FOR IMMEDIATE RELEASE Contact: Katherine Knight Patterson
December 31, 2019 (703) 641-8142
Highlights key legislative, regulatory successes impacting the profession and the people they serve
WASHINGTON —Noting significant legislative and regulatory wins, AALU President and CEO Marc Cadin today said 2019 has been AALU’s most historic advocacy year impacting the financial security profession and the people they serve.
“This year has undoubtedly been AALU’s greatest advocacy year yet,” Cadin said. “From the most significant tax relief in the history of the profession to expanded retirement savings that will impact millions of Americans, these successes will help our members, and this entire profession, better serve their clients and put more people on the path the financial security.”
AALU and its partners successfully fought during the Tax Cuts and Jobs Act (TCJA) debate for the inclusion of the ‘passthrough deduction’ (Section 199A) to provide significant tax relief for businesses who would not benefit from the reduction in the corporate rate. After the TCJA was signed into law, AALU fought to ensure that life insurance and annuity commission income are treated as qualified business income for purposes of 199A, announced earlier this year.
“This win empowers financial security professionals to reinvest in their business and serve more clients,” Cadin continued. “It clearly reflects the critical role that life insurance professionals play in our society.”
Later in the year, AALU successfully advocated for corrections in the Transfer for Value rules, which preserved the current tax treatment of business uses of life insurance in merger and acquisition activity. AALU also worked to ensure that increased gifting in the estate planning context would not be subject to the threat of clawback – a necessary clarification from passage of the TCJA.
Lastly, throughout the year, AALU sent over 400 members to Capitol Hill to advocate for the SECURE Act, which recently passed Congress and was signed into law on December 20, 2019. The SECURE Act will create more opportunities for small businesses and workers to save on their retirement, increase lifetime income solutions, allow older workers to contribute more to their retirement accounts, and increase 401(k) coverage to part-time employees, among other important changes.
Cadin concluded, “The commitment and unwavering dedication of our members helped us secure these impactful wins. With numerous threats on the horizon, particularly in the states, advocacy and the work we do as an organization are more important than ever. As we begin the new year and our work toward unifying the profession, I have no doubt that we will build on this success in the years to come.”
AALU, the Association for Advanced Life Underwriting, is the leading organization of financial professionals who provide life insurance and retirement planning solutions for individuals, families, and businesses. AALU has a rich history of success with a single focus on the issues impacting life and annuity products, and the clients its members serve. Headquartered in Washington, D.C., AALU is committed to providing its members with the essential tools and services required to help grow their businesses, serve their clients, and protect the financial and retirement security of the American people. AALU announced on July 29, 2019, that they will be joining with GAMA International to form a new organization representing the financial security profession.
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