Public Hearing on Connecticut De-Risking Bill

Edward Stone, as special counsel to provided testimony at a Public Hearing in Hartford, Connecticut on February 16, 2017 in support of Proposed Bill No. 493 “AN ACT CONCERNING THE PURCHASE OF AN ANNUITY TO FUND PENSION AND RETIREMENT BENEFITS”.  Jack Cohen, Chairman of the Association of Bell-Tel Retirees, Inc. and Bill Jones, Co-founder and Chairman of also submitted written testimony in support of Senate Bill No. 493.  This bill, sponsored by Senator Carlo Leone (D-27) will provide additional protects to retirees by requiring reasonable restrictions on subsequent transfers and annual financial disclosures to retirees. Senator Leone also submitted a written statement in support of Senate Bill 493. In 2015 ground breaking legislation was passed in Connecticut providing protections to retirees in pension de-risking transfers when the Connecticut legislature unanimously passed H.B. 6772 providing creditor protections to retirees in pension de-risking transfers.  On July 2, 2015 Governor Dannel P. Malloy (D) signed Public Act 15-167 into law  restoring creditor protections to Connecticut retirees impacted by  pension de-risking transfers. Without this legislation, creditors were able to garnish annuity payments designed for retirement.