Pension de-risking transfer; annuities. (HB1386)

Introduced By

Del. Dawn Adams (D-Richmond) with support from co-patron Del. Marcus Simon (D-Falls Church)

Description

Pension de-risking; annuities. Limits the subsequent transfers of group annuity contracts that are purchased to fund retirement benefits pursuant to a pension de-risking transfer. The measure prohibits such transfers without the prior written approval of the State Corporation Commission. Such approval shall not be granted unless it makes certain findings regarding whether the annuity benefits will continue to be protected under ERISA or by the Federal Pension Benefit Guaranty Corporation and whether the transfer or assignment is made to an insurer that has the financial strength to fulfill its obligations under the annuity contract. The measure also provides that amounts payable to a participant of or beneficiary under such an annuity contract are exempt from the claims of creditors of the participant or beneficiary. Read the Bill »

Outcome

History