S 1796
An Act relative to pensions and the best interest of beneficiaries
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- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill aims to improve the process of managing and distributing pension benefits to ensure they are handled in the best interest of the beneficiaries. It seeks to establish clearer guidelines and oversight for pension administrators to protect retirees and their families. The legislation intends to increase transparency and accountability in pension fund management. Specifically, it focuses on ensuring that decisions regarding pension distributions prioritize the financial well-being of those receiving them.
Key provisions
- Requires pension administrators to act in the best interest of beneficiaries.
- Establishes guidelines for pension fund investment decisions.
- Mandates increased transparency in pension fund operations.
- Creates a process for beneficiaries to challenge pension decisions.
- Supports a study on pension fund performance and best practices.
Who is affected
- Pension recipients
- Pension administrators
- Retirees
- Families of retirees
- The public
Notable changes
- Introduces a standard of ‘best interest’ for pension administration.
- Requires increased reporting from pension funds.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Michael D. Brady
Cosponsor
Michael D. Brady
Arguments in favor
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Bill S.1796 194th (Current)
An Act relative to pensions and the best interest of beneficiaries
By Mr. Brady, a petition (accompanied by bill, Senate, No. 1796) of Michael D. Brady for legislation relative to pensions and the best interest of beneficiaries. Public Service.
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Bill Information
Bill Information
Presenter: Michael D. Brady
Tabs
Bill History Petitioners Committee Summary Primary Sponsor Summary
Bill History
Displaying 5 actions for Bill S.1796
| Date | Branch | Action |
| 2/27/2025 | Senate | Referred to the committee on Public Service |
| 2/27/2025 | House | House concurred |
| 6/30/2025 | Joint | Hearing scheduled for 07/09/2025 from 01:00 PM-05:00 PM in B-1 |
| 7/8/2025 | Joint | Hearing rescheduled to 07/09/2025 from 01:00 PM-05:00 PM in A-2 |
| 12/4/2025 | Senate | Accompanied a study order, see S2786 |
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