S.2598 - Pension Stability Act116th Congress (2019-2020) |
|Sponsor:||Sen. Baldwin, Tammy [D-WI] (Introduced 10/15/2019)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 10/15/2019 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798) (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.2598 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (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.
- 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.