,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #adce  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #ac1 #bjai,mr4 ,"y
 7= himself & ,mr4 ,book]7 introduc$ !  
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,heal?1 ,education1  
,labor1 & ,p5sions  ,a ,,bill  ,to      
e/abli% a commission = ! purpose ( /udy+
 ! issue ( retirem5t security4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,commission on ,retirem5t ,security ,act
 ( #bjai4  #b4 ,e/abli%m5t ,!re is      
e/abli%$ 9 ! executive bran* a          
commission to be kn[n z ! ,commission on
 ,retirem5t ,security 7ref]r$ to 9 ?is  
,act z ! ,commission74  #c4 ,memb]s ( ! 
,commission  7a7 ,numb] & appo9tm5t ,!  
,commission %all be compris$ ( #ae      
memb]s z foll[s3 7#a7 ,! ,secret>y ( !  
,treasury 7or ! ,secret>y's designee74  
7#b7 ,! ,secret>y ( ,labor 7or !        
,secret>y's designee74  7#c7 ,!         
,secret>y ( ,comm]ce 7or ! ,secret>y's  
designee74  7#d7 ,?ree %all be appo9t$  
by ! ,speak] ( ! ,h\se (                

,repres5tatives1 ( :om-- 7,a7 "o %all be
 an exp]t 9 economics or behavioral     
economics1 ) p>ticul> exp]i5ce 9        
retirem5t security1 ag+1 b5efits1 or    
p5sions plan design1 f9ance1 s]ial      
employm5t1 or ! cont+5t work=ce2  7,b7  
"o %all be a practition] ) exp]tise or  
exp]i5ce engag+ ) employ]s1 labor       
unions1 or consum]s 9 ! design &        
adm9i/ration ( retirem5t plans2 &  7,c7 
"o %all be a curr5t or =m] ,memb] (     
,congress4  7#e7 ,?ree %all be appo9t$  
by ! ,m9ority ,lead] ( ! ,h\se (        
,repres5tatives1 ( :om-- 7,a7 "o %all be
 an exp]t 9 economics or behavioral     
economics1 ) p>ticul> exp]i5ce 9        
retirem5t security1 ag+1 b5efits1 or    
p5sions plan design1 f9ance1 s]ial      
employm5t1 or ! cont+5t work=ce2  7,b7  
"o %all be a practition] ) exp]tise or  
exp]i5ce engag+ ) employ]s1 labor       
unions1 or consum]s 9 ! design &        
adm9i/ration ( retirem5t plans2 &  7,c7 
"o %all be a curr5t or =m] ,memb] (     
,congress4  7#f7 ,?ree %all be appo9t$  

by ! ,majority ,lead] ( ! ,s5ate1 (     
:om-- 7,a7 "o %all be an exp]t 9        
economics or behavioral economics1 )    
p>ticul> exp]i5ce 9 retirem5t security1 
ag+1 b5efits1 or p5sions plan design1   
f9ance1 s]ial employm5t1 or ! cont+5t   
work=ce2  7,b7 "o %all be a practition] 
) exp]tise or exp]i5ce engag+ )         
employ]s1 labor unions1 or consum]s 9 ! 
design & adm9i/ration ( retirem5t plans2
 &  7,c7 "o %all be a curr5t or =m]     
,memb] ( ,congress4  7#g7 ,?ree %all be 
appo9t$ by ! ,m9ority ,lead] ( ! ,s5ate1
 ( :om-- 7,a7 "o %all be an exp]t 9     
economics or behavioral economics1 )    
p>ticul> exp]i5ce 9 retirem5t security1 
ag+1 b5efits1 or p5sions plan design1   
f9ance1 s]ial employm5t1 or ! cont+5t   
work=ce2  7,b7 "o %all be a practition] 
) exp]tise or exp]i5ce engag+ )         
employ]s1 labor unions1 or consum]s 9 ! 
design & adm9i/ration ( retirem5t plans2
 &  7,c7 "o %all be a curr5t or =m]     
,memb] ( ,congress4  7b7 ,exp]tise ,9   
mak+ appo9tm5ts "u ?is section1         

