3.0.0 2318 2023-01-11T13:38:53Z 2023-01-11T13:38:53Z Senate S 2018-01-17 115 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2018-01-17T23:43:14Z 2018-01-17 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2018-01-17 Introduced in Senate IntroReferral 10000 9 Library of Congress B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2018-01-17 True Labor and Employment Administrative law and regulatory procedures Department of Labor Employee benefits and pensions Executive agency funding and structure Financial services and investments Pension Benefit Guaranty Corporation User charges and fees Labor and Employment 00 2018-01-17 Introduced in Senate 2018-09-05T18:03:42Z 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.

]]> Pension Stability Act Display Title Pension Stability Act Official Title as Introduced A bill to require the payment of user fees by qualified professional asset managers seeking an individual exemption from certain requirements. Introduced in Senate IS Short Titles as Introduced Pension Stability Act Introduced in Senate 2018-01-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2318is/xml/BILLS-115s2318is.xml 2018-01-17 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.