Everything old is new again with the reintroduction of the Public Employee Pension Transparency Act (PEPTA), which seeks to compel state and local governments to publish their pension liabilities—or be penalized if they fail.
The bill, introduced by Rep. Devin Nunes, R-California, would compel state and local governments to publish their pension liabilities on a searchable website, and deprive them of their ability to offer tax-free bonds if they fail to do so.
Citing a “lack of meaningful disclosure” about the actual state of pension liabilities, the bill—variations of which were previously submitted by Nunes in 2010 and 2013—would require that state and local governments would be required to file a report for each plan year that would include a range of information.
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