The Public Pension Transparency Act Reintroduced in Congress
Representatives Nunes (R-CA), Issa (R-CA) and Ryan (R-WI) reintroduced The Public Pension Transparency Act in the House of Representatives on February 9th. They first introduced the bill in December, at the end of the last session of Congress, and time ran out before any action could be taken. The bill would require state and local public pension funds to report pension liabilities at market values using US Treasury bond rates as the discount rate. The result is likely to be significantly larger pension liabilities for many state and local governments. State and local governments will want to closely monitor the progress of the bill because failure to comply with the bill’s reporting provisions could result in denial of tax exempt status for the government’s bond issuances. For a more detailed description of the legislation and its potential impact on state and local governments, click here to see our January newsletter article, “Proposed Legislation puts Public Plans between a Rock and a Hard Place.”
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Kathryn Cimera
Kathryn Cimera concentrates her practice in the employee benefits area with a primary focus on retirement plans, including advising board members and plan administrators on fiduciary obligations and board governance best practices. Kathryn has experience in statutory compliance with respect to federal, state [...]
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