US Congress Senate Bill 2318 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 17 2018 - 25% progression, died in committee
Action: 2018-01-17 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

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.

Pension Stability Act

Sen. Tammy Baldwin [D-WI]

Sen. Sherrod Brown [D-OH]

Date	Chamber	Action
2018-01-17	Senate	Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/2318/all-info
Text	https://www.congress.gov/115/bills/s2318/BILLS-115s2318is.pdf