VA SB755 | 2018 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 18 2018 - 100% progression
Action: 2018-04-18 - Governor: Acts of Assembly Chapter text (CHAP0847)
Text: Latest bill text (Chaptered) [HTML]

Summary

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 requires that a transfer to an insurer that does not have a rating equivalent of A or better from two or more nationally recognized rating agencies requires the prior written approval of the State Corporation Commission. Such approval shall not be granted unless which approval shall not be granted unless the assuming insurer meets the requirements of Virginia Code ?§38.2-1024. 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.

Tracking Information

Register now for our free OneVote public service or GAITS Professional trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

Pension de-risking; transfer of retirement annuity contracts, subject to approval of Commissioner.

Sponsors


Roll Calls

2018-04-18 - House - House: VOTE: ADOPTION (98-Y 0-N) (Y: 98 N: 0 NV: 2 Abs: 0) [PASS]
2018-04-18 - Senate - Senate: Senate concurred in Governor's recommendation (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2018-03-05 - Senate - Senate: House amendments agreed to by Senate (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2018-03-02 - House - House: VOTE: PASSAGE (96-Y 0-N 1-A) (Y: 96 N: 0 NV: 3 Abs: 1) [PASS]
2018-02-27 - House - House: Reported from Commerce and Labor with amendments (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2018-02-20 - House - House: Subcommittee recommends reporting with amendments (5-Y 0-N) (Y: 5 N: 0 NV: 2 Abs: 1) [PASS]
2018-01-26 - Senate - Senate: Read third time and passed Senate (38-Y 0-N 1-A) (Y: 38 N: 0 NV: 1 Abs: 1) [PASS]
2018-01-24 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2018-01-22 - Senate - Senate: Reported from Commerce and Labor with substitute (13-Y 0-N 1-A) (Y: 13 N: 0 NV: 0 Abs: 1) [PASS]

History

DateChamberAction
2018-04-18 Governor: Acts of Assembly Chapter text (CHAP0847)
2018-04-18HouseEnacted, Chapter 847 (effective 7/1/18)
2018-04-18HouseSigned by Speaker as reenrolled
2018-04-18SenateSigned by President as reenrolled
2018-04-18SenateReenrolled bill text (SB755ER2)
2018-04-18SenateReenrolled
2018-04-18 Governor: Governor's recommendation adopted
2018-04-18HouseVOTE: ADOPTION (98-Y 0-N)
2018-04-18HouseHouse concurred in Governor's recommendation (98-Y 0-N)
2018-04-18SenateSenate concurred in Governor's recommendation (39-Y 0-N)
2018-04-04SenateGovernor's recommendation received by Senate
2018-03-15 Governor: Governor's Action Deadline Midnight, April 9, 2018
2018-03-15SenateEnrolled Bill Communicated to Governor on March 15, 2018
2018-03-09SenateSigned by President
2018-03-07HouseSigned by Speaker
2018-03-07SenateBill text as passed Senate and House (SB755ER)
2018-03-07SenateEnrolled
2018-03-05SenateHouse amendments agreed to by Senate (38-Y 0-N)
2018-03-02HouseVOTE: PASSAGE (96-Y 0-N 1-A)
2018-03-02HousePassed House with amendments (96-Y 0-N 1-A)
2018-03-02HouseEngrossed by House as amended
2018-03-02HouseCommittee amendments agreed to
2018-03-02HouseRead third time
2018-03-01HouseRead second time
2018-02-27HouseReported from Commerce and Labor with amendments (21-Y 0-N)
2018-02-20HouseSubcommittee recommends reporting with amendments (5-Y 0-N)
2018-02-15HouseAssigned C & L sub: Subcommittee #2
2018-01-31HouseReferred to Committee on Commerce and Labor
2018-01-31HouseRead first time
2018-01-31HousePlaced on Calendar
2018-01-26SenateRead third time and passed Senate (38-Y 0-N 1-A)
2018-01-25SenateEngrossed by Senate - committee substitute SB755S1
2018-01-25SenateCommittee substitute agreed to 18105521D-S1
2018-01-25SenateReading of substitute waived
2018-01-25SenateRead second time
2018-01-24SenateConstitutional reading dispensed (40-Y 0-N)
2018-01-22SenateCommittee substitute printed 18105521D-S1
2018-01-22SenateReported from Commerce and Labor with substitute (13-Y 0-N 1-A)
2018-01-10SenateReferred to Committee on Commerce and Labor
2018-01-10SenatePrefiled and ordered printed; offered 01/10/18 18100325D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
3823111.1(n/a)See Bill Text
3823122.1(n/a)See Bill Text
3823125(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+SB755
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB755+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB755S1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB755ER+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB755ER2+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+CHAP0847+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+S02V0037+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+SV0119SB0755+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+SV0161SB0755+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H1402V0048+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H14V0194+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+HV1244+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+SV0876SB0755+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+SV1237SB0755+SB0755
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+HV1673+SB0755

Bill Comments

feedback