An Act to amend the Budget and Accounting Procedures Act of 1950 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.
Public Law 95-595 · H.R. 9701 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Nov 4, 1978 · Government Operations and Politics
Sponsor: Rep. John Dent (D-PA-21)
Cosponsors (1): Rep. John Erlenborn
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Declares that the purpose of this Act is to protect the interests of the Nation and of participants and their beneficiaries in Federal Government pension plans and certain other pension plans by requiring full disclosure of the financial conditions of such plans. Provides that each Federal pension plan, as well as the Federal Reserve employees retirement plans, the Federal Home Loan Bank Board retirement systems, the Federal Home Loan Mortgage Corporation plan, and the Federal Farm Credit District retirement plans, shall be deemed to be subject to certian provisions of the Employee Retirement Income Security Act of 1974 (ERISA) which requires the filing of annual reports by employee benefit plans, and specifies the requisite content of such reports.
Provides that a Federal Government pension plan or such other pension plans shall be in the annual report required by ERISA and shall be in such form and include such information as the President or Comptroller General (in the case of the Federal Home Loan Bank, Federal Home Loan Mortgage Corporation, Federal Reserve System, and Federal Farm Credit district) may prescribe.
Requires such report to be furnished to the Congress and to the Comptroller General not later than 210 days after the end of the pension plan year.
Requires the Comptroller General to perform as an independent qualified public accountant, except for specified pension plans.
Exempts the Central Intelligence Agency from these requirements unless the President approves in writing.
Permits covered plans to use an enrolled actuary who is employed by the agency or agencies administering the plan.
Requires the General Accounting Office, if requested by Congress or deemed necessary by the Comptroller General, to review the statements filed pursuant to this act and submit to Congress any recommendations.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 11 actions.
- Nov 4, 1978Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 95-595.
- Oct 25, 1978PresidentPresident · Measure presented to President.
- Oct 14, 1978FloorFloor · Measure passed Senate.
- CommitteeCommittee · Discharged from Senate Homeland Security and Governmental Affairs Committee
- Oct 12, 1978CommitteeCommittee · Referred to Senate Homeland Security and Governmental Affairs Committee
- Oct 10, 1978FloorFloor · Measure passed House, amended.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Oct 2, 1978CommitteeCommittee · Reported by House Oversight and Government Reform Committee
- Oct 20, 1977CommitteeCommittee · Referred to House Oversight and Government Reform Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.