H 1184
An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to protect retirees whose pension plans have undergone ‘de-risking’ transactions. De-risking involves reducing the investment risk of a pension plan, often by shifting investments to less volatile assets. The bill seeks to ensure that retirees maintain the expected benefits outlined in their original pension agreements, even after these changes occur. It does this by requiring certain disclosures and potentially limiting the ability of pension plan sponsors to significantly alter benefit terms.
Key provisions
- Requires pension plan sponsors to provide retirees with specific information about de-risking transactions.
- Establishes guidelines for how pension benefits can be adjusted during de-risking.
- Potentially limits the ability of sponsors to reduce guaranteed benefit levels.
- Focuses on protecting retirees from significant reductions in their pension income.
Who is affected
- Retirees
- Pension Plan Sponsors
- Insurance Companies
- Financial Services Industry
Notable changes
- Addresses a relatively new practice – pension de-risking – which can impact retiree benefits.
- Introduces a regulatory framework to manage the potential negative consequences of these transactions.
- May require pension plans to maintain certain levels of investment risk to protect retiree income.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Ryan M. Hamilton
Cosponsor
Ryan M. Hamilton
Arguments in favor
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Bill H.1184 194th (Current)
An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions
By Representative Hamilton of Methuen, a petition (accompanied by bill, House, No. 1184) of Ryan M. Hamilton for legislation to provide protection for certain pension plans. Financial Services.
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Bill Information
Bill Information
Presenter: Ryan M. Hamilton
Tabs
Bill History Petitioners Committee Vote Committee Summary Hearing Attendance
Bill History
Displaying 4 actions for Bill H.1184
| Date | Branch | Action |
| 2/27/2025 | House | Referred to the committee on Financial Services |
| 2/27/2025 | Senate | Senate concurred |
| 5/7/2025 | Joint | Hearing scheduled for 05/13/2025 from 10:00 AM-01:00 PM in A-2 |
| 4/21/2026 | House | Accompanied a study order, see H5336 |
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