Provides protection to certain retirees from de-risking pension transactions.

New York Assembly Bill A01761 amends the insurance law to protect certain retirees from pension de-risking transactions. It defines "pension de-risking transaction" as the transfer of pension benefits from a plan protected under the Employee Retirement Income Security Act (ERISA) to a substitute provider. The bill requires insurers to inform retirees about the transfer, the loss of ERISA and Pension Benefit Guaranty Corporation (PBGC) protection, and the identity of any guaranty association. It also mandates annual disclosures about funding levels and the insurer's financial status.

Provides protection to certain retirees from de-risking pension transactions.

New York Assembly Bill A01761 amends the insurance law to protect certain retirees from pension de-risking transactions. It defines "pension de-risking transaction" as the transfer of pension benefits from a plan protected under the Employee Retirement Income Security Act (ERISA) to a substitute provider. The bill requires insurers to inform retirees about the transfer, the loss of ERISA and Pension Benefit Guaranty Corporation (PBGC) protection, and the identity of any guaranty association. It also mandates annual disclosures about funding levels and the insurer's financial status.