[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2603 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 2603
To establish a commission for the purpose of studying the issue of
retirement security.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 4, 2021
Mr. Young (for himself and Mr. Booker) introduced the following bill;
which was read twice and referred to the Committee on Health,
Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To establish a commission for the purpose of studying the issue of
retirement security.
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 ``Commission on Retirement Security
Act of 2021''.
SEC. 2. ESTABLISHMENT.
There is established in the executive branch a commission to be
known as the ``Commission on Retirement Security'' (referred to in this
Act as the ``Commission'').
SEC. 3. MEMBERS OF THE COMMISSION.
(a) Number and Appointment.--The Commission shall be comprised of
15 members as follows:
(1) The Secretary of the Treasury (or the Secretary's
designee).
(2) The Secretary of Labor (or the Secretary's designee).
(3) The Secretary of Commerce (or the Secretary's
designee).
(4) Three shall be appointed by the Speaker of the House of
Representatives, of whom--
(A) one shall be an expert in economics or
behavioral economics, with particular experience in
retirement security, aging, benefits, or pensions plan
design, finance, serial employment, or the contingent
workforce;
(B) one shall be a practitioner with expertise or
experience engaging with employers, labor unions, or
consumers in the design and administration of
retirement plans; and
(C) one shall be a current or former Member of
Congress.
(5) Three shall be appointed by the minority leader of the
House of Representatives, of whom--
(A) one shall be an expert in economics or
behavioral economics, with particular experience in
retirement security, aging, benefits, or pensions plan
design, finance, serial employment, or the contingent
workforce;
(B) one shall be a practitioner with expertise or
experience engaging with employers, labor unions, or
consumers in the design and administration of
retirement plans; and
(C) one shall be a current or former Member of
Congress.
(6) Three shall be appointed by the majority leader of the
Senate, of whom--
(A) one shall be an expert in economics or
behavioral economics, with particular experience in
retirement security, aging, benefits, or pensions plan
design, finance, serial employment, or the contingent
workforce;
(B) one shall be a practitioner with expertise or
experience engaging with employers, labor unions, or
consumers in the design and administration of
retirement plans; and
(C) one shall be a current or former Member of
Congress.
(7) Three shall be appointed by the minority leader of the
Senate, of whom--
(A) one shall be an expert in economics or
behavioral economics, with particular experience in
retirement security, aging, benefits, or pensions plan
design, finance, serial employment, or the contingent
workforce;
(B) one shall be a practitioner with expertise or
experience engaging with employers, labor unions, or
consumers in the design and administration of
retirement plans; and
(C) one shall be a current or former Member of
Congress.
(b) Expertise.--In making appointments under this section,
consideration should be given to individuals with expertise in
economics, behavioral economics, retirement security, savings
incentives, pension plan design, benefit plan design, actuarial
science, the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1001 et seq.), or consumer protection.
(c) Chairperson and Co-Chairperson.--
(1) Chairperson.--The President shall select the
chairperson of the Commission from among the Members selected
for the Commission.
(2) Co-chairperson.--The co-chairperson shall be selected
as follows:
(A) If, on the date of appointment, the majority
leader of the Senate is of a different political party
than the President, such majority leader shall select
the co-chairperson from among the Members selected for
the Commission.
(B) If, on the date of appointment, the majority
leader of the Senate is of the same political party as
the President, the minority leader of the Senate shall
select the co-chairperson from among the Members
selected for the Commission.
(d) Timing of Appointments.--Appointments to the Commission shall
be made not later than 45 days after the date of enactment of this Act.
(e) Terms; Vacancies.--Each member shall be appointed for the
duration of the Commission. Any vacancy in the Commission shall not
affect its powers, and shall be filled in the manner in which the
original appointment was made.
(f) Hearings.--In carrying out its duties under this Act, the
Commission is authorized to hold such hearings and take testimony with
respect to matters to which it has a responsibility under this Act. The
Chairperson, or any member authorized by the Chairperson, may
administer oaths or affirmations to witnesses appearing before the
Commission. The Commission shall hold, at minimum, not fewer than 4
hearings in a location that is outside of the metropolitan area of
Washington, DC, and within the United States.
(g) Compensation.--Members of the Commission shall serve without
pay.
(h) Travel Expenses.--Each member of the Commission shall be
allowed travel expenses, including per diem in lieu of subsistence, at
rates authorized for employees of agencies under subchapter I of
chapter 57 of title 5, United States Code, while away from their homes
or regular places of business in the performance of services for the
Commission.
SEC. 4. DUTIES OF THE COMMISSION.
(a) Study of Retirement Security.--The Commission shall--
(1) conduct a comprehensive study of the state of
retirement security in the United States, which shall include--
(A) a comprehensive review of private benefit
programs existing in the United States, with a
particular focus on the historical movement from the
defined benefit model to the defined contribution
model;
(B) a comprehensive review of private retirement
coverage, individual and household accounts balances,
investment trends, costs and net returns, and retention
and distribution during retirement;
(C) a comprehensive review of societal trends,
including wage growth, economic growth, unique small
business challenges, serial employment, gig economy,
health care costs, life expectancy, and shrinking
household size, that could lead future generations to
be less financially secure in retirement compared to
previous generations; and
(D) a comprehensive review of other countries'
retirement programs; and
(2) submit to Congress recommendations on how to improve or
replace existing private retirement programs.
