H.R. 6290 · 115th Congress
Public Employee Pension Transparency Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
NunesSponsor4 cosponsors · 4 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Jun 28, 2018
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.
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 (Jun 28, 2018): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 28, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.