Retirement Savings Commission Act of 1997

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.

Summary: Retirement Savings Commission Act of 1997 - Establishes the Retirement Savings Commission to study and report to the President and Congress on private pension and savings issues and to recommend policies to expand access to and encourage participation in retirement savings vehicles. Requires the Commission to address specified issues and to include in its recommendations measures addressing specified needs of future retirees. Authorizes appropriations.