Since 2012, over $300 Billion in pension liabilities has been transferred to insurers. In 2018, Prudential, Athene, and MetLife each reported individual pension de-risking deals in excess of $1 Billion. While pension de-risking activity slowed in 2020 due to the COVID-19 pandemic, over $34.2 Billion in pension obligations was transferred to insurance companies in 2021, and $48.3 Billion in 2022.
Passing state and federal legislation to protect retirees from the perils of pension de-risking transactions is hard. The insurance industry spends millions of dollars each year lobbying state legislators and Congress seeking to avoid any regulation in this area. But retirees are known to be tenacious and persistent advocates. Together we can enact protective legislation.
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Retirees for Justice Inc. is a non-profit, tax-exempt, 501(c)(4) organization. Your donation will help support our efforts to protect and preserve your earned benefits. *Contributions, donations, and gifts to Retirees for Justice are not tax deductible.
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Retirees lose all federal ERISA protections when their pension benefits are transferred to an insurance company. State legislation that provides protections full protections of annuity benefits from creditors, basic financial disclosures, and reasonable restrictions on subsequent transfers is critical to fully protect retirees in pension risk transfers.
Retirees for Justice advocates for state and federal legislation that provides protection for retirees in pension risk transfer transactions through: