committee Call Friday, April 28, 2017 9:00 AM 10:30 AM
Executive Committee Call Friday, May 26, 2017 9:00 AM 10:30 AM
Executive Committee Meeting-ALC Thursday, July 20, 2017 9:00 AM 10:30 AM
State Board Meeting-Copper Mountain ALC Thursday, July 20, 2017 11:00am 12:00 PM
2017 ALC (Day 1) Copper Mountain ALC Thursday, July 20, 2017 1:00pm 9:00 PM
2017 ALC (Day 2) Copper Mountain ALC Friday, July 21, 2017 8:00 AM 1:00 PM
Executive Committee and State Board Meetings will be held at a place to be determined.



Issue: State Sponsored Retirement Plans

Date: 8/29/16

Action Taken: In a press release issued August 25, the White House announced the adoption of the Department of Labor's final rule which is designed to facilitate the enactment by states of laws establishing state-run retirement plans. The final rule will be published in the Federal Register on Tuesday, August 30th. The rule describes the provisions a state-run plan must have in order to avoid being deemed an ERISA plan, and therefore not subject to the rules and consumer protections applicable to private sector retirement plans subject to ERISA. The purpose is to make retirement savings accessible to employees who are not offered employer-sponsored plans.

The new rule requires that the plan be established and administered by the state, limits employer responsibilities to payroll deduction record-keeping and remittance (and other administrative type duties) – and, requires that the program be voluntary. The program will be considered “voluntary” even with an auto-enroll feature, if the employee can elect to opt out of the plan.

The Department of Labor also issued a proposal that would allow for the creation of similar types of retirement plans by cities or “political subdivisions” with populations greater than the least populous state (Wyoming, pop. 600k). Currently New York City and Philadelphia are exploring such plans.

Background: In recent years State lawmakers have considered legislation that would establish state-run retirement plans for private sector workers without access to an employer sponsored plan. Eight states have passed similar legislation and numerous others have conducted or are currently conducting feasibility studies.

California, Connecticut, Illinois, Maryland, and Oregon’s plans would call for mandated employee auto-enrollment plans. The
California State Assembly’s bill is expected to go to Governor Brown for signature shortly. The Massachusettes plan is narrowly limited to non-profit organizations with less than 20 employees.

Washington and New Jersey legislation establishes a voluntary retirement marketplace designed to bring together employers and private market plan providers. NAIFA supports the voluntary, market based approach followed by Washington and New Jersey.

NAIFA understands the importance of retirement security and acknowledges that many Americans are not saving enough for retirement. NAIFA rejects the premise that employees lack access to savings plans, even without an employer sponsored arrangement. Availability and access to retirement savings options are not the problem— there already exists a strong, vibrant private sector retirement plan market that offers diverse, affordable options to individuals and employers, including IRAs, ROTH IRAs, and the federal government’s new MyRA program.

Nearly 80% of full-time workers have access to a retirement plan through their employer, and more than 80% of workers with workplace access to plans participate in a plan. We believe making rules less complex and easier for employer’s to sponsor plans will better improve overall retirement readiness. State-run plans will discourge employers from offering plans, and employees will lose the opportunity for employers’ matching contributions and plan features such as auto escalation that have demonstrably shown increased retirement savings plan participation and savings rates.

NAIFA believes that states would be better served by using scarce state resources for education and outreach efforts designed to educate their citizens about the importance of saving for retirement, rather than implementing their own costly state-run plan.

Next Steps: It is vitally important to get involved with your own state legislators and educate them about the faulty premise of the government’s intentions in relieving states from ERISA requirements and thereby removing ERISA protections for the participants.

State associations should coordinate their efforts and learn from the experiences, successes, and challenges being faced in other states.

Federal legislators should be made aware that this final DOL rule is completely contrary to the final DOL fiduciary rule imposed on private sector providers and advisors.

NAIFA Staff Contact: Gary Sanders, Counsel and Vice President – Government Relations.

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A Brief History of NAIFA-Colorado

NAIFA-Colorado, originally founded as the Colorado Association of Life Underwriters (CALU) in 1935, was based on the precept that those engaged in life underwriting occupy the unique position of liaison between the purchasers and the suppliers of life and health insurance and closely-related financial products. Inherent in this role is the combination of professional duty to the client and to the company, as well. Ethical balance is required to avoid any conflict between these two obligations.
NAIFA-Colorado’s mission:

NAIFA-Colorado is an organization of insurance and financial advisors whose purpose is to serve as an information resource, to promote ethical conduct, and to enhance our professional skills and public image, and support our local associations.

The NAIFA-Colorado Board of Directors meets four times per year, promoting educational programming and continuing education. In addition, we promote advocacy through legislative functions, including IFAPAC, APIC, Legislative Receptions, and a Day on the Hill. We also send representatives to the Division of Insurance’s Producers Advisory Council to articulate our views on rules, regulation
s, and pending legislation, as it affects the field of insurance and financial planning.

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