QPAMQualified Professional Asset Manager (investment advisor)
QPAMQualified Plan Asset Manager
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In a statement, Baldwin said the user fees from the QPAM waivers could help shore up the PBGC's finances, although any funding from the user fees would most likely be a drop in the bucket: the PBGC is currently running a $76 billion deficit.
The Labor Department has issued a total of (https://www.dol.gov/agencies/ebsa/employers-and-advisers/guidance/exemptions/granted) 38 QPAM waivers since 1997 .
a) appoint or terminate the QPAM as a manager of any plan assets, or
b) negotiate, on behalf of the plan, the terms of the management agreement with the QPAM;
The terms of the transaction are negotiated on behalf of the investment fund by the QPAM, and either the QPAM or a property manager acting under written guidelines of the QPAM makes the decision on behalf of the fund to enter into the transaction (so long as the transaction is not designed to benefit a party in interest);
The party in interest is neither the QPAM, nor a "related person" (a person who owns a 5% or more interest in the QPAM or in whom the QPAM owns a 5% or more interest);
The assets utilized in the transaction, when combined with all employer-established plan assets managed by the QPAM, do not exceed 20% of the assets managed by the QPAM at the time of the transaction;
Neither the QPAM, nor any of its affiliates, nor any person who owns 5% or more of the QPAM, has, within the 10-year period preceding the transaction, been convicted or released from prison as a result of any felony involving abuse of a position with a plan, labor organization, bank, broker-dealer, insurance company, or fiduciary (including tax evasion, larceny, theft, embezzlement, fraudulent conversion, misappropriation of funds, or conspiracy relating to any of the above).
The amendment allows transactions such as leasing office space or other ordinary business deals between contributing employers or QPAMs and plan assets.
The changed rule exempts employers and QPAMs from penalties under Section 406 of the Employee Retirement Income Security Act and from certain taxes under Sections 4975(a) and (b).
Under the law, the lawmakers continued, "the criminal conviction of these banks in court following these guilty pleas will automatically disqualify them from acting as asset managers in otherwise prohibited conflict-of-interest transactions with Employee Retirement Income Security Act-covered plans and individual retirement accounts" as QPAMs.
DOL honored lawmakers' request last year to hold a hearing to discuss whether, and under what circumstances, Credit Suisse and its affiliates can continue to serve as QPAMs to retirement plan clients after Credit Suisse AG pleaded guilty to conspiracy to engage in tax fraud.