I 
115TH CONGRESS 
2D SESSION 
H. R. 6290 
To amend the Internal Revenue Code of 1986 to provide for reporting and 
disclosure by State and local public employee retirement pension plans. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 28, 2018 
Mr. NUNES (for himself, Mr. CALVERT, Mr. STEWART, and Mr. MCCLINTOCK) 
introduced the following bill; which was referred to the Committee on 
Ways and Means 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Public Employee Pen-
sion Transparency Act’’. 
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SEC. 2. REPORTING REQUIREMENT FOR CERTAIN STATE 
OR 
LOCAL 
GOVERNMENT 
RETIREMENT 
PLANS AS CONDITION FOR STATE AND LOCAL 
BONDS TAX EXEMPTION. 
(a) IN GENERAL.—Subpart B of part IV of sub-
chapter B of chapter 1 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 149A. REPORTING WITH RESPECT TO CERTAIN STATE 
OR 
LOCAL 
GOVERNMENT 
RETIREMENT 
PLANS. 
‘‘(a) IN GENERAL.—In the case of a failure to satisfy 
the report requirements of subsection (c) with respect to 
any plan maintained with respect to an employee of a 
State, a political subdivision of a State, or any agency or 
instrumentality of a State or political subdivision of a 
State, section 103 shall not apply to the interest on any 
bond issued during the noncompliance period by any such 
State or political subdivision. 
‘‘(b) NONCOMPLIANCE PERIOD.—For purposes of 
this section, the term ‘noncompliance period’ means, with 
respect to any State or political subdivision, the period be-
ginning on the date that the Secretary notifies such State 
or political subdivision of a failure to satisfy the require-
ments of subsection (c) with respect to a plan and ending 
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on the date that such failure is corrected (as determined 
by the Secretary). 
‘‘(c) ANNUAL REPORT REQUIREMENTS.— 
‘‘(1) IN GENERAL.—The requirements of this 
subsection shall not be treated as met unless, not 
later than 210 days after the end of each plan year 
beginning on or after January 1, 2019, the plan 
sponsor of a State or local government applicable re-
tirement plan files with the Secretary (in such form 
and manner as shall be prescribed by the Secretary) 
a report setting forth the following information with 
respect to the plan, as determined by the plan spon-
sor as of the last day of such plan year: 
‘‘(A) A statement (determined according to 
the plan’s funding method) of the plan liability, 
the value of plan assets, the amount by which 
(if any) the plan liability exceeds the value of 
plan assets, and the funding percentage of the 
plan. 
‘‘(B) A schedule of all contributions by the 
plan sponsor for the plan year that indicates 
which contributions are taken into account 
under subparagraph (A). 
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‘‘(C) Projections for each of the 60 subse-
quent plan years of the cash flows associated 
with the plan liability. 
‘‘(D) A statement of the actuarial assump-
tions used for the plan year, including the rate 
of return on investment of plan assets and as-
sumptions as to such other matters as the Sec-
retary may prescribe by regulation. 
‘‘(E) The number of each of the following 
types of participant: 
‘‘(i) Separated from service and re-
ceiving benefits. 
‘‘(ii) Not described in clause (i), sepa-
rated from service, and entitled to future 
benefits. 
‘‘(iii) Accruing and receiving benefits. 
‘‘(iv) Not described in clause (iii) and 
accruing benefits. 
‘‘(F) A statement of the plan’s investment 
returns (including the rate of return) for the 
plan year and the 5 preceding plan years. 
‘‘(G) Pursuant to such regulations as the 
Secretary shall prescribe, an explanation of the 
plan’s funding policy, and a statement of the 
degree to which, and manner in which, the plan 
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