United States Department of the Treasury 

District of Columbia Pensions Program

Actuarial Valuation Report

Valuation Date: October 1, 2022

Measurement Date: September 30, 2022

Report Date: November 17, 2022

Prepared by Deloitte Consulting LLP
Table of Contents

Executive Summary...................................................................................................... 1

Highlights of the Actuarial Valuation...................................................................................................... 1

Actuarial Valuation Opinion........................................................................................................................ 8

Summary of Results.................................................................................................................................... 9

Assessment of Risk...................................................................................................... 11

Significant Risks............................................................................................................................................. 11

Plan Maturity Measures.............................................................................................................................. 13

Additional Historical Information............................................................................................................... 14

Plan Cost........................................................................................................................ 19

Amortization Schedule and Required Government Contribution...................................................... 19

Changes in Actuarial Accrued Liability...........................................................................21

Reconciliation of Actuarial (Gain)/Loss................................................................................................... 21

Summary of Changes in Assumptions and Methods........................................................................... 21

Asset Information......................................................................................................... 22

Statement of Changes in Net Plan Assets............................................................................................. 22

Benefit Payments and Funding Projections.................................................................. 23

Benefit Payment Projections..................................................................................................................... 23

District Benefit Payments........................................................................................................................... 29

15-Year Funding Projections..................................................................................................................... 30

Basis for the Valuation...................................................................................................32

Plan Member Summary.............................................................................................................................. 32

Plan Member Reconciliation........................................................................................................................ 34

Age-Service Grid.......................................................................................................................................... 37

Federal Allocation by Plan........................................................................................................................... 41

Plan Member Counts.................................................................................................................................... 42

Inactive Benefit Information..................................................................................................................... 43

Appendix A: Actuarial Assumptions and Methods......................................................... 53

Appendix B: Rationale................................................................................................... 61

Appendix C: Plan Provisions Summary...........................................................................64
Executive Summary

Highlights of the Actuarial Valuation 

The actuarial valuation report has been completed for the following program for the most recent plan year:

United States Department of the Treasury District of Columbia Pensions Program (Program)

The Program refers to the federal responsibility for benefit payments under the following District of Columbia 

(D.C.) retirement plans: District of Columbia Police Officers and Firefighters' Retirement Plan, District of 

Columbia Teachers' Retirement Plan, and District of Columbia Judges' Retirement Plan. The designated assets 

for the federal administration of these plans are held in two separate funds. The District of Columbia 

Teachers, Police Officers and Firefighters Federal Pension Fund (“D.C. Federal Pension Fund”) covers federal 

payments under the District of Columbia Police Officers and Firefighters' Retirement Plan and District of 

Columbia Teachers' Retirement Plan. The Judicial Retirement and Survivors Annuity Fund (“Judicial 

Retirement Fund”) covers payments under the District of Columbia Judges' Retirement Plan. 

The purpose of this report is to present the results of the actuarial valuation including:

● To illustrate the current assets and liabilities of each Plan as of the end of Fiscal Year (FY) 2022 

(October 1, 2021 through September 30, 2022);

● To review the experience of the Program over the past year and to discuss reasons for changes in 

Program costs;

● To determine the appropriate contribution to be paid by the Department of the Treasury to the Funds in 

FY 2023 (October 1, 2022 through September 30, 2023); and

● To identify and discuss any emerging trends in Program costs.

This report also includes certain statement line items and footnote disclosures necessary to compute the 

annual pension expense in accordance with Statement of Federal Financial Accounting Standards No. 5, 

Accounting for Liabilities of the Federal Government, and No. 33, Pensions, Other Retirement Benefits, and 

Other Postemployment Benefits: Reporting the Gains and Losses from Changes in Assumptions and Selecting 

Discount Rates and Valuation Dates (SFFAS 5 and SFFAS 33). Use of the valuation results for other purposes 

may not be appropriate.

