MA H1184

Requires Insurance Commissioner approval before any pension de-risking transaction that transfers retiree benefits from ERISA-protected plans to state-regulated insurance company annuities

Mandates third-party guarantees or reinsurance contracts to match Pension Benefit Guaranty Corporation (PBGC) coverage levels in case of annuity provider insolvency

Requires detailed disclosures to retirees before transfer (loss of federal protections, state guaranty coverage, creditor exposure, tax changes, transaction costs) and annual disclosures thereafter (funding levels, investment performance, expenses)

Gives retirees at least 90 days' notice and the right to opt out of de-risking transactions, with a lump sum payout option calculated at no more than 200 basis points over the 10-year Treasury Note rate

Exempts annuity payments from creditor claims and bankruptcy trustees (except qualified domestic relations orders) and requires assets to be held in trust for retirees' benefit