HR 1628 (Nunes)/S 779 (Burr) – Public Employee Pension Transparency Act
Require state and local government employee pension plan sponsors to report their respective financial data to the U.S. Secretary of the Treasury each plan year beginning on or after January 1, 2014, utilizing existing valuation methods and calculation assumptions, as well as alternative methods and assumptions prescribed by the Secretary, including use of a “risk free rate of return” to discount plan liabilities. Failure to comply with the reporting requirements would result in the forfeiture of federal tax benefits to bonds issued by the state or political subdivisions for which the plan benefits until noncompliance is remedied. Also, direct the Secretary to create and maintain a public website to post the information received from the reporting plans and specify that the U.S. government will not be liable for obligations related to current or future shortfalls in state or local government employee pension plans.
- Version: Introduced 4/18/13 and 4/23/13, respectively
- Sponsor: Authors
- Location: House Ways and Means Committee and Senate Finance Committee, respectively
- Board Position: Oppose