Washington, DC, February 9, 2011 -- The National Council on Teacher Retirement (NCTR) issued the following statement in response to new legislation proposed by Congressman Devin Nunes (R-CA) and others that would amend the Internal Revenue Code to impose new Federal reporting and disclosure requirements on State and local governments’ retirement savings plans:
The National Council on Teacher Retirement today announced its opposition to public pension reporting legislation introduced by Representatives Devin Nunes (R-CA), Paul Ryan (R-WI) and Darrell Issa (R-CA) on February 9, 2011. Their proposal ignores the facts regarding the validity of current state and local government accounting rules and practices. The legislation would mandate inappropriate, costly federal reporting requirements on state and local retirement systems that could result in the loss of Federal tax-exempt status for plan sponsors’ bonds if the IRS found fault with the filing of these reports. (View Full Press Statement)
