Commission on Retirement Security Act of 2019

II 116TH CONGRESS 1ST SESSION S. 1435 To establish a commission for the purpose of studying the issue of retirement security. IN THE SENATE OF THE UNITED STATES MAY 13, 2019 Mr. YOUNG (for himself and Mr. BOOKER) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To establish a commission for the purpose of studying the issue of retirement security. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Commission on Retire- 4 ment Security Act of 2019’’. 5 SEC. 2. ESTABLISHMENT. 6 There is established in the executive branch a com- 7 mission to be known as the ‘‘Commission on Retirement 8 Security’’ (referred to in this Act as the ‘‘Commission’’). 9 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 2 •S 1435 IS SEC. 3. MEMBERS OF THE COMMISSION. 1 (a) NUMBER AND APPOINTMENT.—The Commission 2 shall be comprised of 15 members as follows: 3 (1) The Secretary of the Treasury (or the Sec- 4 retary’s designee). 5 (2) The Secretary of Labor (or the Secretary’s 6 designee). 7 (3) The Secretary of Commerce (or the Sec- 8 retary’s designee). 9 (4) Three shall be appointed by the Speaker of 10 the House of Representatives, of whom— 11 (A) one shall be an expert in economics or 12 behavioral economics, with particular experience 13 in retirement security, aging, benefits, or pen- 14 sions plan design, finance, serial employment, 15 or the contingent workforce; 16 (B) one shall be a practitioner with exper- 17 tise or experience engaging with employers, 18 labor unions, or consumers in the design and 19 administration of retirement plans; and 20 (C) one shall be a current or former Mem- 21 ber of Congress. 22 (5) Three shall be appointed by the Minority 23 Leader of the House of Representatives, of whom— 24 (A) one shall be an expert in economics or 25 behavioral economics, with particular experience 26 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 3 •S 1435 IS in retirement security, aging, benefits, or pen- 1 sions plan design, finance, serial employment, 2 or the contingent workforce; 3 (B) one shall be a practitioner with exper- 4 tise or experience engaging with employers, 5 labor unions, or consumers in the design and 6 administration of retirement plans; and 7 (C) one shall be a current or former Mem- 8 ber of Congress. 9 (6) Three shall be appointed by the Majority 10 Leader of the Senate, of whom— 11 (A) one shall be an expert in economics or 12 behavioral economics, with particular experience 13 in retirement security, aging, benefits, or pen- 14 sions plan design, finance, serial employment, 15 or the contingent workforce; 16 (B) one shall be a practitioner with exper- 17 tise or experience engaging with employers, 18 labor unions, or consumers in the design and 19 administration of retirement plans; and 20 (C) one shall be a current or former Mem- 21 ber of Congress. 22 (7) Three shall be appointed by the Minority 23 Leader of the Senate, of whom— 24 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 4 •S 1435 IS (A) one shall be an expert in economics or 1 behavioral economics, with particular experience 2 in retirement security, aging, benefits, or pen- 3 sions plan design, finance, serial employment, 4 or the contingent workforce; 5 (B) one shall be a practitioner with exper- 6 tise or experience engaging with employers, 7 labor unions, or consumers in the design and 8 administration of retirement plans; and 9 (C) one shall be a current or former Mem- 10 ber of Congress. 11 (b) EXPERTISE.—In making appointments under this 12 section, consideration should be given to individuals with 13 expertise in economics, behavioral economics, retirement 14 security, savings incentives, pension plan design, benefit 15 plan design, actuarial science, the Employee Retirement 16 Income Security Act of 1974 (29 U.S.C. 1001 et seq.), 17 or consumer protection. 18 (c) CHAIRPERSON AND CO-CHAIRPERSON.— 19 (1) CHAIRPERSON.—The President shall select 20 the chairperson of the Commission from among the 21 Members selected for the Commission. 22 (2) CO-CHAIRPERSON.—The co-chairperson 23 shall be selected as follows: 24 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 5 •S 1435 IS (A) If, on the date of appointment, the 1 Majority Leader of the Senate is of a different 2 political party than the President, such Major- 3 ity Leader shall select the co-chairperson from 4 among the Members selected for the Commis- 5 sion. 6 (B) If, on the date of appointment, the 7 Majority Leader of the Senate is of the same 8 political party as the President, the Minority 9 Leader of the Senate shall select the co-chair- 10 person from among the Members selected for 11 the Commission. 