,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fbij  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #bh1 #bjah,mr4  
,nunes 7= himself1 ,mr4 ,calv]t1 ,mr4   
,/ew>t1 & ,mr4 ,mc,clintock7 introduc$ !
 foll[+ bill2 :i* 0 ref]r$ to !         
,committee on ,ways & ,means  ,a ,,bill 
,to am5d ! ,int]nal ,rev5ue ,code (     
#aihf to provide = report+ & disclosure 
by ,/ate & local public employee        
retirem5t p5sion plans4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,public      
,employee ,p5sion ,transp>5cy ,act4  #b4
 ,report+ requirem5t = c]ta9 ,/ate or   
local gov]nm5t retirem5t plans z        
condition = ,/ate & local bonds tax     
exemption  7a7 ,9 g5]al ,subp>t ,b ( "p 
,,iv ( sub*apt] ,b ( *apt] #a ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#adi;,a4 ,report+ ) respect to c]ta9    
,/ate or local gov]nm5t retirem5t plans 
7a7 ,9 g5]al ,9 ! case ( a failure to   
satisfy ! report requirem5ts (          
subsection 7c7 ) respect to any plan    

ma9ta9$ ) respect to an employee ( a    
,/ate1 a political subdivision ( a      
,/ate1 or any ag5cy or in/rum5tality ( a
 ,/ate or political subdivision ( a     
,/ate1 section #ajc %all n apply to !   
int]e/ on any bond issu$ dur+ !         
noncompliance p]iod by any su* ,/ate or 
political subdivision4  7b7             
,noncompliance p]iod ,= purposes ( ?is  
section1 ! t]m noncompliance p]iod      
means1 ) respect to any ,/ate or        
political subdivision1 ! p]iod beg9n+ on
 ! date t ! ,secret>y notifies su* ,/ate
 or political subdivision ( a failure to
 satisfy ! requirem5ts ( subsection 7c7 
) respect to a plan & end+ on ! date t  
su* failure is correct$ 7z det]m9$ by ! 
,secret>y74  7c7 ,annual report         
requirem5ts  7#a7 ,9 g5]al ,!           
requirem5ts ( ?is subsection %all n be  
treat$ z met unless1 n lat] ?an #baj    
days aft] ! end ( ea* plan ye> beg9n+ on
 or aft] ,janu>y #a1 #bjai1 ! plan      
sponsor ( a ,/ate or local gov]nm5t     
applicable retirem5t plan files ) !     

,secret>y 79 su* =m & mann] z %all be   
prescrib$ by ! ,secret>y7 a report sett+
 =? ! foll[+ in=mation ) respect to !   
plan1 z det]m9$ by ! plan sponsor z ( ! 
la/ day ( su* plan ye>3  7,a7 ,a /atem5t
 7det]m9$ accord+ to ! plan's fund+     
me?od7 ( ! plan liability1 ! value (    
plan assets1 ! am\nt by :i* 7if any7 !  
plan liability exce$s ! value ( plan    
assets1 & ! fund+ p]c5tage ( ! plan4    
7,b7 ,a s*$ule ( all contributions by ! 
plan sponsor = ! plan ye> t indicates   
:i* contributions are tak5 into acc\nt  
"u subp>agraph 7,a74  7,c7 ,projections 
= ea* ( ! #fj subsequ5t plan ye>s ( !   
ca% fl[s associat$ ) ! plan liability4  
7,d7 ,a /atem5t ( ! actu>ial assumptions
 us$ = ! plan ye>1 includ+ ! rate (     
return on inve/m5t ( plan assets &      
assumptions z to su* o!r matt]s z !     
,secret>y may prescribe by regulation4  
7,e7 ,! numb] ( ea* ( ! foll[+ types (  
p>ticipant3 7i7 ,sep>at$ f s]vice &     
receiv+ b5efits4  7ii7 ,n describ$ 9    
clause 7i71 sep>at$ f s]vice1 & entitl$ 

