Joint Comment Letter to IRS on Bank Secrecy Act for Public Pensions
October 13, 2009

On October 5, NCPERS, along with NASRA and NCTR, filed comments with the IRS on the Bank Secrecy Act, in response to the IRS' solicitation of comments on the Foreign Bank and Financial Accounts (FBAR) filing obligations. The Bank Secrecy Act (BSA) requires reports “where they have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, or in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism.”

NCPERS takes the view that a requirement of FBAR reporting and recordkeeping by public pension plans will not further the aims of the statute and will instead create an unproductive and unnecessary administrative burden for plans. As a result, we requested that the Department of Treasury issue specific guidance indicating that public pension plans are not covered by the FBAR reporting requirements or exempting public pension plans.

To view the letter, please click here.