Massachusetts H1184 aims to protect retirees from pension de-risking transactions by ensuring state law protections.

Massachusetts H1184 amends the insurance law to safeguard retirees from pension de-risking transactions. It requires regulatory approval for such transactions, mandates disclosures to retirees, and ensures third-party guaranty or reinsurance coverage. Retirees must receive a notice detailing the loss of ERISA protections and be given an opportunity to opt out. Annuity payments are exempt from creditor claims, and retirees can request lump sum payouts. The act applies to any pension de-risking transaction that transfers benefits from an ERISA-protected plan to a state-regulated provider.

Massachusetts H1184 aims to protect retirees from pension de-risking transactions by ensuring state law protections.

Massachusetts H1184 amends the insurance law to safeguard retirees from pension de-risking transactions. It requires regulatory approval for such transactions, mandates disclosures to retirees, and ensures third-party guaranty or reinsurance coverage. Retirees must receive a notice detailing the loss of ERISA protections and be given an opportunity to opt out. Annuity payments are exempt from creditor claims, and retirees can request lump sum payouts. The act applies to any pension de-risking transaction that transfers benefits from an ERISA-protected plan to a state-regulated provider.