senate Bill S4864

2019-2020 Legislative Session

Provides protection to certain retirees from pension de-risking transactions

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Insurance 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
Mar 28, 2019 referred to insurance

Co-Sponsors

S4864 (ACTIVE) - Details

See Assembly Version of this Bill:
A5818
Current Committee:
Senate 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: S1092, A6796
2017-2018: S1358, A7071

S4864 (ACTIVE) - Summary

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

S4864 (ACTIVE) - Sponsor Memo

S4864 (ACTIVE) - Bill Text download pdf


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

                                  4864

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 28, 2019
                               ___________

Introduced  by Sens. GOUNARDES, RAMOS -- 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.
                                                           LBD09798-01-9

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