Summary of Results

Police Officers and 

As of October 1, 2022 Firefighters', and Judges' Plan

Teachers' Plans

Actuarial Accrued Liability $ 8,212,151,289 $ 295,839,904

Plan Assets (3,991,603,721) (196,811,485)

Unfunded Actuarial Accrued Liability $ 4,220,547,568 $ 99,028,419

Normal Cost with Interest (including expected N/A $ 7,400,000 employee contributions)

1
Executive Summary

Highlights of the Actuarial Valuation 

Summary of Gains and Losses

As part of the review of the valuation, an actuarial gain/loss analysis was performed. Expected liabilities and 

plan assets were developed presuming all demographic and economic assumptions from the prior valuation 

were realized during the plan year. These expected values were then compared to the actual results. The 

factors causing the liabilities or assets to be greater than expected (a loss for liabilities and a gain for 

assets), or smaller than expected (a gain for liabilities and a loss for assets) were isolated. Differences in 

liability not directly attributable to experience different than assumed, such as changes in assumptions and 

methods, were separately measured from this process. 

The different sources of gains and losses, as well as their individual impacts, are outlined below. 

Source of Liability (Gain)/Loss due to Actuarial Experience 

Police Officers and 

Source of Demographic (Gain)/Loss Firefighters', and Judges' Plan

Teachers' Plans

(Gains)/Losses due to Plan Experience:

 Active Decrements $ (2,749,548) $ 1,800,456

 Inactive Mortality (28,365,549) 580,655

 Salary Increase (2,008,987) 839,866

 New Entrants N/A - 

 Cost-of-Living Adjustment (COLA) 378,335,821 8,166,957 Different than Expected

(Gains)/Losses due to Census Changes: 28,863,753 846,268

(Gains)/Losses due to New Terminated Vested - N/A Plan Members:

(Gains) / Losses due to New Actives Due to - - Ongoing Data Management:

Total $ 374,075,490 $ 12,234,202

We have provided clarification on these items below:

• (Gains)/Losses due to Plan Experience: The liability for each plan is expected to change based on

certain demographic and economic assumptions; however, actual plan experience will differ to some

degree. This creates (gains) or losses due to plan experience being different than expected with

these assumptions. This includes the following primary factors:

• Active Decrements: The actuarial valuation assumes that each active plan member has

a particular probability of terminating, retiring, becoming disabled, or becoming deceased in each

year. An individual (gain) or loss is generated based on the plan member's actual status in the

current valuation year based on the difference from what was expected. The gain for the Police

Officers and Firefighters' and Teachers' Plans is primarily due to favorable retirement experience with

more Police Officers and Firefighters retiring than expected. For the Judges' Plan, there was one new

disability retirement granted and one judge retiring earlier than anticipated, resulting in a loss.

2
Executive Summary

Highlights of the Actuarial Valuation 

• Inactive Mortality: The actuarial valuation assumes that each inactive plan member has

a particular probability of becoming deceased in each year. An individual (gain) or loss is generated

based on whether the plan member actually dies during the year. The gain shown for the

Police Officers and Firefighters' and Teachers' Plans is driven by plan members in pay status dying at an

earlier age and in greater number than expected in the past year. For the Judges' Plan there was a

mortality loss despite the number of deaths being as expected. The total liability of those that died was

less than expected resulting in a loss. Smaller populations are expected to experience larger deviations

from expected year-over-year than a larger population, as individual deaths or survivorship have a

more significant relative impact on the liability than in a larger population. Long-term gains and losses

are expected to offset each other with experience aligning to the assumed mortality probabilities.

• Salary Increase: The actuarial valuation assumes that salaries for active plan members

will increase by a certain amount. An individual (gain) or loss is generated for each plan member

based on their actual salary amount reported in the current valuation. A gain is reported when

a plan member's actual salary is lower than the expected amount, and a loss is reported when a

plan member's actual salary is higher than the expected amount. The gain for the Police Officers

and Firefighters' and Teachers' Plans is due in part to the fact that there was no collectively bargained

pay increase. The loss for Judges' Plan is due to the actual salary increases exceeding the assumed

rate.

• New Entrants: The actuarial valuation incurs a loss whenever new members enter the plan with

past service. The Police Officers and Firefighters' and Teachers' Plans are closed and will never incur

a gain or loss due to this reason. The Judges' Plan did have seven new entrants but the individuals

did not join with past service, therefore there is no (gain) or loss.

