Text: S.3041 — 102nd Congress (1991-1992)All Information (Except Text)

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S 3041 IS
102d CONGRESS
2d Session
S. 3041
To amend the Internal Revenue Code of 1986 to establish a national commission
on private pension plans.
IN THE SENATE OF THE UNITED STATES
July 23, 1992
Mr. BENTSEN introduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to establish a national commission
on private pension plans.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. NATIONAL COMMISSION ON PRIVATE PENSION PLANS.
  (a) IN GENERAL- Chapter 77 of the Internal Revenue Code of 1986 is amended
  by adding at the end the following new section:
`SEC. 7524. NATIONAL COMMISSION ON PRIVATE PENSION PLANS.
  `(a) ESTABLISHMENT- There is hereby established a commission to be known as
  the National Commission on Private Pension Plans (in this section referred
  to as the `Commission').
  `(b) MEMBERSHIP-
  `(1) The Commission shall consist of--
  `(A) 6 members to be appointed by the President;
  `(B) 6 members to be appointed by the Speaker of the House of
  Representatives; and
  `(C) 6 members to be appointed by the President pro tempore of the Senate.
  `(2) The appointments made pursuant to subparagraphs (B) and (C) of paragraph
  (1) shall be made in consultation with the chairmen of the committees of the
  House of Representatives and the Senate, respectively, having jurisdiction
  over relevant Federal pension programs.
  `(c) DUTIES AND FUNCTIONS OF COMMISSION; PUBLIC HEARINGS IN DIFFERENT
  GEOGRAPHICAL AREAS; BROAD SPECTRUM OF WITNESSES AND TESTIMONY-
  `(1) It shall be the duty and function of the Commission to conduct the
  studies and issue the report required by subsection (d).
  `(2) The Commission (and any committees that it may form) may conduct
  public hearings in order to receive the views of a broad spectrum of the
  public on the status of the Nation's private retirement system.
  `(d) REPORT TO THE PRESIDENT AND CONGRESS; RECOMMENDATIONS- The Commission
  shall submit to the President, to the Majority Leader and the Minority
  Leader of the Senate, and to the Majority Leader and the Minority Leader
  of the House of Representatives a report no later than September 1, 1994,
  reviewing existing Federal incentives and programs that encourage and
  protect private retirement savings. The final report shall also set forth
  recommendations where appropriate for increasing the level and security
  of private retirement savings.
  `(e) TIME OF APPOINTMENT OF MEMBERS; VACANCIES; ELECTION OF CHAIRMAN; QUORUM;
  CALLING OF MEETINGS; NUMBER OF MEETINGS; VOTING; COMPENSATION AND EXPENSES-
  `(1)(A) Members of the Commission shall be appointed during the period
  beginning February 1, 1993, and ending March 1, 1993, for terms ending on
  September 1, 1994.
  `(B) A vacancy in the Commission shall not affect its powers, but shall
  be filled in the same manner as the vacant position was first filled.
  `(2) The Commission shall elect 1 of its members to serve as Chairman of
  the Commission.
  `(3) A majority of the members of the Commission shall constitute a quorum
  for the transaction of business.
  `(4) The Commission shall meet at the call of the Chairman.
  `(5) Decisions of the Commission shall be according to the vote of a simple
  majority of those present and voting at a properly called meeting.
  `(6) Members of the Commission shall serve without compensation, but shall
  be reimbursed for travel, subsistence, and other necessary expenses incurred
  in the performance of their duties as members of the Commission.
  `(f) EXECUTIVE DIRECTOR AND ADDITIONAL PERSONNEL; APPOINTMENT AND
  COMPENSATION; CONSULTANTS-
  `(1) The Commission shall appoint an Executive Director of the Commission. In
  addition to the Executive Director, the Commission may appoint and fix the
  compensation of such personnel as it deems advisable. Such appointments
  and compensation may be made without regard to the provisions of title 5,
  United States Code, that govern appointments in the competitive service,
  and the provisions of chapter 51 and subchapter III of chapter 53 of such
  title that relate to classifications and the General Schedule pay rates.
  `(2) The Commission may procure such temporary and intermittent services
  of consultants under section 3109(b) of title 5, United States Code,
  as the Commission determines to be necessary to carry out the duties of
  the Commission.
  `(g) TIME AND PLACE OF HEARINGS AND NATURE OF TESTIMONY AUTHORIZED- In
  carrying out its duties, the Commission, or any duly organized committee
  thereof, is authorized to hold such hearings, sit and act at such times
  and places, and take such testimony, with respect to matters for which it
  has a responsibility under this section, as the Commission or committee
  may deem advisable.
  `(h) DATA AND INFORMATION FROM OTHER AGENCIES AND DEPARTMENTS-
  `(1) The Commission may secure directly from any department or agency of
  the United States such data and information as may be necessary to carry
  out its responsibilities.
  `(2) Upon request of the Commission, any such department or agency shall
  furnish any such data or information.
  `(i) SUPPORT SERVICES BY GENERAL SERVICES ADMINISTRATION- The General
  Services Administration shall provide to the Commission, on a reimbursable
  basis, such administrative support services as the Commission may request.
  `(j) AUTHORIZATION OF APPROPRIATIONS- There are authorized to be appropriated
  for each of fiscal years 1993 and 1994, such sums as may be necessary to
  carry out this section.
  `(k) DONATIONS ACCEPTED AND DEPOSITED IN TREASURY IN SEPARATE FUND;
  EXPENDITURES-
  `(1) The Commission is authorized to accept donations of money, property,
  or personal services. Funds received from donations shall be deposited
  in the Treasury in a separate fund created for this purpose. Funds
  appropriated for the Commission and donated funds may be expended for such
  purposes as official reception and representation expenses, public surveys,
  public service announcements, preparation of special papers, analyses, and
  documentaries, and for such other purposes as determined by the Commission
  to be in furtherance of its mission to review national issues affecting
  private pension plans.
  `(2) Expenditures of appropriated and donated funds shall be subject to
  such rules and regulations as may be adopted by the Commission and shall
  not be subject to Federal procurement requirements.
  `(l) PUBLIC SURVEYS- The Commission is authorized to conduct such public
  surveys as it deems necessary in support of its review of national
  issues affecting private pension plans and, in conducting such surveys,
  the Commission shall not be deemed to be an `agency' for the purpose of
  section 3502 of title 44, United States Code.'
  (b) CONFORMING AMENDMENT- The table of sections for chapter 77 of such
  Code is amended by adding at the end the following new item:
`Sec. 7524. National Commission on Private Pension Plans.'