,,ii  #aafth ,,congress  #ast ,session  
,s4 #beih  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #ae1  
#bjai,ms4 ,baldwin introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,health1 
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to require the payment of user 
fees by qualified professional asset    
managers seeking an individual exemption
 from certain requirements4  #a4 ,short 
title ,this ,act may be cited as the    
,pension ,stability ,act4  #b4 ,user    
fees  7a7 ,in general ,not later than #f
 months after the date of enactment of  
this ,act1 the ,secretary of ,labor     
7referred to in this section as the     
,secretary7 shall promulgate regulations
 establishing user fees applicable to   
large regulated banks1 savings and loan 
associations1 insurance companies1 and  
federally registered investment advisors
 7referred to in this section as        
entities7 that--  7#a7 meet the         
definition of a qualified professional  

asset manager1 as set forth by the      
,secretary2 and  7#b7 apply for an      
individual exemption1 pursuant to the   
,prohibited ,transaction ,exemption     
#hd-ad1 from the prohibitions of section
 #djf of the ,employee ,retirement      
,income ,security ,act of #aigd 7#bi    
,u4,s4,c4 #aajf7 and the sanctions      
resulting from the application of       
section #dige of the ,internal ,revenue 
,code of #aihf1 despite the inability of
 such entities to comply with section   
,i7g7 of the ,prohibited ,transaction   
,exemption #hd-ad4  7b7 ,user fee       
amounts  7#a7 ,general fees ,in         
establishing user fees under subsection 
7a71 the ,secretary shall ensure that   
such fees-- 7,a7 are not less than      
#a1jjj1jjj per application for an       
individual exemption under section ,i7g7
 of the ,prohibited ,transaction        
,exemption #hd-ad2 and  7,b7 are scaled 
higher than the base fee established    
under subparagraph 7,a71 based on the   
severity of the crime related to such   

application4  7#b7 ,repeat offenders ,in
 the case of an entity that previously  
filed an application for an individual  
exemption under section ,i7g7 of the    
,prohibited ,transaction ,exemption     
#hd-ad 7including a successor company or
 a company that has subsequently        
acquired a previous offender71 the      
applicable user fee under paragraph 7#a7
 shall be multiplied by the number of   
such prior applications4  7c7 ,transfer 
of fees collected  7#a7 ,in general     
,amounts collected in user fees under   
this section shall be transferred to the
 first and the second ,pension ,benefit 
,guaranty funds described in section    
#djje7;a7 of the ,employee ,retirement  
,income ,security ,act of #aigd 7#bi    
,u4,s4,c4 #acje7;a77 and shall be       
allocated--  7,a7 to the fund used with 
respect to basic benefits guaranteed    
under section #djbb;,a of such ,act 7#bi
 ,u4,s4,c4 #acbb;a71 until such time    
that the ,pension ,benefits ,guaranty   
,corporation's annual projections report

 indicates that such fund and the fund  
used with respect to basic benefits     
guaranteed under section #djbb of such  
,act 7#bi ,u4,s4,c4 #acbb7 have         
substantially similar future financial  
conditions and substantially similar    
risks of insolvency2 and  7,b7          
thereafter1 to each of the funds        
described in subparagraph 7,a7 in equal 
amounts1 subject to paragraph 7#b74     
7#b7 ,adjustments to allocations ,if1   
after amounts collected in user fees    
under this section have been allocated  
in accordance with paragraph 7#a77;,b71 
the ,director of the ,pension ,benefit  
,guaranty ,corporation determines that  
the future financial conditions or risks
 of insolvency of the funds used with   
respect to basic benefits guaranteed    
under each of sections #djbb;,a and     
#djbb of the ,employee ,retirement      
,income ,security ,act of #aigd are no  
longer substantially similar as         
described in paragraph 7#a77;,a71 the   
,director1 in consultation with the     

board of directors of the ,pension      
,benefit ,guaranty ,corporation1 shall  
determine an appropriate allocation of  
such amounts between such funds4