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