On behalf of ProtectSeniors.org, a retiree advocacy group, Edward Stone debated the issue of pension de-risking at the Spring 2014 National Conference of Insurance Legislators (NCOIL) meeting in Savannah, Georgia on March 9th with Prudential Insurance’s pension expert, Dylan Tyson. Moderated by Rep. George Keiser (ND), former NCOIL President, the debate addressed questions such as […]
While the ELNY liquidation was finalized in August 2013 and cuts to annuitants began immediately, the ELNY Hardship Fund that was voluntarily established by a group of life insurance companies was not prepared to make funds available at that time. The ELNY Hardship Fund, administered by JAMS, now reports that its “regulatory review process” is […]
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Edward Stone will participate in a point-counterpoint debate on pension de-risking at the NCOIL (National Conference of Insurance Legislators) spring meeting held in Savannah, Georgia March 7-9, 2014. The proposed Pension De-Risking Model Act, sponsored by Rep. George Keiser (ND) would establish protections at the state level for retirees whose pension benefits were transferred from […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2014-02-26 19:47:592014-02-26 19:50:16NCOIL to Host Debate on Pension De-Risking Model Law
Edward Stone was a guest speaker at the National Association of Settlement Purchasers 2013 Annual Conference in Las Vegas in November 2013. Instead of sweeping the ELNY debacle under the rug, NASP and the conference participants embraced the opportunity to hear about the history of ELNY’s failed rehabilitation and its impact on both the primary […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2014-01-10 20:50:142014-01-10 20:51:01“The ELNY Saga” at the National Association of Settlement Purchasers 2013 Annual Conference
As more companies seek to reduce their pension obligations by transferring their obligations to insurance companies via annuity buy-outs, regulation of these risk transfers, including disclosures and protections for retirees will be paramount. Retirees often refer to annuity buy-outs as “pension stripping” transactions because the offloading of pension obligations to an insurance company or other […]
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Peter Bickford’s Insight Column in the September 9th issue of the Insurance Advocate is an eloquent post mortem for the Executive Life Insurance Company of New York, the death of which took a long, arduous twenty-two years and left many injured people to drown in its wake. While New York seems content to sweep ELNY out of […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-10-08 20:43:452013-10-08 20:46:03Gone, But Not Forgotten! the Remnants of ELNY
In this radio interview on Long Island’s original labor radio show, Labor Lines, Vic Fusco discusses concerns over pension de-risking, or pension stripping as retirees refer to it, with New York State Senator Tony Avella and Eddie Stone. Pension stripping is the latest tool used by corporations to remove pension liabilities from their balance […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-10-08 17:59:392013-10-08 20:47:53Eddie Stone Talks about Pension Stripping on Labor Lines Radio
New York State Senator Tony Avella will introduce legislation in the upcoming session designed to protect retirees whose pensions are sold off without advance notice. Once known as “pension de-risking” retirees refer to this method of transferring the financial risk of pensions from corporations to retirees as “pension stripping”. The method of pension stripping that […]
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The Restructuring Agreement approved by the liquidation court last April “closed” on August 8, 2013 and cuts to over 1500 Executive Life annuitants went into effect immediately. The revised schedule of cuts posted on the GABC website revealed that most annuitants saw increases in their shortfalls of 3-4%. The final schedule is expected to be […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-09-27 16:43:462013-09-27 16:44:16ELNY Cuts Went Into Effect August 8, 2013
Recently AIG, GE Capital and Prudential Financial disclosed that they are among the nonbank firms soon to be deemed systemically important financial institutions (SIFI), according to reports in the New York Times and The Economist. This designation will come with higher capital requirements for these entities and may give consumers the false impression that SIFI’s […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-09-13 21:13:462013-09-13 21:50:56TOO BIG TO FAIL? WILL THIS MAKE YOUR ANNUITY ANY SAFER?
Pension De-Risking Debated at NCOIL Meeting
On behalf of ProtectSeniors.org, a retiree advocacy group, Edward Stone debated the issue of pension de-risking at the Spring 2014 National Conference of Insurance Legislators (NCOIL) meeting in Savannah, Georgia on March 9th with Prudential Insurance’s pension expert, Dylan Tyson. Moderated by Rep. George Keiser (ND), former NCOIL President, the debate addressed questions such as […]
ELNY Hardship Fund Decisions to be Mailed
While the ELNY liquidation was finalized in August 2013 and cuts to annuitants began immediately, the ELNY Hardship Fund that was voluntarily established by a group of life insurance companies was not prepared to make funds available at that time. The ELNY Hardship Fund, administered by JAMS, now reports that its “regulatory review process” is […]
NCOIL to Host Debate on Pension De-Risking Model Law
Edward Stone will participate in a point-counterpoint debate on pension de-risking at the NCOIL (National Conference of Insurance Legislators) spring meeting held in Savannah, Georgia March 7-9, 2014. The proposed Pension De-Risking Model Act, sponsored by Rep. George Keiser (ND) would establish protections at the state level for retirees whose pension benefits were transferred from […]
“The ELNY Saga” at the National Association of Settlement Purchasers 2013 Annual Conference
Edward Stone was a guest speaker at the National Association of Settlement Purchasers 2013 Annual Conference in Las Vegas in November 2013. Instead of sweeping the ELNY debacle under the rug, NASP and the conference participants embraced the opportunity to hear about the history of ELNY’s failed rehabilitation and its impact on both the primary […]
Model Pension De-risking Act on NCOIL’s Spring Agenda
As more companies seek to reduce their pension obligations by transferring their obligations to insurance companies via annuity buy-outs, regulation of these risk transfers, including disclosures and protections for retirees will be paramount. Retirees often refer to annuity buy-outs as “pension stripping” transactions because the offloading of pension obligations to an insurance company or other […]
Gone, But Not Forgotten! the Remnants of ELNY
Peter Bickford’s Insight Column in the September 9th issue of the Insurance Advocate is an eloquent post mortem for the Executive Life Insurance Company of New York, the death of which took a long, arduous twenty-two years and left many injured people to drown in its wake. While New York seems content to sweep ELNY out of […]
Eddie Stone Talks about Pension Stripping on Labor Lines Radio
In this radio interview on Long Island’s original labor radio show, Labor Lines, Vic Fusco discusses concerns over pension de-risking, or pension stripping as retirees refer to it, with New York State Senator Tony Avella and Eddie Stone. Pension stripping is the latest tool used by corporations to remove pension liabilities from their balance […]
NY Senator Tony Avella to Introduce Bill to Combat Pension Stripping
New York State Senator Tony Avella will introduce legislation in the upcoming session designed to protect retirees whose pensions are sold off without advance notice. Once known as “pension de-risking” retirees refer to this method of transferring the financial risk of pensions from corporations to retirees as “pension stripping”. The method of pension stripping that […]
ELNY Cuts Went Into Effect August 8, 2013
The Restructuring Agreement approved by the liquidation court last April “closed” on August 8, 2013 and cuts to over 1500 Executive Life annuitants went into effect immediately. The revised schedule of cuts posted on the GABC website revealed that most annuitants saw increases in their shortfalls of 3-4%. The final schedule is expected to be […]
TOO BIG TO FAIL? WILL THIS MAKE YOUR ANNUITY ANY SAFER?
Recently AIG, GE Capital and Prudential Financial disclosed that they are among the nonbank firms soon to be deemed systemically important financial institutions (SIFI), according to reports in the New York Times and The Economist. This designation will come with higher capital requirements for these entities and may give consumers the false impression that SIFI’s […]