One of the benefits of being a long-time leader in life insurance industry is the opportunity to meet with our elected leaders to discuss trends and the current state of the life insurance and long-term care industry. In that regard, one of the people Carl Peterson, a managing principal of Lindberg & Ripple, has had the opportunity to meet with is Senator Susan Collins.
Senator Collins is serving as the senior United States senator from Maine. She has held her seat since 1997 and is Maines longest serving member of Congress. On Monday December 12th, 2022, Carl and Marc Cadin, CEO of Finseca, met up with Senator Collins in Washington D.C. This isn’t the first time Carl has had the opportunity to meet with Senator Collins; they met in 2019 to discuss the Secure Act. With Secure 2.0 on the horizon, Carl and Senator Collins had another opportunity to reconnect. Senator Collins has been open to hearing our message on estate tax legislation: “Stop moving the goal posts so that families are confident they know what the rules will be and can plan.” Senator Collins has been supportive of our message as it seems to align with her goals to improve retirement security and other senior issues.
The omnibus appropriations bill includes Secure 2.0 which will bring more changes to the retirement system. The Senate approved the bill on Thursday and the House approved the bill on Friday. Now, President Joe Biden has until December 30th to sign the bill.
Legislation that affects the financial services industry is always evolving and is often a topic on the floor, and it is important for Senators to have an understanding the implications of any legislation presented when voting on a bill. While interacting with the insurance industry to understand legislation on the floor, Carl and Senator Collins have had regular annual opportunities to meet and discuss the ever-evolving trends. File # 5370083.1.