S. 779 · 113th Congress
Public Employee Pension Transparency Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BurrSponsor2 cosponsors · 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Public Employee Pension Transparency Act - Amends the Internal Revenue Code to deny tax benefits relating to bonds issued by a state or political subdivision during any period in which such state or political subdivision is noncompliant with specified reporting requirements for state or local government employee pension benefit plans.
What it does: CRS summary · Introduced in Senate · Apr 23, 2013
Public Employee Pension Transparency Act - Amends the Internal Revenue Code to deny tax benefits relating to bonds issued by a state or political subdivision during any period in which such state or political subdivision is noncompliant with specified reporting requirements for state or local government employee pension benefit plans.
Requires plan sponsors of a state or local government employee pension benefit plan to file with the Secretary of the Treasury a report for each plan year beginning on or after January 1, 2014, setting forth: (1) a schedule of the funding status of the plan, (2) a schedule of contributions by the plan sponsor for the plan year, (3) alternative projections for each of the next 60 plan years of the cash flows associated with the current plan liability, (4) a statement of the actuarial assumptions used for the plan year, (5) a statement of the number of plan participants who are retired or separated from service and are either receiving benefits or are entitled to future benefits and those who are active under the plan, (6) a statement of the plan's investment returns, (7) a statement of the degree to which unfunded liabilities are expected to be eliminated, (8) a statement of the amount of pension obligation bonds outstanding, and (9) a statement of the current cost of the plan for the plan year.
Directs the Secretary to develop model reporting statements and create and maintain a public website, with searchable capabilities, for purposes of posting plan information required by this Act.
Exempts the United States from liability for any future shortfall in any state or local government employee pension plan.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Public Employee Pension Transparency Act
Latest action (Apr 23, 2013): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 23, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.