,,ii  #aafth ,,congress  #ast ,session  
,s4 #adce  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ac1      
#bjai,mr4 ,young 7for himself and ,mr4  
,booker7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,health1 ,education1     
,labor1 and ,pensions  ,a ,,bill  ,to   
establish a commission for the purpose  
of studying the issue of retirement     
security4  #a4 ,short title ,this ,act  
may be cited as the ,commission on      
,retirement ,security ,act of #bjai4    
#b4 ,establishment ,there is established
 in the executive branch a commission to
 be known as the ,commission on         
,retirement ,security 7referred to in   
this ,act as the ,commission74  #c4     
,members of the ,commission  7a7 ,number
 and appointment ,the ,commission shall 
be comprised of #ae members as follows3 
7#a7 ,the ,secretary of the ,treasury   
7or the ,secretary's designee74  7#b7   
,the ,secretary of ,labor 7or the       
,secretary's designee74  7#c7 ,the      

,secretary of ,commerce 7or the         
,secretary's designee74  7#d7 ,three    
shall be appointed by the ,speaker of   
the ,house of ,representatives1 of      
whom-- 7,a7 one shall be an expert in   
economics or behavioral economics1 with 
particular experience in retirement     
security1 aging1 benefits1 or pensions  
plan design1 finance1 serial employment1
 or the contingent workforce2  7,b7 one 
shall be a practitioner with expertise  
or experience engaging with employers1  
labor unions1 or consumers in the design
 and administration of retirement plans2
 and  7,c7 one shall be a current or    
former ,member of ,congress4  7#e7      
,three shall be appointed by the        
,minority ,leader of the ,house of      
,representatives1 of whom-- 7,a7 one    
shall be an expert in economics or      
behavioral economics1 with particular   
experience in retirement security1      
aging1 benefits1 or pensions plan       
design1 finance1 serial employment1 or  
the contingent workforce2  7,b7 one     

shall be a practitioner with expertise  
or experience engaging with employers1  
labor unions1 or consumers in the design
 and administration of retirement plans2
 and  7,c7 one shall be a current or    
former ,member of ,congress4  7#f7      
,three shall be appointed by the        
,majority ,leader of the ,senate1 of    
whom-- 7,a7 one shall be an expert in   
economics or behavioral economics1 with 
particular experience in retirement     
security1 aging1 benefits1 or pensions  
plan design1 finance1 serial employment1
 or the contingent workforce2  7,b7 one 
shall be a practitioner with expertise  
or experience engaging with employers1  
labor unions1 or consumers in the design
 and administration of retirement plans2
 and  7,c7 one shall be a current or    
former ,member of ,congress4  7#g7      
,three shall be appointed by the        
,minority ,leader of the ,senate1 of    
whom-- 7,a7 one shall be an expert in   
economics or behavioral economics1 with 
particular experience in retirement     

security1 aging1 benefits1 or pensions  
plan design1 finance1 serial employment1
 or the contingent workforce2  7,b7 one 
shall be a practitioner with expertise  
or experience engaging with employers1  
labor unions1 or consumers in the design
 and administration of retirement plans2
 and  7,c7 one shall be a current or    
former ,member of ,congress4  7b7       
,expertise ,in making appointments under
 this section1 consideration should be  
given to individuals with expertise in  
economics1 behavioral economics1        
retirement security1 savings incentives1
 pension plan design1 benefit plan      
design1 actuarial science1 the ,employee
 ,retirement ,income ,security ,act of  
#aigd 7#bi ,u4,s4,c4 #ajja et seq471 or 
consumer protection4  7c7 ,chairperson  
and co-,chairperson  7#a7 ,chairperson  
,the ,president shall select the        
chairperson of the ,commission from     
among the ,members selected for the     
,commission4  7#b7 ,co-chairperson ,the 
co-chairperson shall be selected as     

follows3 7,a7 ,if1 on the date of       
appointment1 the ,majority ,leader of   
the ,senate is of a different political 
party than the ,president1 such         
,majority ,leader shall select the      
co-chairperson from among the ,members  
selected for the ,commission4  7,b7 ,if1
 on the date of appointment1 the        
,majority ,leader of the ,senate is of  
the same political party as the         
,president1 the ,minority ,leader of the
 ,senate shall select the co-chairperson
 from among the ,members selected for   
the ,commission4  7d7 ,timing of        
appointments ,appointments to the       
,commission shall be made not later than
 #de days after the date of enactment of
 this ,act4  7e7 ,terms2 vacancies ,each
 member shall be appointed for the      
duration of the ,commission4 ,any       
vacancy in the ,commission shall not    
affect its powers1 and shall be filled  
in the manner in which the original     
appointment was made4  7f7 ,hearings ,in
 carrying out its duties under this     

