CLICK HERE to read more about the Public Employee Pension Transparency Act.

Washington, D.C. – Today, Rep. Devin Nunes (R-CA), Rep. Paul Ryan (R-WI), and Rep. Darrell Issa (R-CA) introduced H.R. 6484, the Public Employee Pension Transparency Act (text available here). The bill, which provides enhanced transparency for state and local pensions, also establishes a clear federal prohibition on any future public pension bailouts by the federal government.

“As we speak, lucrative pension promises are being made to public employees that taxpayers simply cannot afford. The plans themselves admit to more than a $1 trillion in unfunded liabilities,” said Rep. Devin Nunes. “Unfortunately, the true level of unfunded liabilities associated with these plans – perhaps more than $3 trillion – is being hidden thanks to unrealistic accounting standards.”

Congressman Paul Ryan, incoming Budget Committee Chairman, offered the following statement regarding the Public Employee Pension Transparency Act:

“We need to ensure that state and local governments are accurate and honest in detailing their financial liabilities, including the cost of pension plans for public employees. The Public Employee Pension Transparency Act will make government more accountable to taxpayers by shining a light on the financial soundness and unfunded obligations associated with these plans and I’m honored to join Representatives Nunes and Issa in sponsoring this common sense legislation.”

Congressman Darrell Issa, Incoming Chairman of the Oversight and Government Reform Committee said: 

“The American people have a right to know the truth about the unfunded liabilities being run-up by state and local pensions. Quite frankly, if they have nothing to hide, there’s no reason why the states and local governments who control public employee pensions should not embrace this effort to ensure that the taxpayers have a more transparent accounting of the true nature of pension liabilities.”