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Bill

Bill

A 1761

Provides protection to certain retirees from pension de-risking transactions

2025 Regular Session Introduced by Stacey Pheffer Amato

Bill A 1761 protects retirees from pension de-risking by ensuring their benefits remain intact, requiring clear disclosures, and establishing regulatory oversight.

REFERRED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · A 1761

Summary of Bill A 1761

Bill Information

  • Bill Number: A 1761
  • Title: Provides protection to certain retirees from pension de-risking transactions
  • Status: Referred to Insurance
  • Introduced: January 14, 2025
  • Classification: Bill

Purpose and Intent

Bill A 1761 aims to safeguard retirees from the potential negative impacts of pension de-risking transactions. Pension de-risking refers to strategies employed by pension plans to reduce their financial risk, often involving the transfer of pension obligations to third parties or the purchase of annuities. This bill seeks to ensure that retirees maintain their expected benefits and are not adversely affected by such financial maneuvers.

Key Provisions

The bill includes several important provisions designed to protect retirees, including:

  • Protection of Benefits: Ensures that retirees retain their pension benefits without reduction or alteration due to de-risking activities.
  • Disclosure Requirements: Mandates that pension plans provide clear and comprehensive information to retirees regarding any de-risking transactions that may affect their benefits.
  • Regulatory Oversight: Establishes guidelines for regulatory bodies to monitor pension de-risking activities and ensure compliance with the new protections.

Who Would Be Affected

The primary beneficiaries of Bill A 1761 are retirees who are currently receiving or are entitled to receive pension benefits from plans that may engage in de-risking transactions. Additionally, pension plan administrators and financial institutions involved in these transactions will be impacted by the new regulatory requirements and oversight.

Procedural Aspects

  • The bill was introduced on January 14, 2025, and has been referred to the Insurance committee for further consideration.
  • The legislative process will involve discussions, potential amendments, and voting within the committee before it can proceed to the full legislative body.

Related Bills

Bill A 1761 is part of a broader legislative context, with several related bills from prior sessions, including:
- A 6796
- A 7071
- A 5818
- A 6099
- A 7150

These related bills may address similar issues or provide additional context regarding pension protections and retiree benefits.

Conclusion

Bill A 1761 represents a proactive approach to protecting retirees from the complexities and risks associated with pension de-risking transactions. By establishing clear protections and regulatory oversight, the bill aims to ensure that retirees can rely on their pension benefits without fear of unexpected changes or reductions.

Compiled from official sources — confirm details with the bill’s official record.

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