[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1695 Introduced in House (IH)]
105th CONGRESS
1st Session
H. R. 1695
To establish a Commission on Retirement Savings.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 21, 1997
Mr. Pomeroy introduced the following bill; which was referred to the
Committee on Education and the Workforce
_______________________________________________________________________
A BILL
To establish a Commission on Retirement Savings.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Retirement Savings Commission Act of
1997''.
SEC. 2. ESTABLISHMENT.
There is established a commission to be known as the Commission on
Retirement Savings (in this Act referred to as the ``Commission'').
SEC. 3. DUTIES.
(a) In General.--The general purpose of the Commission shall be to
make a comprehensive study of private pension and savings issues and to
recommend policies to expand access to and encourage participation in
retirement savings vehicles.
(b) Issues To Address.--In preparation for making the specific
policy recommendations described in subsection (c), the Commission
shall conduct a full and complete study and review of--
(1) trends in coverage of American workers by workplace
retirement plans;
(2) trends in Americans' personal rates of saving;
(3) the changing nature of workplace retirement plans,
particularly the shift from defined benefit plans to defined
contribution plans;
(4) the workforce and demographic trends affecting the
retirement savings of future retirees;
(5) the increased prevalence in the workforce and the
special retirement needs of--
(A) women;
(B) part-time workers; and
(C) temporary workers;
(6) the amounts of retirement income that future retirees
will need to replace various levels of preretirement income,
including amounts necessary to pay for medical care and long-
term care;
(7) the various sources of retirement income available to
individuals in the United States;
(8) past legislative changes adopted by Congress which have
acted as disincentives to the creation of workplace retirement
plans and as disincentives to personal retirement savings;
(9) the most efficient and effective manner, considering
the needs of retirement plan sponsors for simplicity,
reasonable cost, and appropriate incentives, of encouraging the
adoption of workplace retirement plans by employers,
particularly small businesses;
(10) the amount and sources of Federal and private funds,
including tax expenditures (as defined in section 3 of the
Congressional Budget Act of 1974 (2 U.S.C. 622)), needed to
finance both existing Federal incentives and programs designed
to encourage and protect retirement savings and any new Federal
incentives or programs that the Commission recommends be
established;
(11) the proper role of tax-deferred individual retirement
savings vehicles (such as individual retirement accounts and
annuities) in individual and national retirement planning;
(12) the manner in which tax expenditures designed to
encourage pension and retirement savings are scored for budget
purposes, specifically how to reflect accurately that tax
revenues on pension and retirement income are not lost to the
Federal Government but instead are deferred until the time
these funds are withdrawn; and
(13) the role of retirement savings in the economy of the
United States.
(c) Recommendations.--
(1) In general.--The Commission shall formulate
recommendations based on the study and review conducted under
subsection (b). These recommendations shall include proposals
that are designed to--
(A) expand workplace retirement plan coverage among
American workers;
(B) encourage the accumulation of adequate
retirement income;
(C) stimulate personal savings for retirement;
(D) encourage workers with access to workplace
retirement plans to participate in these plans;
(E) ensure the security of benefits accumulated by
workers who have participated in workplace retirement
plans;
(F) help low-wage workers, who often have the
greatest difficulty saving for retirement, accumulate
adequate retirement savings; and
(G) simplify the regulatory requirements associated
with administration of workplace retirement plans.
(2) Unanimity required.--The recommendations of the
Commission shall be adopted by unanimous vote of all 16
members. Policy proposals not supported by unanimous vote of
all 16 members shall not be considered recommendations of the
Commission and shall not be included in the report described in
section 7.
(3) No recommendations regarding social security.--While
conducting the study and review outlined in subsection (b), the
Commission may consider the role of Social Security retirement
benefits as a source of retirement income. However, the
Commission shall in no circumstances make recommendations
regarding the Social Security program or reforms thereto.
(4) Effect on federal budget deficit.--A recommendation of
the Commission for a new Federal incentive or program that
would result in an increase in the Federal budget deficit shall
not appear in the report required under section 7 unless it is
accompanied by a recommendation for offsetting the increase.
(d) Definition.--For purposes of this section, the term ``workplace
retirement plan'' means any financial vehicle referred to in section
219(g)(5) of the Internal Revenue Code of 1986.
SEC. 4. MEMBERSHIP.
(a) Number and Appointment.--
(1) In general.--The Commission shall consist of 16 members
appointed not later than 90 days after the date of the
enactment of this Act.
(2) Appointments.--The Commission shall include--
(A) 4 individuals appointed by the President, 1 of
whom the President shall appoint from the Congress to
serve as co-chairperson of the Commission;
(B) 4 individuals appointed by the Speaker of the
House of Representatives, 1 of whom the Speaker shall
appoint from the Congress to serve as co-chairperson of
the Commission;
(C) 4 individuals appointed by the majority leader
of the Senate;
(D) 2 individuals appointed by the minority leader
of the House of Representatives; and
(E) 2 individuals appointed by the minority leader
of the Senate.
(3) Qualifications.--
(A) The individuals referred to in paragraph (1)
shall be Members of the Congress, leaders of business
or labor, representatives of the plan sponsor and plan
participant communities, distinguished academics,
individuals with technical expertise in pension
administration, or other individuals with distinctive
qualifications or experience in retirement income
policy.
(b) Terms.--Each member shall be appointed for the life of the
Commission.
