Senate Bill S274

2023-2024 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 Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S274 (ACTIVE) - Details

See Assembly Version of this Bill:
A7150
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
2019-2020: S4864, A5818
2021-2022: S2885, A6099

2023-S274 (ACTIVE) - Summary

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

2023-S274 (ACTIVE) - Sponsor Memo

2023-S274 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    274
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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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