LETTER TO MR. JAMES FREY FROM FRANK C. CARLUCCI
Document Type:
Collection:
Document Number (FOIA) /ESDN (CREST):
CIA-RDP81M00980R001600110031-9
Release Decision:
RIPPUB
Original Classification:
K
Document Page Count:
6
Document Creation Date:
December 15, 2016
Document Release Date:
July 6, 2004
Sequence Number:
31
Case Number:
Publication Date:
October 20, 1978
Content Type:
LETTER
File:
Attachment | Size |
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CIA-RDP81M00980R001600110031-9.pdf | 236.49 KB |
Body:
The Deputy Director
Approve d ) I1IW1a 0EY4/07/16: CIA-RD0t RL r j
% 0 OCT 1978
Mr. James Frey
Assistant Director for
Legislative Reference
Office of Management and Budget
Washington, D.C. 20503
OLC 79-5349/A
Dear Mr. Frey:
This is in response to your request for our
views and recommendations on H.R. 9701, a bill
that would require a financial audit of pension
plans for officers and employees of the Federal
Government. Since the Central Intelligence Agency
is exempted from the bill, we defer to the views
of those agencies directly affected.
We thank you for the opportunity to review
this enrolled bill.
Sincerely,
Frank C. Carlucci
Distribution.:
Original - Addressee
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AT THE SECOND SESSION
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Begun and held at the City of Washington on Thursday, the nineteenth -day of January,
one thousand nine hundred and seventy-eight
211 2kt
To amend the Budget and Accounting Procedures Act of 1030 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.
Be it enacted by the Senate and House of Representatives of the
United States of A meriva in Congress assembled,
SEcrtos 1. Part 11 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
"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 other 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 contra-, 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
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
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H. R. 9701--2
"(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 requirement of such section are adequate to carry out
the purpose 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. 123. (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.
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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) :
" 1) Federal Reserve Employees Retirement Plans
" 2) Federal Home Loan Bank Board Retirement gystems;
" 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
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.".
SEc. 2. Part 11 of title I of the Budget Accounting Procedures Act
of 1950 (64 Stat. 832) is further amended -'
(1) by inserting after "PAnr II-AcconiiQ =v AUDIII G'!
the following new center heading :
"Subpart A";
and
(2) by inserting after section 111 the following new center
heading :
"Subpart B".
Speaker of the Howse of Representatives.
Vice President of the United States and
President of the Senat
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