Bill Sponsor
House Bill 6290
115th Congress(2017-2018)
Public Employee Pension Transparency Act
Introduced
Introduced
Introduced in House on Jun 28, 2018
Overview
Text
Introduced
Jun 28, 2018
Latest Action
Jun 28, 2018
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6290
Congress
115
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
California
Republican
California
Republican
California
Republican
Michigan
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
June 28, 2018
Actions (2)
06/28/2018
Referred to the House Committee on Ways and Means.
06/28/2018
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:42:15 PM