New York – Pension De-Risking Legislation

On January 3, 2018, Assembly Bill, A7071 – AN ACT to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions; and to amend the civil practice law and rules, in relation to statutorily exempt payments – was referred to the Insurance Committee.  This is the first step in working towards the enactment of legislation to replace some of the protections lost to retirees in pension de-risking transfers.  This bill is sponsored by Senator Tony Avella and Assemblyman Peter Abbate.