consid]ation %\ld be giv5 to individuals
 ) exp]tise 9 economics1 behavioral     
economics1 retirem5t security1 sav+s    
inc5tives1 p5sion plan design1 b5efit   
plan design1 actu>ial sci5ce1 !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajja et    
seq471 or consum] protection4  7c7      
,*airp]son & co-,*airp]son  7#a7        
,*airp]son ,! ,presid5t %all select !   
*airp]son ( ! ,commission f among !     
,memb]s select$ = ! ,commission4  7#b7  
,co-*airp]son ,! co-*airp]son %all be   
select$ z foll[s3 7,a7 ,if1 on ! date ( 
appo9tm5t1 ! ,majority ,lead] ( ! ,s5ate
 is ( a diff]5t political p>ty ?an !    
,presid5t1 su* ,majority ,lead] %all    
select ! co-*airp]son f among ! ,memb]s 
select$ = ! ,commission4  7,b7 ,if1 on !
 date ( appo9tm5t1 ! ,majority ,lead] ( 
! ,s5ate is ( ! same political p>ty z ! 
,presid5t1 ! ,m9ority ,lead] ( ! ,s5ate 
%all select ! co-*airp]son f among !    
,memb]s select$ = ! ,commission4  7d7   
,tim+ ( appo9tm5ts ,appo9tm5ts to !     

,commission %all be made n lat] ?an #de 
days aft] ! date ( enactm5t ( ?is ,act4 
7e7 ,t]ms2 vacancies ,ea* memb] %all be 
appo9t$ = ! duration ( ! ,commission4   
,any vacancy 9 ! ,commission %all n     
affect its p[]s1 & %all be fill$ 9 !    
mann] 9 :i* ! orig9al appo9tm5t 0 made4 
7f7 ,he>+s ,9 c>ry+ out its duties "u   
?is ,act1 ! ,commission is au?oriz$ to  
hold su* he>+s & take te/imony ) respect
 to matt]s to :i* x has a responsibility
 "u ?is ,act4 ,! ,*airp]son1 or any     
memb] au?oriz$ by ! ,*airp]son1 may     
adm9i/] oa?s or affirmations to         
witnesses appe>+ be=e ! ,commission4 ,! 
,commission %all hold1 at m9imum1 n few]
 ?an #d he>+s 9 a location t is outside 
( ! metropolitan area ( ,wa%+ton1 ,,dc1 
& )9 ! ,unit$ ,/ates4  7g7 ,comp5sation 
,memb]s ( ! ,commission %all s]ve )\t   
pay4  7h7 ,travel exp5ses ,ea* memb] ( !
 ,commission %all be all[$ travel       
exp5ses1 includ+ p] diem 9 lieu (       
subsi/5ce1 at rates au?oriz$ = employees
 ( ag5cies "u sub*apt] ,i ( *apt] #eg ( 

title #e1 ,unit$ ,/ates ,code1 :ile away
 f _! homes or regul> places ( bus9ess 9
 ! p]=mance ( s]vices = ! ,commission4  
#d4 ,duties ( ! ,commission  7a7 ,/udy (
 retirem5t security ,! ,commission      
%all-- 7#a7 conduct a compreh5sive /udy 
( ! /ate ( retirem5t security 9 ,am]ica1
 :i* %all include-- 7,a7 a compreh5sive 
review ( private b5efit programs exi/+ 9
 ! ,unit$ ,/ates1 ) a p>ticul> focus on 
! hi/orical movem5t f def9$ b5efit to   
def9$ contribution models2  7,b7 a      
compreh5sive review ( private retirem5t 
cov]age1 individual & h\sehold acc\nts  
balances1 inve/m5t tr5ds1 co/s & net    
returns1 & ret5tion & di/ribution dur+  
retirem5t2  7,c7 a compreh5sive review (
 societal tr5ds1 includ+ wage gr[?1     
economic gr[?1 unique small bus9ess     
*all5ges1 s]ial employm5t1 gig economy1 
heal? c>e co/s1 life expectancy1 & %r9k+
 h\sehold size1 t c\ld lead future      
g5]ations to be less f9ancially secure 9
 retirem5t comp>$ to previ\s g5]ations2 
&  7,d7 a compreh5sive review ( o!r     