• COLA Different Than Expected: The actuarial valuation assumes that retirement benefits for

inactive plan members that are receiving benefits will increase by a certain amount. An individual

(gain) or loss is generated for each plan member based on their actual benefit amount reported in the

current valuation. Inflation for 2021 was significantly above recent history creating higher actual COLA

percentages than expected and driving losses in both the Police Officers and Firefighters' and Teachers'

Plans and the Judges’ Plan. The actual COLA for Police Officers and Firefighters was 7.00% compared to

the 1.75% assumption. The actual COLA for Teachers was 7.80% compared to the 1.68% assumption.

The actual COLA for Judges was 5.90% compared to the 1.65% assumption.

• (Gains)/Losses due to Census Changes: Each year, ODCP prepares the census data that will be used as

the basis for the annual valuation. Inevitably, there will be updates to the census data beyond those that we

would expect due to the passage of time. This category of (gain)/loss is described in more detail below.

For the Police Officers and Firefighters' and Teachers' Plans, the net loss amount was $28.9 million and 

includes the following: 

• A $24.9 million loss resulting from new beneficiaries following the death of plan members for

whom the chosen form of payment was unknown.

• A $1.6 million gain resulting from active plan members who retired or terminated within the past

year, primarily due to benefits calculated at retirement different than previously estimated or those

who were not eligible to begin benefits in the prior valuation.

• A $5.6 million net loss resulting from ongoing data management, including unexpected changes

to data fields such as hire date, salary, service, etc.

3
Executive Summary

Highlights of the Actuarial Valuation 

For the Judges' Plan, the total loss amount of $846,000 includes the following: 

• A $250,000 net loss resulting from active plan members who retired or terminated

within the past year, primarily due to benefits calculated at retirement different than previously

estimated.

• A $338,000 net loss resulting from ongoing data management, including unexpected changes

to data fields such as hire date, salary, service, etc.

• A $240,000 loss resulting from data updates for continuing inactive plan members, primarily due

to additional spouse information provided with these spouses being younger than assumed.

• A $18,000 loss resulting from new beneficiaries following the death of plan members.

4
Executive Summary

Highlights of the Actuarial Valuation 

Source of Asset (Gain)/Loss due to Actuarial Experience 

5

D.C. Federal Pension Asset (Gain)/Loss Judicial Retirement Fund Fund

Beginning of Year Assets $ 3,952,499,961 $ 190,105,319

Expected Return on Assets 29,388,331 4,821,393

Actual Return on Assets 57,529,332 3,621,848

Asset (Gain)/Loss $ (28,141,001) $ 1,199,545

The plan assets experienced the following rates of return during the prior plan year:

D.C. Federal Pension Judicial Retirement Fund Fund

Assets 1.46% 1.89%

As noted on page 55 of this report in the Interest Rates for (Gain)/Loss section, the expected return on assets 

for the Judicial Retirement Fund is based on the prior year effective interest rate of 2.65% while the D.C. 

Federal Pension Fund's expected return on assets is based on the first rate on the prior year's yield curve, 

0.80%. The Judicial Retirement Fund experienced a lower-than-anticipated return of 1.89% on fund assets 

and the D.C. Federal Pension Fund experienced a higher-than-anticipated return of 1.46% on fund assets, 

thus resulting in an asset loss and an asset gain, respectively. 

Changes in Plan Provisions from the Previous Valuation

The valuation for the current plan year was based on the same plan provisions as the valuation for the prior 

plan year. We are not aware of any other changes to the plans since the last valuation. 

A full summary of the plan provisions and plan changes for each plan (if any) can be found later in this report 

in Appendix C: Plan Provisions Summary.
Executive Summary

Highlights of the Actuarial Valuation 

Source of Liability (Gain)/Loss due to Changes in Actuarial Assumptions from the 

Previous Valuation

The discount rate assumption was updated according to prescribed guidance. The Effective Interest Rate 

(EIR) for all plans decreased, causing a loss. 