,act1 the ,commission is authorized to  
hold such hearings and take testimony   
with respect to matters to which it has 
a responsibility under this ,act4 ,the  
,chairperson1 or any member authorized  
by the ,chairperson1 may administer     
oaths or affirmations to witnesses      
appearing before the ,commission4 ,the  
,commission shall hold1 at minimum1 not 
fewer than #d hearings in a location    
that is outside of the metropolitan area
 of ,washington1 ,,dc1 and within the   
,united ,states4  7g7 ,compensation     
,members of the ,commission shall serve 
without pay4  7h7 ,travel expenses ,each
 member of the ,commission shall be     
allowed travel expenses1 including per  
diem in lieu of subsistence1 at rates   
authorized for employees of agencies    
under subchapter ,i of chapter #eg of   
title #e1 ,united ,states ,code1 while  
away from their homes or regular places 
of business in the performance of       
services for the ,commission4  #d4      
,duties of the ,commission  7a7 ,study  

of retirement security ,the ,commission 
shall-- 7#a7 conduct a comprehensive    
study of the state of retirement        
security in ,america1 which shall       
include-- 7,a7 a comprehensive review of
 private benefit programs existing in   
the ,united ,states1 with a particular  
focus on the historical movement from   
defined benefit to defined contribution 
models2  7,b7 a comprehensive review of 
private retirement coverage1 individual 
and household accounts balances1        
investment trends1 costs and net        
returns1 and retention and distribution 
during retirement2  7,c7 a comprehensive
 review of societal trends1 including   
wage growth1 economic growth1 unique    
small business challenges1 serial       
employment1 gig economy1 health care    
costs1 life expectancy1 and shrinking   
household size1 that could lead future  
generations to be less financially      
secure in retirement compared to        
previous generations2 and  7,d7 a       
comprehensive review of other countries'

 retirement programs2 and  7#b7 submit  
to ,congress recommendations on how to  
improve or replace existing private     
retirement programs4  7b7 ,report ,upon 
the affirmative vote of at least #c_/d  
of the members of the ,commission1 the  
,commission shall submit to the         
,president and ,congress a detailed     
statement of its findings and           
conclusions as a result of the study    
under subsection 7a71 together with its 
recommendations for such legislation or 
administrative actions as the           
,commission considers appropriate in    
light of the results of the study4  7c7 
,deadline ,the report under subsection  
7b7 shall be submitted not later than   
the date that is #b years after the date
 a majority of the members of the       
,commission are appointed pursuant to   
section #c4  7d7 ,available reports ,in 
conducting its study and developing     
findings1 conclusions1 and              
recommendations for legislation or      
administrative action1 the ,commission--

 7#a7 shall take into account available 
reports and materials2 and  7#b7 may    
consult with the ,government            
,accountability ,office4  #e4 ,operation
 and powers of the ,commission  7a7     
,executive branch assistance ,the heads 
of the following agencies shall advise  
and consult with the ,commission on     
matters within their respective areas of
 responsibility3 7#a7 ,the ,bureau of   
the ,census4  7#b7 ,the ,internal       
,revenue ,service4  7#c7 ,the           
,department of ,housing and ,urban      
,development4  7#d7 ,the ,social        
,security ,administration4  7#e7 ,the   
,department of ,health and ,human       
,services4  7#f7 ,the ,department of    
,agriculture4  7#g7 ,the ,pension       
,benefit ,guaranty ,corporation4  7#h7  
,any other agency1 as determined by the 
,commission4  7b7 ,nonapplicability of  
,,faca ,the ,federal ,advisory          
,committee ,act 7#e ,u4,s4,c4 ,app47    
shall not apply to the ,commission4  7c7
 ,meetings ,the ,commission shall meet  

