Pension Stability Act This bill requires the Department of Labor to establish user fees for qualified professional asset managers (QPAMs) who have been convicted of a crime and apply for an individual exemption (known as a QPAM waiver) to the prohibited transaction rules under the Employee Retirement Income Security Act of 1974 (ERISA). The fees: apply to large regulated banks, savings and loan associations, insurance companies, and federally registered investment advisors who are QPAMs; must be at least $1 million per application for an individual exemption; and increase based on the severity of the crime and the number of prior applications for individual exemptions. Labor must transfer the amounts collected from the user fees to the Pension Benefit Guaranty Corporation to assist in guaranteeing benefits under pension plans.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Labor and Employment
Administrative law and regulatory proceduresDepartment of LaborEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsPension Benefit Guaranty CorporationUser charges and fees
A bill to require the payment of user fees by qualified professional asset managers seeking an individual exemption from certain requirements.
USA115th CongressS-2318| Senate
| Updated: 1/17/2018
Pension Stability Act This bill requires the Department of Labor to establish user fees for qualified professional asset managers (QPAMs) who have been convicted of a crime and apply for an individual exemption (known as a QPAM waiver) to the prohibited transaction rules under the Employee Retirement Income Security Act of 1974 (ERISA). The fees: apply to large regulated banks, savings and loan associations, insurance companies, and federally registered investment advisors who are QPAMs; must be at least $1 million per application for an individual exemption; and increase based on the severity of the crime and the number of prior applications for individual exemptions. Labor must transfer the amounts collected from the user fees to the Pension Benefit Guaranty Corporation to assist in guaranteeing benefits under pension plans.
Administrative law and regulatory proceduresDepartment of LaborEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsPension Benefit Guaranty CorporationUser charges and fees