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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 21, 2016.
Public Employee Pension Transparency Act
This bill 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.
The bill 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, 2017, setting forth:
a schedule of the funding status of the plan; a schedule of contributions by the plan sponsor for the plan year; alternative projections for each of the next 60 plan years of the cash flows associated with the current plan liability; a statement of the actuarial assumptions used for the plan year; 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; a statement of the plan's investment returns; a statement of the degree to which unfunded liabilities are expected to be eliminated; a statement of the amount of pension obligation bonds outstanding; and a statement of the current cost of the plan for the plan year. The Secretary shall develop model reporting statements and create and maintain a public website, with searchable capabilities, for purposes of posting pension plan information required by this Act.
The bill grants the United States an exemption from liability for any current or future shortfall in any state or local government employee pension plan.