(c) Vacancies.--A vacancy in the Commission shall be filled not
later than 30 days after the date of the creation of the vacancy in the
manner in which the original appointment was made.
(d) Compensation.--
(1) Rates of pay.--Except as provided in paragraph (2),
members of the Commission shall serve without pay.
(2) Travel expenses.--Each member of the Commission shall
receive travel expenses, including per diem in lieu of
subsistence, in accordance with sections 5702 and 5703 of title
5, United States Code.
(e) Quorum.--Ten members of the Commission shall constitute a
quorum, but 6 members may hold hearings, take testimony, or receive
evidence.
(f) Meetings.--The Commission shall meet at the call of the co-
chairpersons.
(g) Decisions.--Decisions of the Commission, other than
recommendations adopted pursuant to section 3, shall be made by
consensus when possible, or otherwise according to the majority vote of
those members who are present and voting at a meeting called pursuant
to subsection (f).
SEC. 5. STAFF AND SUPPORT SERVICES.
(a) Recommendations Regarding Staff.--There shall be two co-
directors of the staff of the Commission. Each co-chairperson of the
Commission shall recommend an individual to serve as co-director of the
staff of the Commission. Each co-chairperson shall also recommend such
additional professional staff to serve under each co-director as are
required to carry out the duties of the Commission. The 2 co-directors
of the staff shall report to their respective co-chairperson and shall
work cooperatively to manage the day-to-day operations and staff of the
Commission.
(b) Appointment of Staff.--Acting upon the recommendations of the
co-chairpersons, the Commission shall appoint and fix the pay of the
co-directors and any additional staff.
(c) Applicability of Certain Civil Service Laws.--The co-directors
and staff of the Commission may be appointed without regard to the
provisions of title 5, United States Code, governing appointments in
the competitive service, and may be paid without regard to the
provisions of chapter 51 and subchapter III of chapter 53 of that title
relating to classification and General Schedule pay rates.
(d) Experts and Consultants.--The Commission may procure temporary
and intermittent services under section 3109(b) of title 5, United
States Code, at rates the Commission determines to be appropriate.
(e) Staff of Federal Agencies.--Upon request of the Commission, the
head of any Federal agency may detail, on a reimbursable basis, any of
the personnel of the agency to the Commission to assist it in carrying
out its duties under this Act.
(f) Administrative Support Services.--Upon the request of the
Commission, the Administrator of General Services shall provide to the
Commission, on a reimbursable basis, the administrative support
services necessary for the Commission to carry out its responsibilities
under this Act.
SEC. 6. POWERS.
(a) Hearings and Sessions.--
(1) In general.--The Commission may, for the purpose of
carrying out this Act, hold hearings, sit and act at times and
places, take testimony, and receive evidence as the Commission
considers appropriate. The Commission may administer oaths or
affirmations to witnesses appearing before it.
(2) Public hearings.--The Commission may hold public
hearings to receive the views of a broad spectrum of the public
on the status of the private retirement system of the United
States.
(b) Delegation of Authority.--Any member, committee, or agent of
the Commission may, if authorized by the Commission, take any action
which the Commission is authorized to take by this section.
(c) Information.--
(1) Information from federal agencies.--
(A) In general.--The Commission may secure directly
from any Federal agency information necessary to enable
it to carry out this Act. Upon request of the
Commission, the head of the Federal agency shall
furnish the information to the Commission.
(B) Exception.--Subparagraph (A) shall not apply to
any information that the Commission is prohibited to
secure or request by another law.
(2) Public surveys.--The Commission may conduct public
surveys as necessary to enable it to carry out this Act. In
conducting such surveys, the Commission shall not be considered
an agency for purposes of chapter 35 of title 44, United States
Code.
(d) Mails.--The Commission may use the United States mails in the
same manner and under the same conditions as other Federal agencies.
(e) Contract and Procurement Authority.--The Commission may make
purchases, and may contract with and compensate government and private
agencies or persons for property or services, without regard to--
(1) section 3709 of the Revised Statutes (41 U.S.C. 5); and
(2) title III of the Federal Property and Administrative
Services Act of 1949 (41 U.S.C. 251 et seq.).
(f) Gifts.--The Commission may accept, use, and dispose of gifts of
services or property, both real and personal, for the purpose of
assisting the work of the Commission. Gifts of money and proceeds from
sales of property received as gifts shall be deposited in the Treasury
and shall be available for disbursement upon order of the Commission.
For purposes of Federal income, estate, and gift taxes, property
accepted under this subsection shall be considered as a gift to the
United States.
(g) Volunteer Services.--Notwithstanding section 1342 of title 31,
United States Code, the Commission may accept and use voluntary and
uncompensated services as the Commission determines necessary.
SEC. 7. REPORT.
The Commission shall submit a report to the President, the majority
and minority leaders of the Senate, and the Speaker and minority leader
of the House of Representatives. The report shall review the matters
that the Commission is required to study under section 3, shall explain
the Commission's analysis of these matters, and shall set forth the
recommendations of the Commission. The Commission shall submit its
report not later than 1 year and 90 days after the date of enactment of
this Act.
SEC. 8. TERMINATION.
The Commission shall terminate not later than 30 days after the
date on which the Commission submits its report under section 7.
SEC. 9. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to carry out this Act
$1,000,000 for fiscal year 1998. Sums appropriated under this section
are authorized to remain available until expended.
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