Category: Government

NAIFA Advocacy Pays off – State Retirement Plans Now Fall under ERISA

NAIFA pic

NAIFA
Image: NAIFA.org

A graduate of the University of Michigan, Michael Sordyl has served as a financial advisor with a number of firms throughout Ohio and Michigan for the last decade and currently works with the Ashley Group in Ohio. Active in his field, Michael Sordyl is a member of the National Association of Insurance and Financial Advisors (NAIFA).

As a result of NAIFA’s advocacy, the Senate recently approved legislation that makes state employee pensions subject to the Employee Retirement Income Security Act (ERISA). These plans had previously been exempt from ERISA oversight through guidelines handed down from the Department of Labor. Under the new law, however, state employees will now be afforded the same safety net that private retirement investors enjoy.

Another important outcome of the law is that government plans no longer have a competitive advantage over private-market retirement products due to a lack of regulatory oversight. With adequate market competition and protections in place for investors, the law ensures that savers come out as the main benefactors.

NAIFA and ACLI Challenge Labor Department’s Fiduciary Regulation

NAIFA pic

NAIFA
Image: NAIFA.org

The recipient of a physics degree from the University of Michigan, Michael Sordyl has since entered the financial industry. He currently serves as a financial advisor for the Ashley Group in Ohio. Michael Sordyl is a member of the National Association of Insurance and Financial Advisors (NAIFA).

Founded in 1890, NAIFA stands as the largest association of its kind in the country. It represents various professionals in the field, including financial advisors, insurance agents, and multiline agents. NAIFA performs several functions, including advocating for a positive legislative environment, enhancing members’ skills, and enforcing ethical standards.

As a part of its advocacy efforts, NAIFA teams up with other agencies to challenge regulations that undermine the welfare of members’ clients. In June of 2016, NAIFA partnered with the American Council of Life Insurers to file a lawsuit that challenged the U.S. Labor Department’s fiduciary regulation. In a statement, both organizations criticized the regulation for being unreasonable and unbalanced, as it will limit Americans’ access to information about available financial products as well as the availability of lifetime income products.

To learn more about the joint litigation effort, visit NAIFA.org.