Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to insurance |
Jun 12, 2015 |
print number 6796a |
Jun 12, 2015 |
amend and recommit to insurance |
Apr 02, 2015 |
referred to insurance |
Assembly Bill A6796A
2015-2016 Legislative Session
Sponsored By
ABBATE
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
Actions
Bill Amendments
co-Sponsors
Phillip Goldfeder
James Skoufis
Sandy Galef
Alec Brook-Krasny
multi-Sponsors
Edward Braunstein
Brian F. Curran
Andrew Hevesi
2015-A6796 - Details
- See Senate Version of this Bill:
- S1092
- 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
2017-2018: A7071, S1358
2019-2020: A5818, S4864
2021-2022: A6099, S2885
2023-2024: A7150, S274
2015-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
James Skoufis
Sandy Galef
Charles Lavine
Kenneth Zebrowski
multi-Sponsors
Edward Braunstein
Brian F. Curran
Andrew Hevesi
Barbara Lifton
2015-A6796A (ACTIVE) - Details
- See Senate Version of this Bill:
- S1092
- 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
2017-2018: A7071, S1358
2019-2020: A5818, S4864
2021-2022: A6099, S2885
2023-2024: A7150, S274
2015-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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