Public Employee Pension Transparency Act
Latest action · Apr 23, 2013 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 23, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 2
Members who signed on, in the order they did. All signed on Apr 23, 2013.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-SD | John Thune | Original | Apr 23, 2013 |
| R-OK | Tom Coburn | Original | Apr 23, 2013 |
Actions 2
Everything that happened, newest first.
- Apr 23, 2013Introduced in Senate
- Apr 23, 2013Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1628 | Public Employee Pension Transparency Act | Identical bill | Apr 18, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 23, 2013Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.