Senate Bill 2598
116th Congress(2019-2020)
Pension Stability Act
Introduced
Introduced in Senate on Oct 15, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2598
Congress
116
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
No Senate votes have been held for this bill.
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.
October 15, 2019
10/15/2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
10/15/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 1:49:40 PM