S. 2598 · 116th Congress
Pension Stability Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BaldwinSponsor1 cosponsor · 1 I
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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
What it does: CRS summary · Introduced in Senate · Oct 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Pension Stability Act
Latest action (Oct 15, 2019): Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
Policy area: Labor and Employment · Origin: Senate · Introduced: Oct 15, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.