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)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


01/10/2018Prefiled and ordered printed; offered 01/10/18 18100325D
01/10/2018Referred to Committee on Commerce and Labor
01/22/2018Impact statement from SCC (SB755)
01/22/2018Reported from Commerce and Labor with substitute (13-Y 0-N 1-A) (see vote tally)
01/22/2018Committee substitute printed 18105521D-S1
01/24/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/25/2018Read second time
01/25/2018Reading of substitute waived
01/25/2018Committee substitute agreed to 18105521D-S1
01/25/2018Engrossed by Senate - committee substitute SB755S1
01/26/2018Read third time and passed Senate (38-Y 0-N 1-A) (see vote tally)
01/31/2018Placed on Calendar
01/31/2018Read first time
01/31/2018Referred to Committee on Commerce and Labor
02/12/2018Impact statement from SCC (SB755S1)
02/15/2018Assigned C & L sub: Subcommittee #2
02/20/2018Subcommittee recommends reporting with amendments (5-Y 0-N)
02/27/2018Reported from Commerce and Labor with amendments (21-Y 0-N) (see vote tally)
03/01/2018Read second time
03/02/2018Read third time
03/02/2018Committee amendments agreed to
03/02/2018Engrossed by House as amended
03/02/2018Passed House with amendments (96-Y 0-N 1-A)
03/02/2018VOTE: PASSAGE (96-Y 0-N 1-A) (see vote tally)
03/05/2018House amendments agreed to by Senate (38-Y 0-N) (see vote tally)
03/07/2018Bill text as passed Senate and House (SB755ER)
03/07/2018Signed by Speaker
03/09/2018Impact statement from SCC (SB755ER)
03/09/2018Signed by President
03/15/2018Enrolled Bill Communicated to Governor on March 15, 2018
03/15/2018G Governor's Action Deadline Midnight, April 9, 2018
04/04/2018Governor's recommendation received by Senate
04/18/2018Senate concurred in Governor's recommendation (39-Y 0-N)
04/18/2018House concurred in Governor's recommendation (98-Y 0-N)
04/18/2018VOTE: ADOPTION (98-Y 0-N)
04/18/2018G Governor's recommendation adopted
04/18/2018Reenrolled bill text (SB755ER2)
04/18/2018Signed by President as reenrolled
04/18/2018Signed by Speaker as reenrolled
04/18/2018Enacted, Chapter 847 (effective 7/1/18)
04/18/2018G Acts of Assembly Chapter text (CHAP0847)

Duplicate Bills

The following bills are identical to this one: HB1386.