Public Employee Pension Transparency Act

Summary

Public Employee Pension Transparency Act This bill amends the Internal Revenue Code to deny the tax exemption for interest on state and local bonds to bonds issued by a state or political subdivision that does not comply with specified reporting requirements for state or local government employee pension benefit plans. For the tax exemption to apply, sponsors of a state or local government employee pension benefit plan must submit annual reports to the Department of the Treasury that include details regarding: the funding status of the plan, contributions by the plan sponsor for the plan year, projections for each of the next 60 plan years of the cash flows associated with the plan liability, actuarial assumptions used for the plan year, the types of plan participants, investment returns, the funding policy and the degree to which unfunded liabilities are expected to be eliminated, the amount of pension obligation bonds outstanding, the current cost of the plan for the plan year, and administrative and investment expenses. Treasury must: (1) develop model reporting statements, and (2) create and maintain a searchable public website for posting pension plan information required by this bill. The bill also grants the United States an exemption from liability for any current or future shortfall in any state or local government employee pension plan.

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Timeline

1. 28 June 2018

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 28 June 2018

   Introduced

   Introduced in House

   Source: IntroReferral

3. 28 June 2018

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 28 June 2018 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 June 2018

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 June 2018

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 28 June 2018

  Open at official source

Sponsors

• Devin Nunes · R · Sponsor
• Ken Calvert · R · Sponsor
• Chris Stewart · R · Sponsor
• Tom McClintock · R · Sponsor
• Mike Bishop · R · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.