Public Law 95–595

Section 1.

Part II of title I of the Budget and Accounting Procedures

Budget and Accounting Procedures Act of 1950, amendment.

31 USC 1 note.

31 USC 65 et seq.

Act of 1950 (64 Stat. 832) is amended by adding at the end thereof the following new matter:

“Subpart C

“Sec. 120. “federal government pension plans

It is the purpose of this subpart to protect the interests

31 USC 68.

of the Nation and of the participants and their beneficiaries in Federal Government pension plans and certain other pension plans by requiring full disclosure of the financial condition of such plans.

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“Sec. 121.

(a)(a)

Notwithstanding any other provision of law or any

31 USC 68a.

administrative determination to the contrary, each Federal Government 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 pension

29 USC 1023.

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)“(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;

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“(2)“(2)

the annual report required by such section shall be furnished 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;

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“(3)“(3)

unless specifically authorized by the Comptroller General, 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);

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“(4)“(4)

the provisions of section 104(b) of such Act shall not

29 USC 1024.

apply;

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“(5)“(5)

the report required by this subpart shall be in addition to and shall not supersede other reports or projections required by law; and

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“(6)“(6)

other than in the case of a plan described in section 123(b), the Comptroller General shall perform such audits as the Comptroller 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.

29 USC 1023.

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“(b)“(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.

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“(c)“(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.

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“Sec. 122.

If requested by either House of Congress (or any committee

31 USC 68b.

thereof) or if deemed necessary by the Comptroller General, the General Accounting Office shall—

“(1)“(1)

review financial and actuarial statements furnished pursuant to section 121 for the purpose of determining whether the reporting requirements of such section are adequate to carry out the purpose of this subpart; and

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“(2)“(2)

submit to the Congress such recommendations for legislative

Recommendations, submittal to Congress.

action as it may deem necessary to carry out the purposes of this subpart.

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“Sec. 123.

(a)(a)

For purposes of this subpart, the term ‘Federal

“Federal Government pension plan.”

31 USC 68c.

29 USC 1001 note.

26 USC 3101.

26 USC 3201.

Government pension plan’ means a pension, annuity, retirement, or similar plan (other than a plan covered under the Employee Retirement 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 Retirement 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

29 USC 1002.

by the Government of the United States, or any agency or instrumentality 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)“(1)

Civil Service Retirement System;

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“(2)“(2)

Foreign Service Retirement and Disability System;

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“(3)“(3)

Military Retirement System;

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“(4)“(4)

Coast Guard Retirement System;

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“(5)“(5)

Commissioned Corps of the Public Health Service Retirement System;

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“(6)“(6)

National Oceanic and Atmospheric Administration Retirement System;

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“(7)“(7)

Tennessee Valley Authority Retirement System;

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“(8)“(8)

nonappropriated fund plans; and

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“(9)“(9)

judicial plans.

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“(b)“(b)

For purposes of this subpart, the plans described in section 123(b) are the following (other than any of the following which are covered under the Employee Retirement Income Security Act of 1974):

29 USC 1001 note.

“(1)“(1)

Federal Reserve Employees Retirement Plans;

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“(2)“(2)

Federal Home Loan Bank Board Retirement Systems;

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“(3)“(3)

Federal Home Loan Mortgage Corporation Plan; and

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“(4)“(4)

Farm Credit District Retirement Plans.”

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“Sec. 124.

The requirement imposed by section 121(a) shall apply

31 USC 68d.

“Plan year.”

with respect to plan years beginning after September 30, 1978. For 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.”.

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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.