not later than #cj days after the date  
upon which a majority of its members    
have been appointed and at such times   
thereafter as the chairperson or        
co-chairperson shall determine4         
,detailed minutes of each meeting of the
 ,commission1 except for any closed     
session1 shall be kept and shall include
 a record of the persons present and a  
complete and accurate description of    
matters discussed4  7d7 ,rules of       
procedure ,the chairperson and          
co-chairperson shall1 with the approval 
of a majority of the members of the     
,commission1 establish written rules of 
procedure for the ,commission1 which    
shall include a quorum requirement to   
conduct the business of the ,commission4
  7e7 ,hearings ,the ,commission may1   
for the purpose of carrying out this    
,act1 hold hearings1 sit and act at     
times and places1 take testimony1 and   
receive evidence as the ,commission     
considers appropriate4 ,timely public   
notice of each hearing1 including the   

time1 place1 and agenda of the meeting1 
shall be provided by any means that will
 result in wide publicity in the region 
of the ,united ,states in which it is   
held4 ,timely notice of each regular    
meeting shall be published in the       
,federal ,register4 ,interested persons 
shall be permitted to submit written    
statements regarding the matters on the 
agenda of such hearings4  7f7 ,contracts
 ,the ,commission may contract with and 
compensate government and private       
agencies or persons for the purpose of  
carrying out this ,act4  7g7 ,mails ,the
 ,commission may use the ,united ,states
 mails in the same manner and under the 
same conditions as other agencies of the
 ,federal ,government4  #f4 ,funding    
7a7 ,in general ,subject to subsection  
7b7 and the availability of             
appropriations at the request of the    
,secretary of the ,treasury1 the        
agencies described in section #e7;a7    
shall transfer funds1 as specified in   
advance in appropriations ,act and in a 

total amount not to exceed #e1jjj1jjj1  
to the ,department of the ,treasury for 
the purpose of carrying out the         
activities of the ,commission in        
accordance with this ,act4  7b7         
,administrative support ,the ,department
 of the ,treasury shall provide         
administrative support to the           
,commission1 which may include providing
 physical space at1 and access to1 the  
headquarters of the ,department of the  
,treasury located in ,washington1 ,,dc4 
7c7 ,prohibition on new funding ,no     
additional funds are authorized to be   
appropriated to carry out this ,act4    
,this ,act shall be carried out using   
amounts otherwise available for the     
,department of the ,treasury or the     
agencies described in section #e7;a74   
#g4 ,personnel  7a7 ,director ,the      
,commission shall have a ,director who  
shall be appointed by the chairperson   
with the concurrence of the             
co-chairperson4 ,the ,director shall be 
paid at a rate of pay established by the

 chairperson and co-chairperson1 not to 
exceed the annual rate of basic pay     
payable for level ,v of the ,executive  
,schedule under section #ecaf of title  
#e1 ,united ,states ,code4 ,the         
,director shall include in budget       
recommendations a summary of the amounts
 such ,director determines necessary for
 the expenses of the ,commission1       
including expenses for publications of  
reports1 as appropriate4  7b7 ,staff    
,the ,director may appoint and fix the  
pay of additional staff as the ,director
 determines appropriate4 ,no staff of   
the ,commission shall receive           
compensation at a rate in excess of the 
rate specified for ,,gs-#ae of the      
,general ,schedule under section #eccb  
of title #e1 ,united ,states ,code4  7c7
 ,experts and consultants ,the          
,commission may procure temporary and   
intermittent services under section     
#caji7;b7 of title #e1 ,united ,states  
,code1 at rates for individuals which do
 not exceed the daily equivalent of the 

annual rate of basic pay for a          
comparable position paid under the      
,general ,schedule4  7d7 ,authority ,to 
accept voluntary services               
,notwithstanding the provisions of      
section #acdb of title #ca1 ,united     
,states ,code1 the ,commission is       
authorized to accept and utilize the    
services of volunteers serving without  
compensation4 ,the ,commission may      
reimburse such volunteers for local     
travel and office supplies1 and for     
other travel expenses1 including per    
diem in lieu of subsistence1 as         
authorized by section #egjc of title #e1
 ,united ,states ,code4 ,a person       
providing volunteer services to the     
,commission shall be considered an      
employee of the ,federal ,government in 
the performance of those services for   
the purposes of the following provisions
 of law3 7#a7 ,chapter #ha of title #e1 
,united ,states ,code1 relating to      
compensation for work-related injuries4 
7#b7 ,chapter #aga of title #bh1 ,united

 ,states ,code1 relating to tort claims4
  7#c7 ,chapter #aa of title #ah1       
,united ,states ,code1 relating to      
conflicts of interest4  #h4 ,termination
 ,the ,commission shall terminate not   
later than #b years after the date of   
enactment of this ,act4