CT HB06772

Extends creditor protection to amounts payable from allocated or unallocated group annuity contracts issued to employers or pension plans for providing retirement benefits under defined benefit plans.

Covers group annuity contracts where retirement benefits were previously protected under the Employee Retirement Income Security Act of 1974 or the federal Pension Benefit Guaranty Corporation but will no longer be protected after the contract's effective date.

Maintains existing creditor protections for qualified retirement plans, IRAs, Keogh plans, Roth IRAs, education savings accounts, medical savings accounts, and federal or state employee pension plans.

Presumes that protected retirement accounts and plans are restrictions on beneficial interest transfers that are enforceable under Connecticut law, even if the participant is self-employed or a business owner.

Takes effect October 1, 2015.