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DCCUMNT RiESUME
06518 - B1271191
[H.e. 9701, a Bill To Require That Federal Pension Plans File
Annual Financial and Actuarial Reorts]. July 24, 1978. 6 pp.
Testimony before the House Committee cn Government Cperations:
Leqislation and National Security Suktcmuittee; Ly C. I. Gould,
Deputy Director, Federal Personnel ard Ccmpensation Div.
Contact: Federal Personnel and Compensation Div.
Conqressional Relevance: House Committee on Government
Oper ions: Leqislation and Naticnal Security Subcommittee.
Authority: Budqet and Accounting Procedures Act of 1950; H.R.
9701 (95th conq.). Employee Retirement Income Security Act
of 1974. S. Rea, 244 (95th Cong.).
The ptrxpose of H.R. 9701 is to achieve full, uniform
disclosure of the fiaancial condition of federal peEsic ilans.
At present, there is no overall policy for guilance In
establishinq, tiaancing, or amending Uederal retirement systems.
The systems' funding requirementr vazy ac,% in most cass are
less strinqent tha*i those imposed on private persion plans. Some
systems provide for fully funding benefits as they accrue; some
provide for partial fundinq; and scme are coapletely unfunded.
The Conqress does not precntly receive realistic and ccnsistent
information -n the cost of Federal r6tirement programs,
imrairinc, its ability to make sound fiscal and legislative
decisiv&4. . The costs and liabilities of federal retirement
pLc. qrams ace much greater than are reccgnized by current costing
and tundinq procedures. H. R. 9701 would: require that each
Federal pension -%lan furnish an annual report of its financial
cordition to the Congress and the Ccntrcllr General, direct
the Comptroller GeiA.ral to prescribe tke content of the ;e;oLts
and to review each plan's statement, and establish a Board of
Government Actuaries to prescribe actuarial reporting standards.
Charqes aced to be made to the other duties a signed to the
Ccoptroller General. Costs for implementation of the bill
include $1 million annually for the necessary audit York, ;1
million for actuarial work, and $.5 ili¢n for prescribing
reportinq standards and formats. (KiZ)](ViewImageLocal?handle=hein.gao/gaobadyan0001&div=1&collection=&method=preview&ext=.png&size=3)