Massachusetts H1184: An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions

What the bill says

From the introduced text, February 27, 2025:

Section 1. Short Title This act shall be known and may be cited as the Pension De-Risking Act. Section 2. Statement of Purpose To provide protections to retirees whose pension benefits are transferred from a pension plan protected under the Employee Retirement Income Security Act (“ERISA”) to a substitute pension benefit provider such as an insurance company licensed and regulated under state law. Section 3. Declaration of Legislative Findings and Intent Retiree benefits under pension plans that were previously protected under ERISA are increasingly being transferred to insurance companies in pension de-risking or “pension stripping” transactions involving the purchase of group annuity contracts governed under state law. State laws should be enacted or amended to provide reasonably equivalent protection to retirees in de-risking transactions who lose benefits Congress intended under ERISA. Section 4. Applicability This Act shall apply to any insurance company or other benefit provider that issues a group annuity contract or other retirement funding vehicle governed by state law to replace pension plan benefits under a retirement plan previously governed by ERISA. Section 5. Regulatory Approval All pension de-risking or pension stripping transactions that divest retirees of ERISA protections shall be approved by the Commissioner prior to implementation. Section 6. Third-Party Guaranty or Reinsurance All de-risking transactions shall include supplemental protections in the form of a third party …

Read the full official text

Sponsors

• Ryan Hamilton (D) · primary sponsor

Latest actions

1. April 21, 2026: Accompanied a study order, see H5336
2. February 25, 2026: Accompanied a study order, see H5143
3. October 21, 2025: Hearing rescheduled to 10/21/2025 from 11:00 AM-11:45 PM in A-2 and Virtual<br> <span style="color: blue; font-style: italic;">Hearing updated to New End Time</span>
4. May 7, 2025: Hearing scheduled for 05/13/2025 from 10:00 AM-01:00 PM in A-2
5. February 27, 2025: Senate concurred
6. February 27, 2025: Referred to the committee on Financial Services

Votes

• Committee Vote - Joint Committee on Financial Services (August 11, 2025): 11 yea, 0 nay, passed

Common questions

What is H1184?

H1184 is a bill in the Massachusetts Legislature (194th General Court): An Act to amend the insurance law, in relation to providing protection to certain retirees from pension de-risking transactions.

What is the status of H1184?

Failed as of April 21, 2026. Latest action: Accompanied a study order, see H5336 (April 21, 2026).

Who sponsored H1184?

Ryan Hamilton (D).

Where is the official record for H1184?

On the Massachusetts Legislature website: https://malegislature.gov/Bills/194/H1184