|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to insurance|
|Jan 09, 2017||referred to insurance|
senate Bill S1358
Archive: Last Bill Status - In Senate Committee Insurance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1358 (ACTIVE) - Details
S1358 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1358 TITLE OF BILL : 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 PURPOSE OR GENERAL IDEA OF BILL : The purpose of the bill is to provide necessary protection to retirees whose pension plans are entirely divested of all ERISA and PBGC protections as a result of a group annuity purchase from a life insurance company. SUMMARY OF SPECIFIC PROVISIONS : Section 1 of the bill amends the insurance law by adding a new section 3219-a relating to pension de-risking transactions with an annuity. Section (a) of the bill sets forth definitions of "employer", "employee pension benefit plan" and "pension de-risking transaction". The new section requires that an annuity issued by an insurance company licensed to do business in New York State which sells an annuity intended to provide pension benefits to retirees of any
S1358 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1358 2017-2018 Regular Sessions I N S E N A T E January 9, 2017 ___________ Introduced by Sens. AVELLA, ADDABBO, COMRIE, HOYLMAN, KRUEGER, SAVINO -- 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; 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: § 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- MATION TO THE RETIREES PURSUANT TO REGULATIONS ADOPTED BY THE SUPER- INTENDENT: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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