ATTORNEY GENERAL BRENNA BIRD LEADS FIGHT TO PROTECT IOWA PENSIONS

The following information was released by the office of the Iowa Attorney General:

Today, Attorney General Brenna Bird announced she is leading a coalition of 13 states to defend pension plans regulated by Iowa's Insurance Commissioner.

It is common for employers to transfer employee pensions to state-regulated insurance companies. Here, Bristol Myers Squibb (BMS), a pharmaceutical company, moved their employee pension plan to Athene, an Iowa company under the regulation of the state of Iowa. Some employees of BMS suedclaiming, with no evidence, that federal government oversight is necessary to protect their interests. Their arguments threaten to disrupt exceptionally reliable state insurance regulation.

Attorney General Bird is leading a 13-state amicus brief to defend state-regulated pensions, which secure retirees' benefits while safeguarding pension funds. Over the past three decades, not a single retiree has lost any benefits under this type of pension regulation overseen by state insurance regulators, as highlighted in the 2023 Advisory Council report to the U.S. Department of Labor.

"States, including Iowa, have an impeccable history of protecting pensions for retirees," said Attorney General Bird. "There is no reason to force more federal regulation of pensions unless the goal is to undermine the states' authority and ability to continue to effectively protect their retirees. I'm asking the court to keep regulatory power where it belongswith the states."

"Life insurers have spent generations mastering the long-term management of annuities and life policiesskills that align perfectly with pension plan management," said Craig Robinson, spokesperson for the Iowa Insurance Division. "State regulators, including the Iowa Department of Insurance and Financial Services, provide deep expertise to overseeing these transactions. Backed by strong oversight, pension risk transfers can deliver meaningful benefits to both the plans and the retirees who rely on them."

The Iowa-led brief was joined by Alabama, Alaska, Arkansas, Idaho, Indiana, Kansas, Louisiana, Montana, Nebraska, Oklahoma, Tennessee, and Texas.

Read the full brief here.