to future b5efits4  7iii7 ,accru+ &     
receiv+ b5efits4  7iv7 ,n describ$ 9    
clause 7iii7 & accru+ b5efits4  7,f7 ,a 
/atem5t ( ! plan's inve/m5t returns     
7includ+ ! rate ( return7 = ! plan ye> &
 ! #e prec$+ plan ye>s4  7,g7 ,pursuant 
to su* regulations z ! ,secret>y %all   
prescribe1 an explanation ( ! plan's    
fund+ policy1 & a /atem5t ( ! degree to 
:i*1 & mann] 9 :i*1 ! plan sponsor      
expects to elim9ate any unfund$ plan    
liability = ! plan ye> & ! ext5t to :i* 
! plan sponsor has foll[$ ! plan's fund+
 policy = ea* ( ! prec$+ #e plan ye>s4  
7,h7 ,a /atem5t ( ! am\nt ( any p5sion  
obligation bonds out/&+4  7,i7 ,a       
/atem5t ( ! curr5t co/ ( ! plan = ! plan
 ye> det]m9$ accord+ to ! plan's fund+  
me?od4  7,j7 ,a /atem5t ( ! plan's      
adm9i/rative & inve/m5t exp5ses4  7#b7  
,supplem5t to report ) prescrib$        
valuation & int]e/ rates  7,a7 ,9 g5]al 
,9 ! case ( an annual report "u :i*--   
7i7 plan assets are n valu$ at fair     
m>ket value1  7ii7 any int]e/ rate us$  

to det]m9e ! value ( plan liabilities "u
 subp>agraph 7,a7 or 7,i7 ( p>agraph    
7#a7 is n an int]e/ rate describ$ 9     
subp>agraph 7,b71 or  7iii7 ! pres5t    
value ( an accru$ b5efit is n det]m9$ z 
describ$ 9 subp>agraph 7,c71  !         
requirem5ts ( ?is subsection %all n be  
treat$ z met unless ! plan sponsor also 
includes 9 su* annual report ! in=mation
 describ$ 9 subp>agraphs 7,a7 & 7,i7 (  
p>agraph 7#a71 det]m9$ z ( ! la/ day (  
su* plan ye> by valu+ plan assets at    
fair m>ket value1 by us+ ! int]e/ rates 
describ$ 9 subp>agraph 7,b7 to value    
liabilities1 & by det]m9+ ! pres5t value
 ( accru$ b5efits z describ$ 9          
subp>agraph 7,c74  7,b7 ,int]e/ rates   
bas$ on ,treasury spot rate yield curve 
7i7 ,9 g5]al ,! int]e/ rates describ$ 9 
?is subp>agraph are1 ) respect to any   
day1 ! rates ( int]e/ :i* %all be       
det]m9$ by ! ,secret>y = su* day on !   
basis ( ! ,treasury spot rate yield     
curve = su* day4  7ii7 ,treasury spot   
rate yield curve ,= purposes ( ?is      

subp>agraph1 ! t]m ,treasury spot rate  
yield curve means1 ) respect to any day1
 ! spot rate = su* day on int]e/-be>+   
obligations ( ! ,unit$ ,/ates4  7,c7    
,det]m9+ pres5t value ( accru$ b5efits  
,! pres5t value ( an accru$ b5efit is   
det]m9$ z describ$ 9 ?is subp>agraph    
if-- 7i7 x is det]m9$ by disc\nt+ its   
future ca% fl[s 9 accordance )          
subp>agraph 7,b71 &  7ii7 ! pres5t value
 ( all b5efits accru$ = ea* p>ticipant  
is calculat$ z ( ! la/ day ( su* plan   
ye> us+ ! unit cr$it fund+ me?od4  7d7  
,def9itions & special rules ,= purposes 
( ?is section-- 7#a7 ,/ate or local     
gov]nm5t applicable retirem5t plan ,!   
t]m ,/ate or local gov]nm5t applicable  
retirem5t plan means any plan describ$ 9
 clause 7i71 7ii71 7iii71 or 7iv7 (     
section #bai7;g77#e77;,a7 7o!r ?an a    
def9$ contribution plan 7)9 ! mean+ (   
section #dad7;i7771 :i* is ma9ta9$ by a 
,/ate1 a political subdivision ( a      
,/ate1 or any ag5cy or in/rum5tality ( a
 ,/ate or political subdivision ( a     

,/ate4  7#b7 ,fund+ p]c5tage ,! t]m     
fund+ p]c5tage = a plan ye> means !     
ratio 7express$ z a p]c5tage7 :i*-- 7,a7
 ! value ( plan assets z ( ! end ( !    
plan ye>1 be>s to  7,b7 ! plan liability
 ( ! plan = ! plan ye>4  7#c7 ,plan     
liability ,! t]m plan liability ( a plan
 = a plan ye> means ! pres5t value ( all
 b5efits accru$ or e>n$ "u ! plan z ( ! 
la/ day ( ! plan ye>4  7#d7 ,curr5t co/ 
,! t]m curr5t co/ ( a plan = a plan ye> 
means ! pres5t value z ( ! end ( ! plan 
ye> ( all b5efits accru$ or e>n$ "u !   
plan dur+ ! plan ye>4  7#e7 ,plan       
sponsor ,! t]m plan sponsor means1 9    
connection ) a ,/ate or local gov]nm5t  
applicable retirem5t plan1 ! ,/ate1     
political subdivision ( a ,/ate1 or     
ag5cy or in/rum5tality ( a ,/ate or a   
political subdivision ( a ,/ate :i*     
e/abli%es or ma9ta9s ! plan4 ,= purposes
 ( report fil+ requirem5ts "u ?is       
section1 su* t]m %all include !         
adm9i/rator ( ! plan on behalf ( ! plan 
sponsor 9 ! case ( a plan :i* is n      

