The Office of Government Ethics has updated its guides for federal employees who are required to file financial disclosure forms, either the public or confidential version.
“The new guides contain OGE’s interpretation of filing and review requirements and best reporting practices under the Ethics in Government Act, the Stop Trading on Congressional Knowledge Act,” and recent rule changes, OGE said.
“The guides provide asset-by-asset instructions regarding income that is reportable under this new standard. This change will affect filers most when reporting income produced by assets in retirement accounts and college savings plans (529 plans). Filers will no longer be required to report income as it accrues in these accounts, but instead will be required to report the distributions they are receiving from these accounts,” the OGE said.
For example, one of those changes clarifies that income is “received” when it is in the control of the recipient, regardless of whether the recipient has taken actual possession. Other revised provisions involve reporting of deferred income, trusts, diversified investment funds, stock options, virtual currency, liabilities, and more. The updated guides are to be posted soon on oge.gov and will apply to disclosure forms filed starting in calendar year 2019.
Separately, the OGE reminded agency ethics officials of their obligation to make public financial disclosure forms available within 30 days of filing.