The New Jersey chapter of the National Association of Insurance and Financial Advisors has joined the growing list of organizations and legislators asking the New Jersey Department of Labor to withdraw a controversial rule that would greatly reduce the number of independent contractors in the state.
In a letter to the department, NAIFA-New Jersey Grassroots Involvement Chair Jill Van Nostrand wrote that the proposal ignores decades of legal precedent and places unnecessary burdens on highly regulated professionals who are already held to strict compliance standards.
“The proposal would especially harm New Jersey’s financial-services and insurance industries,” Van Nostrand wrote. “In these industries alone, the proposal would risk misclassifying thousands of independent contractors as employers.
“Many of these contractors will retire or relocate in response. The businesses with which they contract may decide to work with fewer contractors or provide fewer services to consumers to reduce legal risk.
“All these problems and more are documented in publicly available studies demonstrating the consequences of reclassifying independent contractors as employees. By contrast, the Department has provided the public with zero evidence to justify the boilerplate assertions that the proposal will have no adverse economic consequences,” Van Nostrand wrote.
To see the full NAIFA-NJ letter, click here.
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