Assembly Bill A9013

2013-2014 Legislative Session

Provides protection to certain retirees from pension de-risking transactions

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A9013 (ACTIVE) - Details

See Senate Version of this Bill:
S6150
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §3219-a, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: S1092
2017-2018: S1358
2019-2020: S4864
2021-2022: S2885
2023-2024: S274

2013-A9013 (ACTIVE) - Summary

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

2013-A9013 (ACTIVE) - Bill Text download pdf

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

                                  9013

                          I N  A S S E M B L Y

                              March 6, 2014
                               ___________

Introduced by M. of A. ABBATE -- read once and referred 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
REGARDING  THE  TAX  CONSEQUENCES  AND DISSIPATION RISKS ASSOCIATED WITH

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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