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PSCA Executive Reports

November 26, 2019

QPAM Legislation

Senator Tammy Baldwin (D-WI) introduced S. 2598, the Pension Stability Act, that would require financial institutions convicted of certain crimes to pay a fee to the PBGC if the institution wishes to serve as a QPAM. The fee of at least $1 million would be contributed first to PBGC’s multiemployer program and then to the single-employer program. The fee would be scaled higher based on the circumstances and for repeat offenders.

The bill is unlikely to pass or gain much attention as a revenue raiser, but it highlights the ongoing concern from some about how the federal government deals with financial institutions accused or convicted of wrongdoing. Congressional Democrats, including House Financial Service Committee Chair Maxine Waters (D-CA) and Senator Elizabeth Warren, previously wrote a letter to DOL expressing concerns.

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