Good News and Bad News...
A follow up to the call for action for HB.3754
I have good news and bad news. Let's start with the bad news. On March 22, 2012, Governor Deval Patrick signed into law HB 3754, an act that establishes a state-run 401(k) plan for non-profits who have 20 employees or less. The outcome: many of our membership, those that are in the retirement plan marketplace, will now be in competition with the state of Massachusetts.
On behalf of NAIFA Mass, I want to thank all of you for the phone calls you made to the Governor. NAIFA Mass member, Bruce S. Hulme, made his call and sent this comment back to headquarters:
"The State of Massachusetts is at it again ... trying to directly compete with Companies like ours that provide retirement plans to Massachusetts’ employers including non-profits. The claim that affordable plans are not available to small companies in Massachusetts is simply not true!"
Here is the good news. Senator Chandler’s comprehensive Long Term Care Insurance Standard’s bill, now SB 2134, was reported favorably by the Financial Services Committee, then the Health Care Financing Committee and now is in the Senate Ways and Means Committee. This Standards bill passed the Senate last Legislative Session. In addition, Representative Mariano’s Continuing Education bill, HB 300, that NAIFA-Mass initiated, was reported favorably by the Financial Services Committee as well. This CE bill passed the House last Legislative Session. This Session, we hope the bills get passed in both Chambers and are signed by the Governor into Law.
The LTC Standards bill will provide the potential for reciprocity with other states and provide more home care benefits using long-term care insurance. The CE bill will give more incentives for advisors who are not members to join NAIFA as they would be receiving 3 additional CE credits for every year they are a NAIFA member.
We are building on our most recent Day on the Hill (DOH) on February 9, 2012, which has produced significant dividends. In an effort to meet with our Legislators collectively one last time before the Formal Session ends, we will be hosting our third and most important DOH at the State House on May 31, 2012. We feel confident that this final DOH will help advance two of NAIFA’s priority bills into Law.
We will be sending out additional communications shortly with details. In the meantime, please mark your calendar for that morning and start making appointments with your Legislators between 9:30 and 11:00 a.m. Please report your appointments and times to Linda Surovick at: firstname.lastname@example.org.
Adam Sachs, NAIFA MA Government Relations Chair
Have a question?