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Pension Stability Act

USA116th CongressS-2598| Senate 
| Updated: 10/15/2019
Tammy Baldwin

Tammy Baldwin

Democratic Senator

Wisconsin

Cosponsors (1)
Bernard Sanders (Independent)

Health, Education, Labor, and Pensions Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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 requirements for certain private benefit plans. 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
Oct 15, 2019
Introduced in Senate
Oct 15, 2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
  • October 15, 2019
    Introduced in Senate


  • October 15, 2019
    Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)

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

Pension Stability Act

USA116th CongressS-2598| Senate 
| Updated: 10/15/2019
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 requirements for certain private benefit plans. 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Oct 15, 2019
Introduced in Senate
Oct 15, 2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
  • October 15, 2019
    Introduced in Senate


  • October 15, 2019
    Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
Tammy Baldwin

Tammy Baldwin

Democratic Senator

Wisconsin

Cosponsors (1)
Bernard Sanders (Independent)

Health, Education, Labor, and Pensions Committee

Labor and Employment

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresDepartment of LaborEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsPension Benefit Guaranty CorporationUser charges and fees