c\ntries' retirem5t programs2 &  7#b7   
submit to ,congress recomm5dations on h[
 to improve or replace exi/+ private    
retirem5t programs4  7b7 ,report ,^u !  
affirmative vote ( at lea/ #c_/d ( !    
memb]s ( ! ,commission1 ! ,commission   
%all submit to ! ,presid5t & ,congress a
 detail$ /atem5t ( its f9d+s &          
conclusions z a result ( ! /udy "u      
subsection 7a71 toge!r ) its            
recomm5dations = su* legislation or     
adm9i/rative actions z ! ,commission    
consid]s appropriate 9 light ( ! results
 ( ! /udy4  7c7 ,deadl9e ,! report "u   
subsection 7b7 %all be submitt$ n lat]  
?an ! date t is #b ye>s aft] ! date a   
majority ( ! memb]s ( ! ,commission are 
appo9t$ pursuant to section #c4  7d7    
,available reports ,9 conduct+ its /udy 
& develop+ f9d+s1 conclusions1 &        
recomm5dations = legislation or         
adm9i/rative action1 ! ,commission--    
7#a7 %all take into acc\nt available    
reports & mat]ials2 &  7#b7 may consult 
) ! ,gov]nm5t ,acc\ntability ,(fice4    

#e4 ,op]ation & p[]s ( ! ,commission    
7a7 ,executive bran* assi/ance ,! heads 
( ! foll[+ ag5cies %all advise & consult
 ) ! ,commission on matt]s )9 _!        
respective areas ( responsibility3 7#a7 
,! ,bureau ( ! ,c5sus4  7#b7 ,! ,int]nal
 ,rev5ue ,s]vice4  7#c7 ,! ,dep>tm5t (  
,h\s+ & ,urban ,developm5t4  7#d7 ,!    
,social ,security ,adm9i/ration4  7#e7  
,! ,dep>tm5t ( ,heal? & ,human ,s]vices4
  7#f7 ,! ,dep>tm5t ( ,agriculture4     
7#g7 ,! ,p5sion ,b5efit ,gu>anty        
,corporation4  7#h7 ,any o!r ag5cy1 z   
det]m9$ by ! ,commission4  7b7          
,nonapplicability ( ,,faca ,! ,f$]al    
,advisory ,committee ,act 7#e ,u4,s4,c4 
,app47 %all n apply to ! ,commission4   
7c7 ,meet+s ,! ,commission %all meet n  
lat] ?an #cj days aft] ! date ^u :i* a  
majority ( its memb]s h be5 appo9t$ & at
 su* times !reaft] z ! *airp]son or     
co-*airp]son %all det]m9e4 ,detail$     
m9utes ( ea* meet+ ( ! ,commission1     
except = any clos$ session1 %all be kept
 & %all include a record ( ! p]sons     

pres5t & a complete & accurate          
description ( matt]s discuss$4  7d7     
,rules ( proc$ure ,! *airp]son &        
co-*airp]son %all1 ) ! approval ( a     
majority ( ! memb]s ( ! ,commission1    
e/abli% writt5 rules ( proc$ure = !     
,commission1 :i* %all include a quorum  
requirem5t to conduct ! bus9ess ( !     
,commission4  7e7 ,he>+s ,! ,commission 
may1 = ! purpose ( c>ry+ out ?is ,act1  
hold he>+s1 sit & act at times & places1
 take te/imony1 & receive evid5ce z !   
,commission consid]s appropriate4       
,timely public notice ( ea* he>+1       
includ+ ! "t1 place1 & ag5da ( ! meet+1 
%all be provid$ by any means t w result 
9 wide publicity 9 ! region ( ! ,unit$  
,/ates 9 :i* x is held4 ,timely notice (
 ea* regul> meet+ %all be publi%$ 9 !   
,f$]al ,regi/]4 ,int]e/$ p]sons %all be 
p]mitt$ to submit writt5 /atem5ts reg>d+
 ! matt]s on ! ag5da ( su* he>+s4  7f7  
,contracts ,! ,commission may contract )
 & comp5sate gov]nm5t & private ag5cies 
or p]sons = ! purpose ( c>ry+ out ?is   

