1. Short title This Act may be cited as the Public Employee Pension Transparency Act . 2. Reporting requirement for certain State or local government retirement plans as condition for State and local bonds tax exemption (a) In general Subpart B of part IV of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 149A. Reporting with respect to certain State or local government retirement plans (a) In general In the case of a failure to satisfy the report requirements of subsection (c) with respect to any plan maintained with respect to an employee of a State, a political subdivision of a State, or any agency or instrumentality of a State or political subdivision of a State, section 103 shall not apply to the interest on any bond issued during the noncompliance period by any such State or political subdivision. (b) Noncompliance period For purposes of this section, the term noncompliance period means, with respect to any State or political subdivision, the period beginning on the date that the Secretary notifies such State or political subdivision of a failure to satisfy the requirements of subsection (c) with respect to a plan and ending on the date that such failure is corrected (as determined by the Secretary). (c) Annual report requirements (1) In general The requirements of this subsection shall not be treated as met unless, not later than 210 days after the end of each plan year beginning on or after January 1, 2019, the plan sponsor of a State or local government applicable retirement plan files with the Secretary (in such form and manner as shall be prescribed by the Secretary) a report setting forth the following information with respect to the plan, as determined by the plan sponsor as of the last day of such plan year: (A) A statement (determined according to the plan’s funding method) of the plan liability, the value of plan assets, the amount by which (if any) the plan liability exceeds the value of plan assets, and the funding