adm9i/]$ by ! plan sponsor4  7#f7       
,p>ticipant  7,a7 ,9 g5]al ,! t]m       
p>ticipant means1 9 connection ) a ,/ate
 or local gov]nm5t applicable retirem5t 
plan1 an individual-- 7i7 :o is an      
employee or =m] employee ( a ,/ate1     
political subdivision ( a ,/ate1 or     
ag5cy or in/rum5tality ( a ,/ate or a   
political subdivision ( a ,/ate :i* is !
 plan sponsor ( su* plan1 &  7ii7 :o is 
or may become eligible to receive a     
b5efit ( any type f su* plan or ^:      
b5efici>ies may be eligible to receive  
any su* b5efit4  7,b7 ,b5efici>y ,! t]m 
b5efici>y means a p]son designat$ by a  
p>ticipant1 or by ! t]ms ( ! plan1 :o is
 or may become entitl$ to a b5efit      
!reund]4  7#g7 ,plan ye> ,! t]m plan ye>
 means1 9 connection ) a plan1 ! cal5d> 
or fiscal ye> on :i* ! records ( ! plan 
are kept4  7#h7 ,/ate ,! t]m ,/ate      
includes any ,/ate ( ! ,unit$ ,/ates1 ! 
,di/rict ( ,columbia1 ! ,commonweal? (  
,pu]to ,rico1 ! ,unit$ ,/ates ,virg9    
,isl&s1 ,am]ican ,samoa1 ,guam1 & !     

,commonweal? ( ! ,nor!rn ,m>iana ,isl&s4
  7#i7 ,fair m>ket value ,! t]m fair    
m>ket value has ! mean+ ( su* t]m "u    
section #dcj7;g77#c77;,a7 7)\t reg>d to 
section #dcj7;g77#c77;,b774  7e7 ,model 
report+ /atem5t ,! ,secret>y %all       
develop model report+ t plan sponsors ( 
,/ate or local gov]nm5t employee p5sion 
plans may elect to use = purposes (     
comply+ ) requirem5ts ( su* subsections 
7c74  7f7 ,transp>5cy ( in=mation fil$  
,reports fil$ "u ?is section %all be    
public records op5 to ! inspection ( !  
public1 & ! ,secret>y %all create &     
ma9ta9 a se>*able public website on :i* 
! ,secret>y %all po/ su* reports n lat] 
?an #fj days aft] receipt4  4  7b7      
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,b ( "p ,,iv ( sub*apt] ,b (     
*apt] #a ( su* ,code is am5d$ by add+ at
 ! end ! foll[+ new item3  ,sec4        
#adi;,a4 ,report+ ) respect to c]ta9    
,/ate or local gov]nm5t retirem5t plans4
  4  #c4 ,g5]al provisions & rules (    
con/ruction  7a7 ,limitations on ,f$]al 

responsibilities relat+ to plan         
obligations & liabilities ,! ,unit$     
,/ates %all n be liable = any obligation
 relat$ to any curr5t or future %ortfall
 9 any ,/ate or local gov]nm5t          
applicable retirem5t plan4 ,no?+ 9 ?is  
,act 7or any am5dm5t made by ?is ,act7  
or any o!r provision ( law %all be      
con/ru$ to provide ,f$]al ,gov]nm5t     
funds to dim9i% or meet any curr5t or   
future %ortfall 91 or obligation (1 any 
,/ate or local gov]nm5t applicable      
retirem5t plan4 ,! prec$+ s5t5ce %all   
also apply to ! ,f$]al ,res]ve4  7b7 ,no
 ,f$]al fund+ /&>ds ,no?+ 9 ?is ,act 7or
 any am5dm5t made by ?is ,act7 %all be  
con/ru$ to alt] exi/+ fund+ /&>ds =     
,/ate or local gov]nm5t applicable      
retirem5t plans or to require ,f$]al    
fund+ /&>ds = su* plans4  7c7           
,def9itions ,t]ms us$ 9 ?is section :i* 
are also us$ 9 section #adi;,a ( !      
,int]nal ,rev5ue ,code ( #aihf %all h ! 
same mean+ z :5 us$ 9 su* section4