Bill
H 1184
Overview: H 1184, An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions, Hearing scheduled for 05/13/2025
Overview: H 1184, An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions, Hearing scheduled for 05/13/2025 from 10:00 AM-01:00 PM in A-2, Introduced on February 27, 2025.
Purpose and Intent: The purpose of this bill is to protect the pension benefits of certain retirees from being transferred to an insurance company through a pension de-risking transaction. The intent is to ensure that retirees maintain their existing pension guarantees and do not face increased risks or reduced benefits.
Key Provisions:
- Prohibits pension plans from transferring pension liabilities to an insurance company without obtaining the written consent of affected retirees.
- Requires pension plans to provide detailed disclosures to retirees about the terms, risks, and potential impacts of any proposed de-risking transaction.
- Grants retirees the right to opt out of a de-risking transaction and maintain their existing pension benefits.
- Imposes financial penalties on pension plans that violate the consent and disclosure requirements.
Affected Parties and Impacts: This bill would primarily impact retirees whose pension benefits are at risk of being transferred to an insurance company through a de-risking transaction. It could also affect pension plan administrators and insurance companies involved in these types of transactions.
Procedural and Timeline Considerations: This bill is currently in the legislative process, with a hearing scheduled for May 13, 2025. If passed, the new protections and requirements would take effect upon the bill's enactment.
Compiled from official sources — confirm details with the bill’s official record.
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