senate Bill S6150

2013-2014 Legislative Session

Provides protection to certain retirees from pension de-risking transactions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance

Co-Sponsors

S6150 - Details

See Assembly Version of this Bill:
A9013
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add ยง3219-a, Ins L

S6150 - Summary

Provides protection to certain retirees from de-risking pension transactions.

S6150 - Sponsor Memo

S6150 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6150

                            I N  S E N A T E

                               (PREFILED)

                             January 8, 2014
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to  providing  protection
  to certain retirees from pension de-risking transactions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The insurance law is amended by adding a new section 3219-a
to read as follows:
  S 3219-A. PENSION DE-RISKING TRANSACTIONS WITH  AN  ANNUITY.  (A)  ANY
ANNUITY  ISSUED  BY AN INSURANCE COMPANY LICENSED TO DO BUSINESS IN THIS
STATE WHICH SELLS AN ANNUITY INTENDED TO  PROVIDE  PENSION  BENEFITS  TO
RETIREES OF ANY COMPANY, CORPORATION, LIMITED LIABILITY COMPANY OR ASSO-
CIATION SHALL INCLUDE THE FOLLOWING PROVISIONS, INCLUDING BUT NOT LIMIT-
ED TO:
  (1)  MANDATORY  DISCLOSURES, REGULATORY APPROVAL AND AN OPPORTUNITY TO
CHALLENGE OR OPT OUT OF ANY PENSION DE-RISKING TRANSACTION THAT ATTEMPTS
TO TRANSFER RETIREE BENEFITS FROM A FEDERAL EMPLOYEE  RETIREMENT  INCOME
SECURITY  ACT  ("ERISA") PROTECTED PLAN TO A SUBSTITUTE BENEFIT PROVIDER
NOT COVERED UNDER ERISA;
  (2) SUPPLEMENTAL PROTECTIONS IN THE FORM OF A THIRD PARTY GUARANTEE OR
REINSURANCE CONTRACT SO AS TO EQUAL THE SCOPE OF COVERAGE OFFERED BY THE
PENSION BENEFIT GUARANTY CORPORATION ("PBGC") AFTER AN ANNUITY  PROVIDER
INSOLVENCY  AND  SUBSEQUENT  DETERMINATION  OF ANY SHORTFALLS THAT MIGHT
ARISE AFTER NEW YORK LIFE  AND  HEALTH  INSURANCE  GUARANTY  ASSOCIATION
("NYLHIGA")  CONTRIBUTIONS  ARE  DETERMINED  SO SELECT RETIREES WITHIN A
PLAN ARE NOT UNFAIRLY DISCRIMINATED AGAINST;
  (3) THE PROVISION OF ADDITIONAL PROTECTIONS INCLUDING, BUT NOT LIMITED
TO, MANDATORY DISCLOSURES BY THE TRANSFERRING ENTITY AND THE  SUBSTITUTE
PENSION  BENEFIT  PROVIDER, UNIFORM FIDUCIARY STANDARDS AND DISCLOSURES,
UNIFORM AND EQUIVALENT PROTECTION FROM CREDITORS  AND  BANKRUPTCY  TRUS-
TEES;
  (4) ALLOWING RETIREES RECEIVING PENSION BENEFITS THE OPTION TO REQUEST
A  LUMP  SUM  CASH  OUT  OPTION SUBJECT TO CERTAIN MANDATORY DISCLOSURES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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