(b) Report.--Upon the affirmative vote of at least \3/4\ of the
members of the Commission, the Commission shall submit to the President
and Congress a detailed statement of its findings and conclusions as a
result of the study under subsection (a), together with its
recommendations for such legislation or administrative actions as the
Commission considers appropriate in light of the results of the study.
(c) Deadline.--The report under subsection (b) shall be submitted
not later than the date that is 2 years after the date a majority of
the members of the Commission are appointed pursuant to section 3.
(d) Available Reports.--In conducting its study and developing
findings, conclusions, and recommendations for legislation or
administrative action, the Commission--
(1) shall take into account available reports and
materials; and
(2) may consult with the Government Accountability Office.
SEC. 5. OPERATION AND POWERS OF THE COMMISSION.
(a) Executive Branch Assistance.--The heads of the following
agencies shall advise and consult with the Commission on matters within
their respective areas of responsibility:
(1) The Bureau of the Census.
(2) The Internal Revenue Service.
(3) The Department of Housing and Urban Development.
(4) The Social Security Administration.
(5) The Department of Health and Human Services.
(6) The Department of Agriculture.
(7) The Pension Benefit Guaranty Corporation.
(8) Any other agency, as determined by the Commission.
(b) Nonapplicability of FACA.--The Federal Advisory Committee Act
(5 U.S.C. App.) shall not apply to the Commission.
(c) Meetings.--The Commission shall meet not later than 30 days
after the date upon which a majority of its members have been appointed
and at such times thereafter as the chairperson or co-chairperson shall
determine. Detailed minutes of each meeting of the Commission, except
for any closed session, shall be kept and shall include a record of the
persons present and a complete and accurate description of matters
discussed.
(d) Rules of Procedure.--The chairperson and co-chairperson shall,
with the approval of a majority of the members of the Commission,
establish written rules of procedure for the Commission, which shall
include a quorum requirement to conduct the business of the Commission.
(e) Hearings.--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. Timely public notice of each hearing, including the time,
place, and agenda of the meeting, shall be provided by any means that
will result in wide publicity in the region of the United States in
which it is held. Timely notice of each regular meeting shall be
published in the Federal Register. Interested persons shall be
permitted to submit written statements regarding the matters on the
agenda of such hearings.
(f) Contracts.--The Commission may contract with and compensate
government and private agencies or persons for the purpose of carrying
out this Act.
(g) Mails.--The Commission may use the United States mails in the
same manner and under the same conditions as other agencies of the
Federal Government.
SEC. 6. FUNDING.
(a) In General.--Subject to subsection (b) and the availability of
appropriations at the request of the Secretary of the Treasury, the
agencies described in section 5(a) shall transfer funds, as specified
in advance in appropriations Act and in a total amount not to exceed
$5,000,000, to the Department of the Treasury for the purpose of
carrying out the activities of the Commission in accordance with this
Act.
(b) Administrative Support.--The Department of the Treasury shall
provide administrative support to the Commission, which may include
providing physical space at, and access to, the headquarters of the
Department of the Treasury located in Washington, DC.
(c) Prohibition on New Funding.--No additional funds are authorized
to be appropriated to carry out this Act. This Act shall be carried out
using amounts otherwise available for the Department of the Treasury or
the agencies described in section 5(a).
SEC. 7. PERSONNEL.
(a) Director.--The Commission shall have a Director who shall be
appointed by the chairperson with the concurrence of the co-
chairperson. The Director shall be paid at a rate of pay established by
the chairperson and co-chairperson, not to exceed the annual rate of
basic pay payable for level V of the Executive Schedule under section
5316 of title 5, United States Code. The Director shall include in
budget recommendations a summary of the amounts such Director
determines necessary for the expenses of the Commission, including
expenses for publications of reports, as appropriate.
(b) Staff.--The Director may appoint and fix the pay of additional
staff as the Director determines appropriate. No staff of the
Commission shall receive compensation at a rate in excess of the rate
specified for GS-15 of the General Schedule under section 5332 of title
5, United States Code.
(c) Experts and Consultants.--The Commission may procure temporary
and intermittent services under section 3109(b) of title 5, United
States Code, at rates for individuals which do not exceed the daily
equivalent of the annual rate of basic pay for a comparable position
paid under the General Schedule.
(d) Authority To Accept Voluntary Services.--Notwithstanding the
provisions of section 1342 of title 31, United States Code, the
Commission is authorized to accept and utilize the services of
volunteers serving without compensation. The Commission may reimburse
such volunteers for local travel and office supplies, and for other
travel expenses, including per diem in lieu of subsistence, as
authorized by section 5703 of title 5, United States Code. A person
providing volunteer services to the Commission shall be considered an
employee of the Federal Government in the performance of those services
for the purposes of the following provisions of law:
(1) Chapter 81 of title 5, United States Code, relating to
compensation for work-related injuries.
(2) Chapter 171 of title 28, United States Code, relating
to tort claims.
(3) Chapter 11 of title 18, United States Code, relating to
conflicts of interest.
SEC. 8. TERMINATION.
The Commission shall terminate not later than 2 years after the
date of enactment of this Act.
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