DD.C.

How to Hug a Porcupine: Relationship Building with Elected Officials

Top four takeaways from the Congressional Management Foundation’s webinar on building relationships with lawmakers: The form of advocacy that most influences Members of Congress is in-person meetings with constituents – especially constituents who are representing a larger group or organization. In CMF’s research and surveys, these meetings ranked significantly higher than meetings with lobbyists. The…

New Jersey and Massachusetts Fiduciary Proposals

New Jersey proposed a rule in April that would apply a fiduciary duty to all brokers and advisors registered with the NJ Bureau of Securities – including advice around the opening of or transfer of assets to any type of account. While the proposal applies to the sale of securities, it does not apply to…

Marathon Mark-up to Extend Popular Tax Breaks Paid for with Estate Taxes

To pay for the cost of the tax extender bill, Democrats proposed rolling back the temporarily doubled estate and gift tax exemptions enacted in the TCJA—the doubled exemptions would sunset in 2022 instead of 2025. As we stressed during the passage of the TCJA, Democrats would likely look at the estate tax as a revenue…

Ambassadors in Action: Russell Vandevelde and Rep. Terri Sewell

At the luncheon, the conversation stretched from the recently passed SECURE Act, the invaluable role that companies can have in helping their employees save for retirement, and how the business uses of life insurance can help companies recruit and retain key employees in cities like Birmingham. The Congresswoman asked questions about tax reform and its…

Democratic Debates to Refine Overwhelming Field before Primaries

The first Democratic debate is limited to 20 candidates. Thus far 19 have qualified. Each candidate has two paths to inclusion in the upcoming debate. Any candidate who has at least 65,000 individual donors and a minimum of 200 donors across 20 States will make the cut. Alternatively, any candidate who receives one percentage point…

Ambassadors in Action – Congressman Schweikert tours MassMutual Office in Phoenix

Congressman Schweikert, who serves on the Ways and Means Committee, visited with Jeff and the team in Phoenix. Representative Schweikert’s day began with a tour of the facility, which included a history of the company and an overview of the profession’s footprint in Arizona. He saw firsthand the team that works to provide value for…

From Producer to Politician with Representative Brad Schneider (D-IL)

During the dinner, Congressman Schneider discussed a variety of topics with the group including health care, the 2020 election, and tax reform. The Congressman wants to use his new position on the House Ways and Means committee to get things done in Washington, and he intends to work with his fellow committee members to pass…

Client Piece – Transfer for Value

The Details – Courtesy of Ken Kies, Federal Policy Group The Code generally excludes death benefits from being treated as taxable income.1 However, there is a general exception to this exclusion for death benefits paid on contracts that were transferred for “valuable consideration.”2 This “transfer for value” rule (“TFV Rule”) generally applies to any “transfer”…

Retirement Help for Individuals with Student Loan Debt

IRS Guidance In 2018, the IRS addressed matching contributions for student loan repayments when it issued a Private Letter Ruling (PLR) in response to such a program set up by Abbott Labs. The IRS concluded that the program would not violate the regulations covering 401(k) plans. Earlier this week, Stephen Tackney, Deputy Associate Chief Counsel…

Ambassadors in Action

Ambassadors in Action with Senator Tim Scott (R-SC) Over the last few years, John Watson has developed a close relationship with Senator Scott. On April 28, John and Penn Mutual hosted the senator for dinner, where the friendship and mutual respect they have developed was evident as the pair entertained guests over dinner. The senator…