Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to insurance |
Jan 04, 2023 |
referred to insurance |
Senate Bill S274
2023-2024 Legislative Session
Sponsored By
(D) 26th Senate District
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
Actions
co-Sponsors
(D) 34th Senate District
(D, WF) 47th Senate District
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) - Sponsor Memo
BILL NUMBER: S274 SPONSOR: GOUNARDES 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 (Employee Retire- ment Income Security Act of 1974) and PBGC (Pension Benefit Guaranty Corporation) protections as a result of a group annuity purchase from a life insurance company. SUMMARY OF 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.
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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.