HJR54 Summary

• Alabama legislature opposes H.R. 567 and S. 347, the Public Employee Pension Transparency Act (PEPTA), introduced in Congress on February 9 and 15, 2011, which would impose federal reporting requirements on state and local government pension plans.

• PEPTA would mandate annual reports to the U.S. Secretary of the Treasury regarding funding status, contribution schedules, actuarial assumptions, investment returns, and other pension plan data, with federally dictated forms and calculations.

• The resolution argues PEPTA would create unnecessary federal bureaucracy, including a new Treasury Department office and searchable website, at a time when federal spending reduction is a priority.

• Proposed legislation would condition tax benefits for government bonds on compliance with new federal reporting requirements, potentially jeopardizing funding for state and local government projects.

• Resolution directs that copies be sent to all members of Alabama's Congressional Delegation and urges Congress to defer to state and local government expertise in managing pension systems.