SB 755 — Pension de-risking; transfer of retirement annuity contracts, subject to approval of Commissioner.
Last action — Enrolled
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✓Introduced
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✓In Committee
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3Passed Senate
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4Passed House of Delegates
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5To Executive
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6Enacted
This bill died with 2018 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Limits the subsequent transfers of group annuity contracts that are purchased to fund retirement benefits pursuant to a pension de-risking transfer. The measure prohibits such transfers without the prior written approval of the State Corporation Commission. Such approval shall not be granted unless it makes certain findings regarding whether the transfer or assignment is made to an insurer that has the financial strength to fulfill its obligations under the annuity contract. 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.
Bill Text
- Senate: Bill text as passed Senate and House (SB755ER) View text Current html March 07, 2018
- Committee Substitute Senate: Committee substitute printed 18105521D-S1 html January 22, 2018
- Prefiled Senate: Prefiled and ordered printed; offered 01/10/18 18100325D html January 10, 2018
Action History
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Enrolled
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Passed House with amendments (96-Y 0-N 1-A)
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Engrossed by House as amended
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Committee amendments agreed to
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Read third time
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Read second time
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Assigned C & L sub: Subcommittee #2
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Referred to Committee on Commerce and Labor
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Read first time
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Placed on Calendar
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Engrossed by Senate - committee substitute SB755S1
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Committee substitute agreed to 18105521D-S1
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Reading of substitute waived
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Read second time
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Referred to Committee on Commerce and Labor
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Prefiled and ordered printed; offered 01/10/18 18100325D
Sponsors
- Jr. Glen H. Sturtevant · Primary
- Dawn M. Adams · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 146 not signed on
Sponsors (1)
Co-sponsors (1)
Not signed on (146)
146 members have not signed on to this bill.
Show all 146 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
Roll call published as PDF — view source.
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 96 | 0 | 0 | 0 |
| Total | 96 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (96)
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Subjects
Frequently asked questions
- What does SB 755 do?
- Limits the subsequent transfers of group annuity contracts that are purchased to fund retirement benefits pursuant to a pension de-risking transfer. The measure prohibits such transfers without the prior written approval of the State Corporation Commission. Such approval shall not be granted unless it makes certain findings regarding whether the transfer or assignment is made to an insurer that has the financial strength to fulfill its obligations under the annuity contract. 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.
- Who sponsors SB 755?
- SB 755 is sponsored by Glen H. Sturtevant, Jr. and Adams, Dawn M..
- What is the current status of SB 755?
- This bill died with 2018 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 755?
- Track SB 755 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 3 months ago · updated continuously
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