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NY A09330
Bill
Status
Introduced
2/23/2022
Primary Sponsor
Kevin Cahill
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AI Summary
- Authorizes CREF to merge with TIAA, with TIAA continuing as the surviving entity and CREF ceasing to exist as a separate corporate entity
- Requires approval from at least two-thirds of CREF Board of Governors and two-thirds of TIAA Board of Governors members, followed by Superintendent of Financial Services approval
- All CREF assets, liabilities, and variable annuity contracts automatically transfer to TIAA upon the merger's effective date
- Establishes a TIAA Separate Account to hold CREF assets and contracts, segregated from TIAA's general account, with each CREF investment account becoming a sub-account within the separate account
- Repeals Chapter 124 of the Laws of 1952, which originally incorporated CREF as a companion organization to TIAA
- Takes effect immediately, except the repeal of Chapter 124 takes effect upon the merger becoming effective
Legislative Description
Authorizes and empowers the College Retirement Equities Fund (CREF) to merge with the Teachers Insurance and Annuity Association (TIAA) with CREF ceasing to be a corporate entity and TIAA as the surviving entity.
Last Action
referred to insurance
2/23/2022
Committee Referrals
Insurance2/23/2022
Full Bill Text
No bill text available