Commission on Retirement Income Policy Act of 1993

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commission on Retirement Income 
Policy Act of 1993''.

SEC. 2. ESTABLISHMENT.

    There is established a commission to be known as the Commission on 
Retirement Income Policy (in this Act referred to as the 
``Commission'').

SEC. 3. DUTIES.

    (a) In General.--The Commission shall conduct a full and complete 
review and study of--
            (1) trends in retirement savings in the United States;
            (2) existing Federal incentives and programs that are 
        established to encourage and protect such savings; and
            (3) new Federal incentives and programs that are needed to 
        encourage and protect such savings.
    (b) Specific Issues.--In fulfilling the duty described in 
subsection (a), the Commission shall address--
            (1) 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 the incentives and programs referred to in subsection 
        (a)(2) and any new Federal incentive or program that the 
        Commission recommends be established;
            (2) the most efficient and effective manner, considering 
        the needs of retirement plan sponsors for simplicity, 
        reasonable cost, and appropriate incentives, of ensuring that 
        individuals in the United States will have adequate retirement 
        savings;
            (3) the amounts of retirement income that future retirees 
        will need to replace various levels of preretirement income, 
        including amounts necessary to pay for medical and long-term 
        care;
            (4) the workforce and demographic trends that affect the 
        pensions of future retirees;
            (5) the role of retirement savings in the economy of the 
        United States;
            (6) sources of retirement income other than private 
        pensions that are available to individuals in the United 
        States; and
            (7) the shift away from insured and qualified pension 
        benefits in the United States.
    (c) Recommendations.--
            (1) In general.--The Commission shall formulate 
        recommendations based on the review and study conducted under 
        subsection (a). The recommendations shall include measures that 
        address the needs of future retirees for--
                    (A) appropriate pension plan coverage and other 
                mechanisms for saving for retirement;
                    (B) an adequate retirement income;
                    (C) preservation of benefits they accumulate by 
                participating in pension plans;
                    (D) information concerning pension plan benefits; 
                and
                    (E) procedures to resolve disputes involving such 
                benefits.
            (2) 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.

SEC. 4. MEMBERSHIP.

    (a) Number and Appointment.--
            (1) In general.--The Commission shall be composed of 18 
        members appointed not later than 90 days after the date of the 
        enactment of this Act. The Commission shall consist of the 
        following members:
                    (A) 4 individuals appointed by the President.
                    (B) 7 individuals appointed by the Speaker of the 
                House of Representatives.
                    (C) 7 individuals appointed by the President pro 
                tempore of the Senate.
            (2) Consultation with minority leaders.--3 of the 
        appointments made under paragraph (1)(B) shall be made in 
        consultation with the minority leader of the House of 
        Representatives. 3 of the appointments made under paragraph 
        (1)(C) shall be made in consultation with the minority leader 
        of the Senate.
            (3) Qualifications.--The individuals referred to in 
        paragraph (1) shall be Members of the Congress, leaders of 
        business or labor, distinguished academics, or other 
        individuals with distinctive qualifications or experience.
    (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 90 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.--10 members of the Commission shall constitute a 
quorum, but 6 members may hold hearings, take testimony, or receive 
evidence.
    (f) Chairperson.--The chairperson of the Commission shall be 
elected by a majority vote of the members of the Commission.
    (g) Meetings.--The Commission shall meet at the call of the 
chairperson of the Commission.
    (h) Decisions.--Decisions of the Commission shall be made according 
to the vote of not less than a majority of the members who are present 
and voting at a meeting called pursuant to subsection (g).

SEC. 5. STAFF AND SUPPORT SERVICES.

    (a) Executive Director.--The Commission shall have an executive 
director appointed by the Commission. The Commission shall fix the pay 
of the executive director.
    (b) Staff.--The Commission may appoint and fix the pay of 
additional personnel as it considers appropriate.
    (c) Applicability of Certain Civil Service Laws.--The executive 
director 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 the public 
        surveys 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.

    Not later than December 31, 1993, the Commission shall submit a 
report to the President, the majority and minority leaders of the 
Senate, and the majority and minority leaders of the House of 
Representatives. The report shall review the matters that the 
Commission is required to study under section 3 and shall set forth the 
recommendations of the Commission.

SEC. 8. TERMINATION.

    The Commission shall terminate not later than the expiration of the 
90-day period beginning on the date on which the Commission submits its 
report under section 7.

Summary: Commission on Retirement Income Policy Act of 1993 - Establishes the Commission on Retirement Income Policy. Directs the Commission to study and report to the President and Congress on: (1) trends in retirement savings in the United States. (2) existing Federal incentives and programs to encourage and protect such savings. And (3) new Federal incentives and programs needed for such purpose. Requires the Commission to address specified issues and to include in its recommendation measures addressing specified needs of future retirees. Terminates the Commission within 90 days after submission of such report.