Virginia House Bill 1386 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 2)
Status: Introduced on January 13 2018 - 25% progression, died in committee
Action: 2018-02-13 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Introduced) [HTML]

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.

Pension de-risking transfer; annuities.

Del. Dawn Adams [D]

Del. Marcus Simon [D]

Date	Chamber	Action
2018-02-13	House	Left in Commerce and Labor
2018-02-06	House	Subcommittee recommends continuing to 2019 by voice vote
2018-01-25	House	Assigned C & L sub: Subcommittee #2
2018-01-13	House	Referred to Committee on Commerce and Labor
2018-01-13	House	Presented and ordered printed 18104748D

Chapter	Article	Section	Citation Type	Statute Text
38	2	3111.1	(n/a)	See Bill Text
38	2	3122.1	(n/a)	See Bill Text
38	2	3125	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+HB1386
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB1386+hil