Bill Text: NY S01092 | 2015-2016 | General Assembly | Amended

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

Spectrum: Moderate Partisan Bill (Democrat 6-1)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INSURANCE [S01092 Detail]

Download: New_York-2015-S01092-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         1092--B
                               2015-2016 Regular Sessions
                    IN SENATE
                                     January 8, 2015
                                       ___________
        Introduced by Sens. AVELLA, ADDABBO, HOYLMAN, KRUEGER, MARCHIONE, SAVINO
          -- read twice and ordered printed, and when printed to be committed to
          the  Committee  on  Insurance  --  committee discharged, bill amended,
          ordered reprinted as amended and  recommitted  to  said  committee  --
          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:
     1    Section 1. The insurance law is amended by adding a new section 3219-a
     2  to read as follows:
     3    §  3219-a.  Pension  de-risking  transactions with an annuity. (a) For
     4  purposes of this section: (1) "Employer" means  any  person  engaged  in
     5  business  in  this  state  who  has  two or more employees, but does not
     6  include the state or any political subdivision thereof;
     7    (2) "Employee pension benefit plan" means an "employee pension benefit
     8  plan", as defined in 29 USC 1002(2)(A); and
     9    (3)  "Pension  de-risking  transaction"  means  any  transaction  that
    10  involves  the  transfer  of  pension benefits (not including health care
    11  benefits) from a pension plan protected under  the  Employee  Retirement
    12  Income  Security  Act ("ERISA") to a substitute pension benefit provider
    13  such as an insurance company licensed and regulated under state law.
    14    (b) Any insurer issuing an  allocated  or  unallocated  group  annuity
    15  contract  to  an employer or an employee defined pension benefit plan on
    16  behalf of an employer, for the purpose of providing retirement  benefits
    17  to  employees  or  former  employees ("retirees") of the employer, which
    18  annuity benefits will no longer be protected under the federal  Employee
    19  Retirement Income Security Act of 1974 ("ERISA") and the federal Pension
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02147-05-5