US Congress Senate Bill 2598 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on October 15 2019 - 25% progression, died in committee
Action: 2019-10-15 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

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.

Pension Stability Act

Sen. Tammy Baldwin [D-WI]

Sen. Bernard Sanders [I-VT]

Date	Chamber	Action
2019-10-15	Senate	Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S5798)

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2598/all-info
Text	https://www.congress.gov/116/bills/s2598/BILLS-116s2598is.pdf