Pension Stability Act

Summary

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

1. 17 January 2018

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 17 January 2018

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 January 2018 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 January 2018

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 January 2018

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 January 2018

  Open at official source

Sponsors

• Tammy Baldwin · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• · sshr00 · Standing

Related records

• related to → Pension Stability Act