281
Subcommittee on Labor, Health and Human
Services, and Education of the Committee on
Appropriations of the Senate;’’;
(C) by redesignating subparagraph (G) as
subparagraph (J); and
(D) by inserting after subparagraph (F) the
following new subparagraphs:
‘‘(G) the Chairman and Ranking Member of
the Committee on Finance of the Senate;
‘‘(H) the Chairman and Ranking Member
of the Committee on Ways and Means of the
House of Representatives;
‘‘(I) the Chairman and Ranking Member of
the Subcommittee on Employer-Employee Rela-
tions of the Committee on Education and the
Workforce of the House of Representatives; and’’;
(4) in subsection (e)(3)(A)—
(A) by striking ‘‘There shall be no more
than 200 additional participants.’’ and inserting
‘‘The participants in the National Summit shall
also include additional participants appointed
under this subparagraph.’’;
(B) by striking ‘‘one-half shall be appointed
by the President,’’ in clause (i) and inserting
‘‘not more than 100 participants shall be ap-
282
pointed under this clause by the President,’’, and
by striking ‘‘and’’ at the end of clause (i);
(C) by striking ‘‘one-half shall be appointed
by the elected leaders of Congress’’ in clause (ii)
and inserting ‘‘not more than 100 participants
shall be appointed under this clause by the elect-
ed leaders of Congress’’, and by striking the pe-
riod at the end of clause (ii) and inserting ‘‘;
and’’; and
(D) by adding at the end the following new
clause:
‘‘(iii) The President, in consultation
with the elected leaders of Congress referred
to in subsection (a), may appoint under
this clause additional participants to the
National Summit. The number of such ad-
ditional participants appointed under this
clause may not exceed the lesser of 3 percent
of the total number of all additional par-
ticipants appointed under this paragraph,
or 10. Such additional participants shall be
appointed from persons nominated by the
organization referred to in subsection (b)(2)
which is made up of private sector busi-
nesses and associations partnered with Gov-
283
ernment entities to promote long term fi-
nancial security in retirement through sav-
ings and with which the Secretary is re-
quired thereunder to consult and cooperate
and shall not be Federal, State, or local gov-
ernment employees.’’;
(5) in subsection (e)(3)(B), by striking ‘‘January
31, 1998’’ in subparagraph (B) and inserting ‘‘May
1, 2001, May 1, 2005, and May 1, 2009, for each of
the subsequent summits, respectively’’;
(6) in subsection (f)(1)(C), by inserting ‘‘, no
later than 90 days prior to the date of the commence-
ment of the National Summit,’’ after ‘‘comment’’ in
paragraph (1)(C);
(7) in subsection (g), by inserting ‘‘, in consulta-
tion with the congressional leaders specified in sub-
section (e)(2),’’ after ‘‘report’’;
(8) in subsection (i)—
(A) by striking ‘‘beginning on or after Octo-
ber 1, 1997’’ in paragraph (1) and inserting
‘‘2001, 2005, and 2009’’; and
(B) by adding at the end the following new
paragraph:
‘‘(3) RECEPTION AND REPRESENTATION AUTHOR-
ITY.—The Secretary is hereby granted reception and
284
representation authority limited specifically to the
events at the National Summit. The Secretary shall
use any private contributions received in connection
with the National Summit prior to using funds ap-
propriated for purposes of the National Summit pur-
suant to this paragraph.’’; and
(9) in subsection (k)—
(A) by striking ‘‘shall enter into a contract
on a sole-source basis’’ and inserting ‘‘may enter
into a contract on a sole-source basis’’; and
(B) by striking ‘‘fiscal year 1998’’ and in-
serting ‘‘fiscal years 2001, 2005, and 2009’’.
SEC. 614. STUDIES.
(a) REPORT ON PENSION COVERAGE.—Not later than
5 years after the date of the enactment of this Act, the Sec-
retary of the Treasury shall submit a report to the Com-
mittee on Ways and Means of the House of Representatives
and the Committee on Finance of the Senate a report on
the effect of the provisions of the Retirement Security and
Savings Act of 2000 on pension coverage, including—
(1) any expansion of coverage for low- and mid-
dle-income workers;
(2) levels of pension benefits;
(3) quality of pension coverage;
285
(4) worker’s access to and participation in
plans; and
(5) retirement security.
(b) STUDY OF PRE-RETIREMENT USE OF BENEFITS.—
(1) IN GENERAL.—The Secretary of the Treasury
shall conduct a study of—
(A) current tax provisions allowing individ-
uals to access individual retirement plans and
qualified retirement plan benefits of such indi-
vidual prior to retirement, including an analysis
of—
(i) the extent of use of such current
provisions by individuals; and
(ii) the extent to which such provisions
undermine the goal of accumulating ade-
quate resources for retirement; and
(B) the types of investment decisions made
by individual retirement plan beneficiaries and
participants in self-directed qualified retirement
plans, including an analysis of—
(i) current restrictions on investments;
and
(ii) the extent to which additional re-
strictions on investments would facilitate
286
the accumulation of adequate income for re-
tirement.
(2) REPORT.—Not later than January 1, 2002,
the Secretary of the Treasury shall submit a report to
the Committee on Ways and Means of the House of
Representatives and the Committee on Finance of the
Senate containing the results of the study conducted
under paragraph (1) and any recommendations.
TITLE VII—PLAN AMENDMENTS
SEC. 701. PROVISIONS RELATING TO PLAN AMENDMENTS.
(a) IN GENERAL.—If this section applies to any plan
or contract amendment, such plan or contract shall be treat-
ed as being operated in accordance with the terms of the
plan during the period described in subsection (b)(2)(A).
(b) AMENDMENTS TO WHICH SECTION APPLIES.—
(1) IN GENERAL.—This section shall apply to
any amendment to any plan or annuity contract
which is made—
(A) pursuant to any amendment made by
this Act, or pursuant to any regulation issued
under this Act, and
(B) on or before the last day of the first
plan year beginning on or after January 1,
2003.
287
In the case of a governmental plan (as defined in sec-
tion 414(d) of the Internal Revenue Code of 1986),
this paragraph shall be applied by substituting
‘‘2005’’ for ‘‘2003’’.
(2) CONDITIONS.—This section shall not apply to
any amendment unless—
(A) during the period—
(i) beginning on the date the legislative
or regulatory amendment described in para-
graph (1)(A) takes effect (or in the case of
a plan or contract amendment not required
by such legislative or regulatory amend-
ment, the effective date specified by the
plan); and
(ii) ending on the date described in
paragraph (1)(B) (or, if earlier, the date the
plan or contract amendment is adopted),
the plan or contract is operated as if such plan
or contract amendment were in effect; and
(B) such plan or contract amendment ap-
plies retroactively for such period.
288
TITLE VIII—COMPLIANCE WITH
BUDGET ACT.
SEC. 801. COMPLIANCE WITH BUDGET ACT.
The amendments made by this Act shall not apply to
any taxable year beginning after December 31, 2004.
Amend the title so as to read: ‘‘An Act to provide
for reconciliation pursuant to section 104(2) of the con-
current resolution on the budget for fiscal year 2001.’’.
Calendar No. 802
106TH CONGRESS
2D SESSION
H. R. 1102
[Report No. 106–411]
AN ACT
To provide for pension reform, and for other
purposes.
SEPTEMBER 13, 2000
Reported with an amendment and an amendment to the
title