H.R.1628 - Public Employee Pension Transparency Act

To amend the Internal Revenue Code of 1986 to provide for reporting and disclosure by State and local public employee retirement pension plans. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide for reporting and disclosure by State and local public employee retirement pension plans. as introduced.
  • Short: Public Employee Pension Transparency Act as introduced.

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  • Past Seven Days: 6
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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
04/17/13
 
 
 
 
 
 
 

Official Summary

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 loc

Official Summary

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.

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Organizations Supporting H.R.1628

  • None via MapLight at this time.

Organizations Opposing H.R.1628

  • United States Conference of Mayors
  • National Conference of State Legislatures
  • International City / County Management Association
  • National Association Of State Auditors Comptrollers And Treasurers
  • National Association Of State Retirement Administrators
  • National Association of Counties
  • ...and 5 more. See all.


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