US HB4822 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Republican 9-0)
Status: Introduced on March 21 2016 - 25% progression, died in committee
Action: 2016-03-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 21 2016 - 25% progression, died in committee
Action: 2016-03-21 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Public Employee Pension Transparency Act
Sponsors
Rep. Devin Nunes [R-CA] | Rep. Chris Stewart [R-UT] | Rep. Jeff Duncan [R-SC] | Rep. Dennis Ross [R-FL] |
Rep. Todd Rokita [R-IN] | Rep. Kenny Marchant [R-TX] | Rep. Larry Bucshon [R-IN] | Rep. Ken Calvert [R-CA] |
Rep. Tom McClintock [R-CA] |
History
Date | Chamber | Action |
---|---|---|
2016-03-21 | House | Referred to the House Committee on Ways and Means. |
2016-03-21 | House | Introduced in House |
Subjects
Government employee pay, benefits, personnel management
Income tax credits
Income tax exclusion
Interest, dividends, interest rates
Securities
State and local finance
State and local government operations
Tax administration and collection, taxpayers
Taxation
Income tax credits
Income tax exclusion
Interest, dividends, interest rates
Securities
State and local finance
State and local government operations
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/4822/all-info |
Text | https://www.congress.gov/114/bills/hr4822/BILLS-114hr4822ih.pdf |