Legislation called “Public Employee Pension Transparency Act” (H.R. 567), introduced in Congress and referred to the House Committee on Ways and Means, and identical bill S.347 introduced in the Senate, would amend the Internal Revenue Code of 1986 to deny specified federal tax benefits relating to specified bonds issued by a state or political subdivision during any period in which such state or political subdivision is non-compliant with specified reporting requirements for state or local government employee pension benefit plans. The reporting requirements are twofold – an annual report and supplementary report which is only required if certain conditions are not met by the reporting entity. The legislation would also require the Secretary of the Treasury 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.
Read more at http://www.rockfleetfinancial.com/newsletter/Vol2Issue13.pdf .