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New Connecticut law protects retirees' annuity benefits from creditors
2015-07-22 06:28:40| Paper - Topix.net
The pension benefits earned by Connecticut residents whose employers transfer those liabilities to insurers under corporate pension derisking - programs will be protected from creditors under a new state law. In such programs, employers, who include such well-known organizations as Bristol-Myers Squibb Co., General Motors Co., Kimberly Clark Corp., and Motorola Solutions Inc., have transferred billions of dollars in benefits owed to pension plan participants through the purchase of group annuities from insurers.
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