Provides protection to certain retirees from pension de-risking transactions

This bill protects retirees whose pension benefits are transferred from ERISA-protected plans to insurance company annuities. It requires insurers to provide clear disclosures to retirees about losing federal ERISA and PBGC protections, including annual updates on plan funding and investment performance. Insurers must also verify financial strength (400% risk-based capital) before transferring these contracts to another insurer. The law applies to all such pension de-risking transactions occurring after the effective date.