assembly Bill A6796A

2015-2016 Legislative Session

Provides protection to certain retirees from pension de-risking transactions

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to insurance
Jun 12, 2015 print number 6796a
amend and recommit to insurance
Apr 02, 2015 referred to insurance

Co-Sponsors

Multi-Sponsors

A6796 - Details

See Senate Version of this Bill:
S1092B
Law Section:
Insurance Law
Laws Affected:
Add §3219-a, Ins L; amd §5205, CPLR
Versions Introduced in 2013-2014 Legislative Session:
S6150

A6796 - Summary

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

A6796 - Bill Text download pdf

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

                                  6796

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 2, 2015
                               ___________

Introduced  by  M.  of A. ABBATE, GOLDFEDER -- 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; and to amend
  the  civil  practice  law and rules, in relation to statutorily exempt
  payments

  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
INSURER ISSUING AN ALLOCATED OR UNALLOCATED GROUP ANNUITY CONTRACT TO AN
EMPLOYER OR AN EMPLOYEE DEFINED PENSION BENEFIT PLAN  ON  BEHALF  OF  AN
EMPLOYER,  FOR THE PURPOSE OF PROVIDING RETIREMENT BENEFITS TO EMPLOYEES
OR FORMER EMPLOYEES ("RETIREES") OF THE EMPLOYER, WHICH ANNUITY BENEFITS
WILL NO LONGER BE PROTECTED UNDER THE FEDERAL EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974 ("ERISA") AND THE FEDERAL PENSION BENEFIT  GUARANTY
CORPORATION  ("PBGC")  SHALL  PROVIDE  THE  FOLLOWING INFORMATION TO THE
RETIREES PURSUANT TO REGULATIONS ADOPTED BY THE SUPERINTENDENT:
  (1) A CLEAR STATEMENT THAT PAYMENTS TO  ANNUITANTS  UNDER  AN  ANNUITY
CONTRACT  ISSUED  PURSUANT TO THIS SECTION ARE EXEMPT FROM THE CLAIMS OF
CREDITORS;
  (2) A STATEMENT THAT THE RETIREES WILL NO LONGER HAVE PROTECTION UNDER
ERISA AND THE PBGC;
  (3) THE IDENTITY AND CONTACT INFORMATION FOR THE  NEW  YORK  LIFE  AND
HEALTH  INSURANCE GUARANTY ASSOCIATION, OR ANY SUBSTITUTE OR REPLACEMENT
GUARANTY ASSOCIATION THAT PROVIDES COVERAGE TO  ANNUITANTS  RESIDING  IN
NEW YORK IN THE EVENT OF THE INSURER'S FINANCIAL IMPAIRMENT OR INSOLVEN-
CY,  AS  SET  FORTH  ON A PUBLICLY AVAILABLE WEBSITE SUCH AS THE WEBSITE
MAINTAINED BY THE LIFE INSURANCE COMPANY  GUARANTY  CORPORATION  OF  NEW
YORK (WWW.NYLIFEGA.ORG); AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02147-04-5

Co-Sponsors

Multi-Sponsors

view additional multi-sponsors

A6796A (ACTIVE) - Details

See Senate Version of this Bill:
S1092B
Law Section:
Insurance Law
Laws Affected:
Add §3219-a, Ins L; amd §5205, CPLR
Versions Introduced in 2013-2014 Legislative Session:
S6150

A6796A (ACTIVE) - Summary

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

A6796A (ACTIVE) - Bill Text download pdf

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

                                 6796--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              April 2, 2015
                               ___________

Introduced  by  M. of A. ABBATE, GOLDFEDER, SKOUFIS, GALEF, BROOK-KRASNY
  -- Multi-Sponsored by -- M. of A. BRAUNSTEIN, CURRAN, HEVESI  --  read
  once   and  referred  to  the  Committee  on  Insurance  --  committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

AN ACT to amend the insurance law, in relation to  providing  protection
  to certain retirees from pension de-risking transactions; and to amend
  the  civil  practice  law and rules, in relation to statutorily exempt
  payments

  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) FOR
PURPOSES OF THIS SECTION: (1) "EMPLOYER" MEANS  ANY  PERSON  ENGAGED  IN
BUSINESS  IN  THIS  STATE  WHO  HAS  TWO OR MORE EMPLOYEES, BUT DOES NOT
INCLUDE THE STATE OR ANY POLITICAL SUBDIVISION THEREOF;
  (2) "EMPLOYEE PENSION BENEFIT PLAN" MEANS AN "EMPLOYEE PENSION BENEFIT
PLAN", AS DEFINED IN 29 USC 1002(2)(A); AND
  (3)  "PENSION  DE-RISKING  TRANSACTION"  MEANS  ANY  TRANSACTION  THAT
INVOLVES  THE  TRANSFER  OF  PENSION BENEFITS (NOT INCLUDING HEALTH CARE
BENEFITS) FROM A PENSION PLAN PROTECTED UNDER  THE  EMPLOYEE  RETIREMENT
INCOME  SECURITY  ACT ("ERISA") TO A SUBSTITUTE PENSION BENEFIT PROVIDER
SUCH AS AN INSURANCE COMPANY LICENSED AND REGULATED UNDER STATE LAW.
  (B) ANY INSURER ISSUING AN  ALLOCATED  OR  UNALLOCATED  GROUP  ANNUITY
CONTRACT  TO  AN EMPLOYER OR AN EMPLOYEE DEFINED PENSION BENEFIT PLAN ON
BEHALF OF AN EMPLOYER, FOR THE PURPOSE OF PROVIDING RETIREMENT  BENEFITS
TO  EMPLOYEES  OR  FORMER  EMPLOYEES ("RETIREES") OF THE EMPLOYER, WHICH
ANNUITY BENEFITS WILL NO LONGER BE PROTECTED UNDER THE FEDERAL  EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974 ("ERISA") AND THE FEDERAL PENSION
BENEFIT GUARANTY CORPORATION ("PBGC") SHALL PROVIDE THE FOLLOWING INFOR-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02147-06-5

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