local government applicable retirement plan, an individual— (i) who is an employee or former employee of a State, political subdivision of a State, or agency or instrumentality of a State or a political subdivision of a State which is the plan sponsor of such plan, and (ii) who is or may become eligible to receive a benefit of any type from such plan or whose beneficiaries may be eligible to receive any such benefit. (B) Beneficiary The term beneficiary means a person designated by a participant, or by the terms of the plan, who is or may become entitled to a benefit thereunder. (7) Plan year The term plan year means, in connection with a plan, the calendar or fiscal year on which the records of the plan are kept. (8) State The term State includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. (9) Fair market value The term fair market value has the meaning of such term under section 430(g)(3)(A) (without regard to section 430(g)(3)(B)). (e) Model reporting statement The Secretary shall develop model reporting that plan sponsors of State or local government employee pension plans may elect to use for purposes of complying with requirements of such subsections (c). (f) Transparency of information filed Reports filed under this section shall be public records open to the inspection of the public, and the Secretary shall create and maintain a searchable public website on which the Secretary shall post such reports not later than 60 days after receipt. . (b) Clerical amendment The table of sections for subpart B of part IV of subchapter B of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 149A. Reporting with respect to certain State or local government retirement plans. . 3. General provisions and rules of construction (a) Limitations on Federal responsibilities relating to plan obligations and liabilities The United States