An Act to amend the Budget and Accounting Procedures Act of 1950 to require that the Comptroller General provide for a financial audit with respect to pension plans for officers and employees of the Federal Government and its agencies and instrumentalities, to require that an annual report, including a financial statement and an actuarial statement, be furnished to the Congress and the Comptroller General with respect to such plans, and for other purposes.
PL 95-595 (H.R.9701), enacted 11/04/1978

PUBLIC LAW 95-595—NOV. 4, 1978 
92 STAT. 2541 
Public Law 95-595 
95th Congress 
An Act 
To amend the Budget and Accounting Procedures Act of 1950 to require tliat 
the Comptroller General provide for a financial audit with respect to pension 
plans for oflicers and employees of the Federal Government and its agencies 
and instrumentalities, to require that an annual report, including a financial 
statement and an actuarial statement, be furnished to the Congress and the 
Comptroller General with respect to such plans, and for other purposes. 
Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, 
SECTION 1. Part II of title I of the Budget and Accounting Proce-
dures Act of 1950 (64 Stat. 832) is amended by adding at the end 
thereof the following new matter: 
"Subpart C 
"FEDERAL GOVERNMENT PENSION PLANS 
Nov. 4, 1978 
[H.R. 9701] 
Budget and 
Accounting 
Procedures Act of 
1950, 
amendment. 
31 u s e 1 note. 
31 u s e 65 et seq. 
31 u s e 68. 
31 u s e 68a. 
29 u s e 1023. 
"SEC. 120. It is the purpose of this subpart to protect the interests 
of the Nation and of the participants and their beneficiaries in Federal 
Government pension plans and certain otlior pension plans by requiring 
full disclosure of the financial condition of such plans. 
"SEC. 121. (a) Notwithstanding any other provision of law or any 
administrative determination to the contrary, each Federal Govern-
ment pension plan and each plan described in section 123(b), except 
as specified in subsection (b) of this section, shall be deemed to be 
subject to the provisions of section 103 of the Employee Retirement 
Income Security Act of 1974 in the same manner as an employee pen-
sion benefit plan to which such section applies, except that, with respect 
to such a Federal Government pension plan or a plan described in 
section 123(b)— 
"(1) the annual report required by such section shall be in 
such form, and shall include such information and data, as the 
President, in consultation with the Comptroller General (or in 
the case of a plan described in section 123(a) (9) or 123(b), the 
Comptroller General) may prescribe; 
"(2) the annual report required by such section shall be fur-
nished to the Congress and to the Comptroller General, not later 
than the end of the two hundred and ten-day period beginning 
on the day after the last day of the plan year involved; 
"(3) unless specifically authorized by the Comptroller Gen-
eral, no provision of such section which provides for waiver of, 
relief from, or exception to any requirement otherwise applicable 
to an employee pension benefit plan shall be deemed to apply to 
such Federal Government pension plan or such plan described 
in section 123(b); 
"(4) the provisions of section 104(b) of such Act shall not 29 USe 1024. 
apply; 
"(5) the report required by this subpart shall be in addition to 
and shall not supersede other reports or projections required by 
law: and 
92 STAT. 2542 
PUBLIC LAW 95-595—NOV. 4, 1978 
29 use 1023. 
31 use 68b. 
Recommenda-
tions, submittal 
to Congress. 
"Federal 
Government 
pension plan." 
31 use 68c. 
29 use 1001 
note. 
26 use 3101. 
26 use 3201. 
29 use 1002. 
" (6) other than in the case of a plan described in section 123 (b), 
the Comptroller General shall perform such audits as the Comp-
troller General deems appropriate in lieu of the requirements for 
the independent qualified public accountant under section 103 
of the Employee Retirement Income Security Act of 1974. 
"(b) Nothing in this subpart shall be construed as imposing any 
requirement with respect to a Federal Government pension plan for 
officers or employees of the Central Intelligence Agency, unless the 
imposition of such requirement is specifically approved in writing by 
the President. 
"(c) Nothing in this Act shall preclude the use by a plan of the 
services of an enrolled actuary employed by the agency or agencies 
administering the plan. 
"SEC. 122. If requested by either House of Congress (or any com-
mittee thereof) or if deemed necessary by the Comptroller General, 
the General Accounting Office shall— 
"(1) review financial and actuarial statements furnished pur-
suant to section 121 for the purpose of determining whether the 
reporting requirements of such section are adequate to carry out 
the pu.rpose of this subpart; and 
" (2) submit to the Congress such recommendations for legisla-
tive action as it may deem necessary to carry out the purposes 
of this subpart. 
"SEC. 128. (a) For purposes of this subpart, the term 'Federal 
Government pension plan' means a pension, annuity, retirement, or 
similar plan (other than a plan covered under the Employee Retire-
ment Income Security Act of 1974, or any plan or program which 
is financed by contributions required under chapter 21 of the Internal 
Revenue Code of 1954 (the Federal Insurance Contributions Act) or 
chapter 22 of the Internal Revenue Code of 1954 (the Railroad Retire-
ment Tax Act)), whether or not such plan is an employee pension 
benefit plan within the meaning of section 3(2) of the Employee 
Retirement Income Security Act of 1974, established or maintained 
by the Government of the United States, or any agency or instru-
mentality thereof, for any of its officers or employees, without regard 
to the number of participants covered by such plan, and such term 
includes but is not limited to the following plan: 
" (1) Civil Service Retirement System; 
" (2) Foreign Service Retirement and Disability System; 
"(3) Military Retirement System; 
" (4) Coast Guard Retirement System; 
"(5) Commissioned Corps of the Public Health Service Retire-
ment System; 
" (6) National Oceanic and Atmospheric Administration Retire-
ment System; 
" (7) Tennessee Valley Authority Retirement System; 
"(8) nonappropriated fund plans; and 
"(9) judicial plans. 
PUBLIC LAW 95-595—NOV. 4, 1978 
92 STAT. 2543 
"(b) For purposes of this subpart, the plans described in section 
123(b) aie the following (other than any of the following which arc-
covered under the Employee Retirement Income Security Act of 
1974) : 
29 use 1001 
'' (1) Federal Reserve Employees Retirement Plans; 
note. 
" (2) Federal Home Loan Bank Board Retirement Systems; 
" (3) Federal Home Loan Mortgage Corporation Plan; and 
" (4) Farm Credit District Retirement Plans. 
"SEC. 124. The requirement imposed by section 121(a) shall apply 31 USC 68d. 
with respect to plan years beginning after September 30, 1978. For "Plan year." 
purposes of this section, the term 'plan year' means with respect to a 
plan, the calendar, policy, or fiscal year chosen by the plan on which 
the records of the plan are kept.". 
SEC. 2. Part II of title I of the Budget and Accounting Procedures 
Act of 1950 (64 Stat. 832) is further amended— 
31 USC 65. 
(1) by inserting after "PART II—ACCOUNTING AND AUDITING" 
the following new center heading: 
"Subpart A"; 
and 
(2) by inserting after section 111 the following new center 
heading: 
"Subpart B". 
Approved November 4, 1978. 
LEGISLATIVE HISTORY: 
HOUSE REPORT No. 95-1678 (Comm. on Government Operations). 
CONGRESSIONAL RECORD, Vol 124 (1978): 
Oct. 10, considered and passed House. 
Oct. 15, considered and passed Senate.