Teamsters across California have come together to denounce H.R. 4822, also known as the Public Employee Pension Transparency Act (PEPTA) that Representative Devin Nunes (R-Tulare) will be re-introducing shortly.
H.R. 4822 would impose unnecessary and burdensome federal mandates onto a system that already has extensive state and municipal accountability requirements. The passage of PEPTA would pave the road to unwarranted intrusion into local matters by the federal government. Public pensions already endure stringent accountability and transparency measures at the state and municipal level with oversight coming from Boards of Trustees, state and local officials, as well as the public. PEPTA would also threaten the stability of local economies by diverting resources to duplicative federal accountability measures as well as threaten the tax-exempt status of municipal bonds.
H.R. 4822 serves no constructive purpose, does not save tax payer dollars, does not protect employee pension benefits, and does not provide any further transparency to the public pension system. California Teamsters stand together in opposition of H.R. 4822 and urge other lawmakers to oppose this bill.