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.

(Reported to House from the Committee on Government Operations with amendment, H. Rept. 95-1678)

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.