Senate, respectively, having jurisdiction over relevant
Federal pension programs.
‘‘(c) DUTIES AND FUNCTIONS OF COMMISSION; PUB-
LIC 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 re-
port 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 pub-
lic 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, 1996, reviewing existing Fed-
eral 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; VACAN-
CIES; ELECTION OF CHAIRMAN; QUORUM; CALLING OF
MEETINGS; NUMBER OF MEETINGS; VOTING; COMPENSA-
TION AND EXPENSES.—
‘‘(1)(A) Members of the Commission shall be
appointed for terms ending on September 1, 1996.
‘‘(B) A vacancy in the Commission shall not af-
fect its powers, but shall be filled in the same man-
ner as the vacant position was first filled.
‘‘(2) The Commission shall elect 1 of its mem-
bers to serve as Chairman of the Commission.
‘‘(3) A majority of the members of the Commis-
sion 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 ac-
cording 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 in-
curred in the performance of their duties as mem-
bers of the Commission.
‘‘(f) EXECUTIVE DIRECTOR AND ADDITIONAL PER-
SONNEL; APPOINTMENT AND COMPENSATION; CONSULT-
ANTS.—
‘‘(1) The Commission shall appoint an Execu-
tive 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 compensa-
tion may be made without regard to the provisions
of title 5, United States Code, that govern appoint-
ments 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 Gen-
eral Schedule pay rates.
‘‘(2) The Commission may procure such tem-
porary 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 sec-
tion, as the Commission or committee may deem advisable.
‘‘(h) DATA AND INFORMATION FROM OTHER AGEN-
CIES 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 AD-
MINISTRATION.—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
1995 and 1996, 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 pur-
pose. 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, prepa-
ration of special papers, analyses, and documen-
taries, 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 author-
ized 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 Com-
mission 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 sec-
tions for chapter 77 is amended by adding at the end the
following new item:
‘‘Sec. 7524. National Commission on Private Pension Plans.’’
SEC. 516. DATE FOR ADOPTION OF PLAN AMENDMENTS.
If any amendment made by this Act requires an
amendment to any plan, such plan amendment shall not
be required to be made before the first day of the first
plan year beginning on or after January 1, 1997, if—
(1) during the period after such amendment
takes effect and before such first plan year, the plan
is operated in accordance with the requirements of
such amendment, and
(2) such plan amendment applies retroactively
to such period.
In the case of a governmental plan (as defined in section
414(d) of the Internal Revenue Code of 1986), this section
shall be applied by substituting ‘‘1999’’ for ‘‘1997’’.
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