12 (d) TIMING OF APPOINTMENTS.—Appointments to 13 the Commission shall be made not later than 45 days after 14 the date of enactment of this Act. 15 (e) TERMS; VACANCIES.—Each member shall be ap- 16 pointed for the duration of the Commission. Any vacancy 17 in the Commission shall not affect its powers, and shall 18 be filled in the manner in which the original appointment 19 was made. 20 (f) HEARINGS.—In carrying out its duties under this 21 Act, the Commission is authorized to hold such hearings 22 and take testimony with respect to matters to which it 23 has a responsibility under this Act. The Chairperson, or 24 any member authorized by the Chairperson, may admin- 25 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 6 •S 1435 IS ister oaths or affirmations to witnesses appearing before 1 the Commission. The Commission shall hold, at minimum, 2 not fewer than 4 hearings in a location that is outside 3 of the metropolitan area of Washington, DC, and within 4 the United States. 5 (g) COMPENSATION.—Members of the Commission 6 shall serve without pay. 7 (h) TRAVEL EXPENSES.—Each member of the Com- 8 mission shall be allowed travel expenses, including per 9 diem in lieu of subsistence, at rates authorized for employ- 10 ees of agencies under subchapter I of chapter 57 of title 11 5, United States Code, while away from their homes or 12 regular places of business in the performance of services 13 for the Commission. 14 SEC. 4. DUTIES OF THE COMMISSION. 15 (a) STUDY OF RETIREMENT SECURITY.—The Com- 16 mission shall— 17 (1) conduct a comprehensive study of the state 18 of retirement security in America, which shall in- 19 clude— 20 (A) a comprehensive review of private ben- 21 efit programs existing in the United States, 22 with a particular focus on the historical move- 23 ment from defined benefit to defined contribu- 24 tion models; 25 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 7 •S 1435 IS (B) a comprehensive review of private re- 1 tirement coverage, individual and household ac- 2 counts balances, investment trends, costs and 3 net returns, and retention and distribution dur- 4 ing retirement; 5 (C) a comprehensive review of societal 6 trends, including wage growth, economic 7 growth, unique small business challenges, serial 8 employment, gig economy, health care costs, life 9 expectancy, and shrinking household size, that 10 could lead future generations to be less finan- 11 cially secure in retirement compared to previous 12 generations; and 13 (D) a comprehensive review of other coun- 14 tries’ retirement programs; and 15 (2) submit to Congress recommendations on 16 how to improve or replace existing private retirement 17 programs. 18 (b) REPORT.—Upon the affirmative vote of at least 19 3⁄4 of the members of the Commission, the Commission 20 shall submit to the President and Congress a detailed 21 statement of its findings and conclusions as a result of 22 the study under subsection (a), together with its rec- 23 ommendations for such legislation or administrative ac- 24 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 8 •S 1435 IS tions as the Commission considers appropriate in light of 1 the results of the study. 2 (c) DEADLINE.—The report under subsection (b) 3 shall be submitted not later than the date that is 2 years 4 after the date a majority of the members of the Commis- 5 sion are appointed pursuant to section 3. 6 (d) AVAILABLE REPORTS.—In conducting its study 7 and developing findings, conclusions, and recommenda- 8 tions for legislation or administrative action, the Commis- 9 sion— 10 (1) shall take into account available reports and 11 materials; and 12 (2) may consult with the Government Account- 13 ability Office. 14 SEC. 5. OPERATION AND POWERS OF THE COMMISSION. 15 (a) EXECUTIVE BRANCH ASSISTANCE.—The heads of 16 the following agencies shall advise and consult with the 17 Commission on matters within their respective areas of re- 18 sponsibility: 19 (1) The Bureau of the Census. 20 (2) The Internal Revenue Service. 21 (3) The Department of Housing and Urban De- 22 velopment. 23 (4) The Social Security Administration. 24 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 9 •S 1435 IS (5) The Department of Health and Human 1 Services. 2 (6) The Department of Agriculture. 3 (7) The Pension Benefit Guaranty Corporation. 4 (8) Any other agency, as determined by the 5 Commission. 6 (b) NONAPPLICABILITY OF FACA.