For the Police Officers and Firefighters' and Teachers' Plans and Judges' Plan, the cost-of-living adjustment 

(COLA) for annuitants increased causing a loss. For the Police Officers and Firefighters' and Teachers' Plans, 

the review of the wage inflation assumption resulted in no change to the assumption for these plans. For the 

Judges' Plan, the other economic assumption change was an increase to the salary increase assumption for 

active plan members which caused a loss. A detailed description of the changes since prior year is available in 

Appendix A: Actuarial Assumptions and Methods.

For the Police Officers and Firefighters', and Teachers' Plans, and the Judges' Plan, the updated mortality

projection scale to MP-2021 was the only impact for non-economic assumptions. A complete description of the 

actuarial assumptions and rationale can be found in Appendix A: Actuarial Assumptions and Methods and 

Appendix B: Rationale.

6

Police Officers and 

Assumption Change Firefighters', and Judges' Plan

Teachers' Plans

Discount Rate Assumption $ 192,442,985 $ 1,277,578

Other Economic Assumptions 318,901,321 7,413,303

Non-Economic Assumptions 26,906,626 1,035,828

Total $ 538,250,932 $ 9,726,709
Executive Summary

Highlights of the Actuarial Valuation 

Government Contributions

This report includes a calculation of the Government Contribution required to be made before the end of 

FY 2023 (excluding the reimbursement for expenses). The table below contains Government Contribution 

(excluding expenses) for FY 2022 and FY 2023.

The increase/(decrease) in the Government Contribution amounts from FY2022 to FY2023 is explained in the 

table below. 

7

Police Officers and 

Firefighters', and Judges' Plan

Teachers' Plans

Full amortization of the 10/1/2012 Experience $ (500,000) $ 400,000 gain/loss

New amortization base for the 10/1/2022 38,000,000 1,500,000 Experience gain/loss

New amortization base for the 10/1/2022 31,200,000 600,000 Assumption change gain/loss

Normal Cost change - 600,000

Employee Contribution change - -

Total $ 68,700,000 $ 3,100,000

Government Contribution 

(excluding expenses)

Contribution Year

D.C. Federal Pension Fund Judiciary Retirement Fund

September 30, 2022 $ 520,900,000 $ 18,900,000 

September 30, 2023 $ 589,600,000 $ 22,000,000 
Executive Summary

Actuarial Valuation Opinion

This report presents the results of the actuarial valuation of the Program as of October 1, 2022. In our 

opinion, this report is complete and accurate and represents fairly the actuarial position of the Program for 

the purposes stated herein.

This actuarial valuation has been prepared based upon plan member data and plan provisions provided by 

the Department of the Treasury as of May 1, 2022 (plan data was projected to September 30, 2022 by 

adjusting for expected mortality for inactive plan members) and the estimated asset information projected 

by the Department of the Treasury to September 30, 2022 (provided on September 7, 2022).

We have reviewed the data and other information provided for reasonableness, but have not independently 

audited the data or other information provided. We have no reason to believe the data and other 

information provided are not complete and accurate, and know of no further information that is essential to 

the preparation of the actuarial valuation.

In our opinion, all costs, liabilities, rates of interest, and other factors underlying these actuarial computations 

have been determined on the basis of actuarial assumptions and methods. Each are reasonable (or 

consistent with authoritative guidance) for the purposes described herein taking into account the 

experience of the plans and future expectations. Rates of interest used in this valuation are provided by 

ODCP and are consistent with authoritative guidance. All other assumptions are reasonable for the purposes 

described herein.

Future actuarial measurements may differ significantly from the current measurements presented in this 

report due to such factors as the following:

● Plan experience differing from that anticipated by the economic or demographic assumptions;

● Changes in economic or demographic assumptions;

● Increases or decreases expected as part of the natural operations of the methodology used for these

measurements (such as the end of an amortization period or additional cost or contribution

requirements based on each plan's funded status); and

● Changes in plan provisions or applicable law.

Our scope did not include analyzing the potential range of such future measurements; therefore, this 

analysis was not performed.

The undersigned with actuarial credentials collectively meet the Qualification Standards of the American 

Academy of Actuaries to render the actuarial opinions contained herein.

