CTPF Board Votes to Take a Position Against HR 6290

News

The Chicago Teachers’ Pension Fund (CTPF) Board of Trustees voted to take a position against HR 6290, the Public Employee Pension Transparency Act (PEPTA), recently reintroduced by Congressman Devin Nunes (R-CA) and cosponsored by Ken Calvert (R-CA), Chris Stewart (R-UT), and Tom McClintock (R-CA).

This legislation would impose inappropriate, costly, and burdensome unfunded federal mandates on sovereign States and local governments, and would additionally threaten the tax-exempt status of municipal bonds, which are often used to support critical infrastructure construction and repairs (including for education and transportation). Congressman Nunes has introduced multiple versions of this bill since 2010.

CTPF Executive Director Charles A. Burbridge recently sent letters to the entire Illinois Congressional delegation, asking them to not cosponsor this legislation and urging them to oppose attempts to include any provisions of this bill in other legislation.

PEPTA does not save taxpayer dollars, protect employee pension benefits, improve state and local retirement system funding, or provide decision-useful information to policymakers. Rather, it creates an expensive, federal bureaucracy and imposes unnecessary and unwarranted federal red tape on state and local government operations that will only serve to divert taxpayer resources from other priorities.

CTPF joins many other public pension systems in the National Conference on Public Employee Retirement Systems (NCPERS) who have taken action to stop HR 6290 and oppose this legislation. We will continue to update our members on the status of this bill as new information becomes available.