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2018 SESSION
SB 755 Pension de-risking; transfer of retirement annuity contracts, subject to approval of Commissioner.
Introduced by: Glen H. Sturtevant, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)
Pension de-risking; annuities. Limits the subsequent transfers of group annuity contracts that are purchased to fund retirement benefits pursuant to a pension de-risking transfer. The measure requires that a transfer to an insurer that does not have a rating equivalent of A or better from two or more nationally recognized rating agencies requires the prior written approval of the State Corporation Commission. Such approval shall not be granted unless which approval shall not be granted unless the assuming insurer meets the requirements of Virginia Code § 38.2-1024. The measure also provides that amounts payable to a participant of or beneficiary under such an annuity contract are exempt from the claims of creditors of the participant or beneficiary, subject to certain exceptions and limitations.
FULL TEXT
- 01/10/18 Senate: Prefiled and ordered printed; offered 01/10/18 18100325D pdf | impact statement
- 01/22/18 Senate: Committee substitute printed 18105521D-S1 pdf | impact statement
- 03/07/18 Senate: Bill text as passed Senate and House (SB755ER) pdf | impact statement
- 04/18/18 Senate: Reenrolled bill text (SB755ER2) pdf
- 04/18/18 Governor: Acts of Assembly Chapter text (CHAP0847) pdf
AMENDMENTS
- House subcommittee amendments and substitutes
- House committee and floor amendments
- House amendments engrossed
- Governor's recommendation
HISTORY
- 01/10/18 Senate: Prefiled and ordered printed; offered 01/10/18 18100325D
- 01/10/18 Senate: Referred to Committee on Commerce and Labor
- 01/22/18 Senate: Reported from Commerce and Labor with substitute (13-Y 0-N 1-A)
- 01/22/18 Senate: Committee substitute printed 18105521D-S1
- 01/24/18 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/25/18 Senate: Read second time
- 01/25/18 Senate: Reading of substitute waived
- 01/25/18 Senate: Committee substitute agreed to 18105521D-S1
- 01/25/18 Senate: Engrossed by Senate - committee substitute SB755S1
- 01/26/18 Senate: Read third time and passed Senate (38-Y 0-N 1-A)
- 01/31/18 House: Placed on Calendar
- 01/31/18 House: Read first time
- 01/31/18 House: Referred to Committee on Commerce and Labor
- 02/15/18 House: Assigned C & L sub: Subcommittee #2
- 02/20/18 House: Subcommittee recommends reporting with amendments (5-Y 0-N)
- 02/27/18 House: Reported from Commerce and Labor with amendments (21-Y 0-N)
- 03/01/18 House: Read second time
- 03/02/18 House: Read third time
- 03/02/18 House: Committee amendments agreed to
- 03/02/18 House: Engrossed by House as amended
- 03/02/18 House: Passed House with amendments (96-Y 0-N 1-A)
- 03/02/18 House: VOTE: PASSAGE (96-Y 0-N 1-A)
- 03/05/18 Senate: House amendments agreed to by Senate (38-Y 0-N)
- 03/07/18 Senate: Enrolled
- 03/07/18 Senate: Bill text as passed Senate and House (SB755ER)
- 03/07/18 House: Signed by Speaker
- 03/09/18 Senate: Signed by President
- 03/15/18 Senate: Enrolled Bill Communicated to Governor on March 15, 2018
- 03/15/18 Governor: Governor's Action Deadline Midnight, April 9, 2018
- 04/04/18 Senate: Governor's recommendation received by Senate
- 04/18/18 Senate: Senate concurred in Governor's recommendation (39-Y 0-N)
- 04/18/18 House: House concurred in Governor's recommendation (98-Y 0-N)
- 04/18/18 House: VOTE: ADOPTION (98-Y 0-N)
- 04/18/18 Governor: Governor's recommendation adopted
- 04/18/18 Senate: Reenrolled
- 04/18/18 Senate: Reenrolled bill text (SB755ER2)
- 04/18/18 Senate: Signed by President as reenrolled
- 04/18/18 House: Signed by Speaker as reenrolled
- 04/18/18 House: Enacted, Chapter 847 (effective 7/1/18)
- 04/18/18 Governor: Acts of Assembly Chapter text (CHAP0847)