—The Federal Ad- 7 visory Committee Act (5 U.S.C. App.) shall not apply to 8 the Commission. 9 (c) MEETINGS.—The Commission shall meet not 10 later than 30 days after the date upon which a majority 11 of its members have been appointed and at such times 12 thereafter as the chairperson or co-chairperson shall deter- 13 mine. Detailed minutes of each meeting of the Commis- 14 sion, except for any closed session, shall be kept and shall 15 include a record of the persons present and a complete 16 and accurate description of matters discussed. 17 (d) RULES OF PROCEDURE.—The chairperson and 18 co-chairperson shall, with the approval of a majority of 19 the members of the Commission, establish written rules 20 of procedure for the Commission, which shall include a 21 quorum requirement to conduct the business of the Com- 22 mission. 23 (e) HEARINGS.—The Commission may, for the pur- 24 pose of carrying out this Act, hold hearings, sit and act 25 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 10 •S 1435 IS at times and places, take testimony, and receive evidence 1 as the Commission considers appropriate. Timely public 2 notice of each hearing, including the time, place, and agen- 3 da of the meeting, shall be provided by any means that 4 will result in wide publicity in the region of the United 5 States in which it is held. Timely notice of each regular 6 meeting shall be published in the Federal Register. Inter- 7 ested persons shall be permitted to submit written state- 8 ments regarding the matters on the agenda of such hear- 9 ings. 10 (f) CONTRACTS.—The Commission may contract with 11 and compensate government and private agencies or per- 12 sons for the purpose of carrying out this Act. 13 (g) MAILS.—The Commission may use the United 14 States mails in the same manner and under the same con- 15 ditions as other agencies of the Federal Government. 16 SEC. 6. FUNDING. 17 (a) IN GENERAL.—Subject to subsection (b) and the 18 availability of appropriations at the request of the Sec- 19 retary of the Treasury, the agencies described in section 20 5(a) shall transfer funds, as specified in advance in appro- 21 priations Act and in a total amount not to exceed 22 $5,000,000, to the Department of the Treasury for the 23 purpose of carrying out the activities of the Commission 24 in accordance with this Act. 25 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 11 •S 1435 IS (b) ADMINISTRATIVE SUPPORT.—The Department of 1 the Treasury shall provide administrative support to the 2 Commission, which may include providing physical space 3 at, and access to, the headquarters of the Department of 4 the Treasury located in Washington, DC. 5 (c) PROHIBITION ON NEW FUNDING.—No additional 6 funds are authorized to be appropriated to carry out this 7 Act. This Act shall be carried out using amounts otherwise 8 available for the Department of the Treasury or the agen- 9 cies described in section 5(a). 10 SEC. 7. PERSONNEL. 11 (a) DIRECTOR.—The Commission shall have a Direc- 12 tor who shall be appointed by the chairperson with the 13 concurrence of the co-chairperson. The Director shall be 14 paid at a rate of pay established by the chairperson and 15 co-chairperson, not to exceed the annual rate of basic pay 16 payable for level V of the Executive Schedule under section 17 5316 of title 5, United States Code. The Director shall 18 include in budget recommendations a summary of the 19 amounts such Director determines necessary for the ex- 20 penses of the Commission, including expenses for publica- 21 tions of reports, as appropriate. 22 (b) STAFF.—The Director may appoint and fix the 23 pay of additional staff as the Director determines appro- 24 priate. No staff of the Commission shall receive compensa- 25 VerDate Sep 11 2014 05:39 May 22, 2019 Jkt 089200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\S1435.IS S1435 kjohnson on DSK79L0C42 with BILLS 12 •S 1435 IS tion at a rate in excess of the rate specified for GS–15 1 of the General Schedule under section 5332 of title 5, 2 United States Code. 3 (c) EXPERTS AND CONSULTANTS.—The Commission 4 may procure temporary and intermittent services under 5 section 3109(b) of title 5, United States Code, at rates 6 for individuals which do not exceed the daily equivalent 7 of the annual rate of basic pay for a comparable position 8 paid under the General Schedule. 9 (d) AUTHORITY TO ACCEPT VOLUNTARY SERV- 10 ICES.—Notwithstanding the provisions of section 1342 of 11 title 31, United States Code, the Commission is authorized 12 to acce [Text truncated for display. Full text available on Congress.gov.]