S. 347 (112th): Public Employee Pension Transparency Act

Introduced:
Feb 15, 2011 (112th Congress, 2011–2013)
Sponsor:
Sen. Richard Burr [R-NC]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 779 on Apr 23, 2013. See S. 779 for current action on this subject.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on February 15, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 15, 2011
Referred to Committee Feb 15, 2011
Cosponsors
8 cosponsors (8R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to provide for reporting and disclosure by State and local public employee retirement pension plans.

Summary

No summaries available.

Text

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Last updated Feb 15, 2011.
19 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/15/2011--Introduced.
Public Employee Pension Transparency Act - Amends the Internal Revenue Code to deny tax benefits relating to bonds issed 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 an annual report 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 20 plan years relating to the amount of annual conotributions, the fair market value of plan assets, current liability, the funding percentage, and other matters specified by the Secretary;
(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; and
(8) a statement of the amount of pension obligation bonds outstanding.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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