assembly Bill A5818

2019-2020 Legislative Session

Provides protection to certain retirees from pension de-risking transactions

download bill text pdf

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Current Bill Status - In Assembly Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 19, 2019 referred to insurance

A5818 (ACTIVE) - Details

See Senate Version of this Bill:
S4864
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §3219-a, Ins L; amd §5205, CPLR
Versions Introduced in Other Legislative Sessions:
2013-2014: S6150
2015-2016: A6796, S1092
2017-2018: A7071, S1358

A5818 (ACTIVE) - Summary

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

A5818 (ACTIVE) - Bill Text download pdf


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

                                  5818

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            February 19, 2019
                               ___________

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; 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.
                                                           LBD09798-01-9

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