S 2598
116th Congress
Senate
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
Pension Stability Act
Introduced: October 15, 2019
Introduced by:
Baldwin, Tammy
Democratic
· Wisconsin
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 15, 2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
Oct 15, 2019
Introduced in Senate
Plain-English 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 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.
What's happening now
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
Committees of jurisdiction
1
Cosponsors
1