,act4  7g7 ,mails ,! ,commission may use
 ! ,unit$ ,/ates mails 9 ! same mann] & 
"u ! same conditions z o!r ag5cies ( !  
,f$]al ,gov]nm5t4  #f4 ,fund+  7a7 ,9   
g5]al ,subject to subsection 7b7 & !    
availability ( appropriations at !      
reque/ ( ! ,secret>y ( ! ,treasury1 !   
ag5cies describ$ 9 section #e7;a7 %all  
transf] funds1 z specifi$ 9 advance 9   
appropriations ,act & 9 a total am\nt n 
to exce$ #e1jjj1jjj1 to ! ,dep>tm5t ( ! 
,treasury = ! purpose ( c>ry+ out !     
activities ( ! ,commission 9 accordance 
) ?is ,act4  7b7 ,adm9i/rative support  
,! ,dep>tm5t ( ! ,treasury %all provide 
adm9i/rative support to ! ,commission1  
:i* may include provid+ physical space  
at1 & access to1 ! headqu>t]s ( !       
,dep>tm5t ( ! ,treasury locat$ 9        
,wa%+ton1 ,,dc4  7c7 ,prohibition on new
 fund+ ,no additional funds are au?oriz$
 to be appropriat$ to c>ry out ?is ,act4
 ,?is ,act %all be c>ri$ out us+ am\nts 
o!rwise available = ! ,dep>tm5t ( !     
,treasury or ! ag5cies describ$ 9       

section #e7;a74  #g4 ,p]sonnel  7a7     
,director ,! ,commission %all h a       
,director :o %all be appo9t$ by !       
*airp]son ) ! concurr5ce ( !            
co-*airp]son4 ,! ,director %all be paid 
at a rate ( pay e/abli%$ by ! *airp]son 
& co-*airp]son1 n to exce$ ! annual rate
 ( basic pay payable = level ,v ( !     
,executive ,s*$ule "u section #ecaf (   
title #e1 ,unit$ ,/ates ,code4 ,!       
,director %all include 9 budget         
recomm5dations a summ>y ( ! am\nts su*  
,director det]m9es necess>y = ! exp5ses 
( ! ,commission1 includ+ exp5ses =      
publications ( reports1 z appropriate4  
7b7 ,/aff ,! ,director may appo9t & fix 
! pay ( additional /aff z ! ,director   
det]m9es appropriate4 ,no /aff ( !      
,commission %all receive comp5sation at 
a rate 9 excess ( ! rate specifi$ =     
,,gs-#ae ( ! ,g5]al ,s*$ule "u section  
#eccb ( title #e1 ,unit$ ,/ates ,code4  
7c7 ,exp]ts & consultants ,! ,commission
 may procure tempor>y & int]mitt5t      
s]vices "u section #caji7;b7 ( title #e1

 ,unit$ ,/ates ,code1 at rates =        
individuals :i* d n exce$ ! daily       
equival5t ( ! annual rate ( basic pay = 
a comp>able position paid "u ! ,g5]al   
,s*$ule4  7d7 ,au?ority ,to accept      
volunt>y s]vices ,not)/&+ ! provisions (
 section #acdb ( title #ca1 ,unit$      
,/ates ,code1 ! ,commission is au?oriz$ 
to accept & utilize ! s]vices (         
volunte]s s]v+ )\t comp5sation4 ,!      
,commission may reimburse su* volunte]s 
= local travel & (fice supplies1 & = o!r
 travel exp5ses1 includ+ p] diem 9 lieu 
( subsi/5ce1 z au?oriz$ by section #egjc
 ( title #e1 ,unit$ ,/ates ,code4 ,a    
p]son provid+ volunte] s]vices to !     
,commission %all be consid]$ an employee
 ( ! ,f$]al ,gov]nm5t 9 ! p]=mance ( ^? 
s]vices = ! purposes ( ! foll[+         
provisions ( law3 7#a7 ,*apt] #ha (     
title #e1 ,unit$ ,/ates ,code1 relat+ to
 comp5sation = "w-relat$ injuries4  7#b7
 ,*apt] #aga ( title #bh1 ,unit$ ,/ates 
,code1 relat+ to tort claims4  7#c7     
,*apt] #aa ( title #ah1 ,unit$ ,/ates   

,code1 relat+ to conflicts ( int]e/4    
#h4 ,t]m9ation ,! ,commission %all      
t]m9ate n lat] ?an #b ye>s aft] ! date (
 enactm5t ( ?is ,act4