,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #beih  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #ae1 #bjai,ms4 
,baldw9 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to require ! paym5t ( us]   
fees by qualifi$ pr(essional asset      
manag]s seek+ an individual exemption f 
c]ta9 requirem5ts4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,p5sion ,/ability 
,act4  #b4 ,us] fees  7a7 ,9 g5]al ,n   
lat] ?an #f mon?s aft] ! date ( enactm5t
 ( ?is ,act1 ! ,secret>y ( ,labor       
7ref]r$ to 9 ?is section z ! ,secret>y7 
%all promulgate regulations e/abli%+ us]
 fees applicable to l>ge regulat$ banks1
 sav+s & loan associations1 insurance   
companies1 & f$]ally regi/]$ inve/m5t   
advisors 7ref]r$ to 9 ?is section z     
entities7 t--  7#a7 meet ! def9ition ( a
 qualifi$ pr(essional asset manag]1 z   
set =? by ! ,secret>y2 &  7#b7 apply =  
an individual exemption1 pursuant to !  
,prohibit$ ,transaction ,exemption      

#hd-ad1 f ! prohibitions ( section #djf 
( ! ,employee ,retirem5t ,income        
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aajf7 & ! sanctions result+ f !        
application ( section #dige ( ! ,int]nal
 ,rev5ue ,code ( #aihf1 despite !       
inability ( su* entities to comply )    
section ,i7g7 ( ! ,prohibit$            
,transaction ,exemption #hd-ad4  7b7    
,us] fee am\nts  7#a7 ,g5]al fees ,9    
e/abli%+ us] fees "u subsection 7a71 !  
,secret>y %all ensure t su* fees-- 7,a7 
are n less ?an #a1jjj1jjj p] application
 = an individual exemption "u section   
,i7g7 ( ! ,prohibit$ ,transaction       
,exemption #hd-ad2 &  7,b7 are scal$    
high] ?an ! base fee e/abli%$ "u        
subp>agraph 7,a71 bas$ on ! sev]ity ( ! 
crime relat$ to su* application4  7#b7  
,repeat (f5d]s ,9 ! case ( an entity t  
previ\sly fil$ an application = an      
individual exemption "u section ,i7g7 ( 
! ,prohibit$ ,transaction ,exemption    
#hd-ad 7includ+ a successor company or a
 company t has subsequ5tly acquir$ a    

previ\s (f5d]71 ! applicable us] fee "u 
p>agraph 7#a7 %all be multipli$ by !    
numb] ( su* prior applications4  7c7    
,transf] ( fees collect$  7#a7 ,9 g5]al 
,am\nts collect$ 9 us] fees "u ?is      
section %all be transf]r$ to ! fir/ & ! 
second ,p5sion ,b5efit ,gu>anty funds   
describ$ 9 section #djje7;a7 ( !        
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #acje7;a77 &
 %all be allocat$--  7,a7 to ! fund us$ 
) respect to basic b5efits gu>ante$ "u  
section #djbb;,a ( su* ,act 7#bi        
,u4,s4,c4 #acbb;a71 until su* "t t !    
,p5sion ,b5efits ,gu>anty ,corporation's
 annual projections report indicates t  
su* fund & ! fund us$ ) respect to basic
 b5efits gu>ante$ "u section #djbb ( su*
 ,act 7#bi ,u4,s4,c4 #acbb7 h           
sub/antially simil> future f9ancial     
conditions & sub/antially simil> risks (
 insolv5cy2 &  7,b7 !reaft]1 to ea* ( ! 
funds describ$ 9 subp>agraph 7,a7 9     
equal am\nts1 subject to p>agraph 7#b74 
7#b7 ,adju/m5ts to allocations ,if1 aft]

 am\nts collect$ 9 us] fees "u ?is      
section h be5 allocat$ 9 accordance )   
p>agraph 7#a77;,b71 ! ,director ( !     
,p5sion ,b5efit ,gu>anty ,corporation   
det]m9es t ! future f9ancial conditions 
or risks ( insolv5cy ( ! funds us$ )    
respect to basic b5efits gu>ante$ "u ea*
 ( sections #djbb;,a & #djbb ( !        
,employee ,retirem5t ,income ,security  
,act ( #aigd are no long] sub/antially  
simil> z describ$ 9 p>agraph 7#a77;,a71 
! ,director1 9 consultation ) ! bo>d (  
directors ( ! ,p5sion ,b5efit ,gu>anty  
,corporation1 %all det]m9e an           
appropriate allocation ( su* am\nts     
betwe5 su* funds4