Pension de-risking; transfer of retirement annuity contracts, subject to approval of Commissioner. (SB755)
Introduced By
Sen. Glen Sturtevant (R-Midlothian) with support from co-patron Del. Dawn Adams (D-Richmond)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
✓ |
Became Law |
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 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, subject to certain exceptions and limitations. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/10/2018 | Prefiled and ordered printed; offered 01/10/18 18100325D |
01/10/2018 | Referred to Committee on Commerce and Labor |
01/22/2018 | Impact statement from SCC (SB755) |
01/22/2018 | Reported from Commerce and Labor with substitute (13-Y 0-N 1-A) (see vote tally) |
01/22/2018 | Committee substitute printed 18105521D-S1 |
01/24/2018 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
01/25/2018 | Read second time |
01/25/2018 | Reading of substitute waived |
01/25/2018 | Committee substitute agreed to 18105521D-S1 |
01/25/2018 | Engrossed by Senate - committee substitute SB755S1 |
01/26/2018 | Read third time and passed Senate (38-Y 0-N 1-A) (see vote tally) |
01/31/2018 | Placed on Calendar |
01/31/2018 | Read first time |
01/31/2018 | Referred to Committee on Commerce and Labor |
02/12/2018 | Impact statement from SCC (SB755S1) |
02/15/2018 | Assigned C & L sub: Subcommittee #2 |
02/20/2018 | Subcommittee recommends reporting with amendments (5-Y 0-N) |
02/27/2018 | Reported from Commerce and Labor with amendments (21-Y 0-N) (see vote tally) |
03/01/2018 | Read second time |
03/02/2018 | Read third time |
03/02/2018 | Committee amendments agreed to |
03/02/2018 | Engrossed by House as amended |
03/02/2018 | Passed House with amendments (96-Y 0-N 1-A) |
03/02/2018 | VOTE: PASSAGE (96-Y 0-N 1-A) (see vote tally) |
03/05/2018 | House amendments agreed to by Senate (38-Y 0-N) (see vote tally) |
03/07/2018 | Enrolled |
03/07/2018 | Bill text as passed Senate and House (SB755ER) |
03/07/2018 | Signed by Speaker |
03/09/2018 | Impact statement from SCC (SB755ER) |
03/09/2018 | Signed by President |
03/15/2018 | Enrolled Bill Communicated to Governor on March 15, 2018 |
03/15/2018 | G Governor's Action Deadline Midnight, April 9, 2018 |
04/04/2018 | Governor's recommendation received by Senate |
04/18/2018 | Senate concurred in Governor's recommendation (39-Y 0-N) |
04/18/2018 | House concurred in Governor's recommendation (98-Y 0-N) |
04/18/2018 | VOTE: ADOPTION (98-Y 0-N) |
04/18/2018 | G Governor's recommendation adopted |
04/18/2018 | Reenrolled |
04/18/2018 | Reenrolled bill text (SB755ER2) |
04/18/2018 | Signed by President as reenrolled |
04/18/2018 | Signed by Speaker as reenrolled |
04/18/2018 | Enacted, Chapter 847 (effective 7/1/18) |
04/18/2018 | G Acts of Assembly Chapter text (CHAP0847) |