Loading chat...
NY S08126
Bill
Status
1/25/2022
Primary Sponsor
Neil Breslin
Click for details
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 by at least two-thirds of CREF Board of Governors and two-thirds of TIAA Board of Governors members, followed by submission to the New York Superintendent of Financial Services for final approval.
-
Transfers all CREF assets, liabilities, and variable annuity contracts to TIAA effective upon filing the approved Plan of Combination with the New York County clerk's office.
-
Establishes a TIAA Separate Account to segregate CREF's assets and liabilities from TIAA's general account, with each CREF investment account becoming a separate investment sub-account within the TIAA Separate Account.
-
Repeals Chapter 124 of the Laws of 1952, which established CREF as a companion organization to TIAA for issuing variable annuity contracts.
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
COMMITTED TO RULES
6/3/2022