An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions

The Pension De-Risking Act protects retirees when their pension benefits are transferred from an ERISA-protected plan to an insurance company or alternative provider. It requires state insurance commissioners to approve such transactions and mandates third-party insurance or guarantees to cover retirees if the insurer fails, matching the federal PBGC's coverage level. The law also requires detailed disclosures about lost ERISA protections, tax changes, and costs, and gives retirees 90 days to opt out with a lump sum payment option (based on a standardized discount rate). Retirees' assets must be held in trust, and annuity payments are shielded from creditor claims.