Public Employee Pension Transparency Act (PEPTA): PEPTA legislation was introduced in the House of Representatives as HR 6290 by Congressman Devin Nunes (R-CA) on June 28, 2018. The bill has three original cosponsors:
• Congressman Chris Stewart (R-UT)
• Congressman Ken Calvert (R-CA)
• Congressman Tom McClintock (R-CA)
PEPTA would require state and local governmental plan sponsors to provide specific plan funding information to the U.S. Treasury Department, including a "Supplementary Report" that would restate the funding status of a plan by valuing assets at fair market value and by using certain Treasury obligation yield curves in place of the plan's expected rate of return to determine liabilities. Failure to do so would cause the offending state or political subdivision to lose federal tax benefits with respect to any state or local bond issue.