This report was prepared solely for the benefit and internal use of the Department of the Treasury. This 

report is not intended for the benefit of any other party and may not be relied upon by any third party for 

any purpose, and Deloitte Consulting LLP accepts no responsibility or liability with respect to any party other 

than the Department of the Treasury.

To the best of our knowledge, no employee of the Deloitte U.S. Firms is an officer or director of the 

employer. In addition, we are not aware of any relationship between the Deloitte U.S. Firms and the 

employer that may impair or appear to impair the objectivity of the work detailed in this report.

DELOITTE CONSULTING LLP

8

Jeffrey Rees, FSA, MAAA, FCA 

Enrolled Actuary No. 20-05941 

November 17, 2022

Michael de Leon, ASA, MAAA, FCA 

Enrolled Actuary No. 20-06450 

November 17, 2022
Executive Summary

Summary of Results

Police Officers and Firefighters', and Teachers' Plans

Valuation Date

October 1, 2022 October 1, 2021

Plan Member Counts

Actives 567 803

Terminated Vested 260 269

Annuitants 13,042 13,187

Total 13,869 14,259

Contributions

Federal Required Contribution $ 589,600,000 $ 520,900,000

Present Value of Benefits (PVB)

Active Plan Members

Retirement Decrement $ 188,015,325 $ 261,499,178

Termination Decrement - - 

Disability Decrement 608,695 838,561

Death Decrement 226,941 341,683

Total $ 188,850,961 $ 262,679,422

Inactive Plan Members

Normal Retirees1 $ 6,478,696,504 $ 6,053,132,279

Terminated Vested 39,511,106 37,234,971

Disabled Retirees1 649,529,509 646,661,754

Beneficiaries 855,563,209 779,076,374

Total $ 8,023,300,328 $ 7,516,105,378

Total PVB (inactive and active) $ 8,212,151,289 $ 7,778,784,800

Unfunded Actuarial Accrued Liability (AAL)

Active AAL $ 188,850,961 $ 262,679,422

Inactive AAL 8,023,300,328 7,516,105,378

Total AAL $ 8,212,151,289 $ 7,778,784,800

Asset Value as of Valuation Date $ (3,991,603,721) $ (3,952,499,961)

Unfunded AAL $ 4,220,547,568 $ 3,826,284,839 

1

Throughout this report, former spouses receiving benefits under a qualified domestic relations order are not included in 

counts. Their benefit amounts are included with their associated retired plan member.

9
Executive Summary

Summary of Results

Judges' Plan

10

Valuation Date

October 1, 2022 October 1, 2021

Plan Member Counts

Actives 57 57

Terminated Vested - - 

Annuitants 106 103

Total 163 160

Contributions

Government Contribution (excluding expenses) $ 22,000,000 $ 18,900,000

Present Value of Benefits (PVB)

Active Plan Members

Retirement Decrement $ 150,387,774 $ 137,957,809

Termination Decrement - - 

Disability Decrement - - 

Death Decrement 863,254 727,995

Total $ 151,251,028 $ 138,685,804

Inactive Plan Members

Normal Retirees1 $ 201,038,833 $ 181,812,743

Terminated Vested - - 

Disabled Retirees1 4,252,423 2,099,448

Beneficiaries 10,168,034 9,866,579

Total $ 215,459,290 $ 193,778,770

Total PVB (inactive and active) $ 366,710,318 $ 332,464,574

Unfunded Actuarial Accrued Liability (AAL)

Active AAL $ 80,380,614 $ 82,643,594

Inactive AAL 215,459,290 193,778,770

Total AAL $ 295,839,904 $ 276,422,364

Asset Value as of Valuation Date $ (196,811,485) $ (190,105,319)

Unfunded AAL $ 99,028,419 $ 86,317,045

Total Normal Cost $ 7,400,000 $ 6,800,000 2

Employee Contributions (600,000) (600,000)

Net Employer Normal Cost $ 6,800,000 $ 6,200,000

1

Throughout this report, former spouses receiving benefits under a qualified domestic relations order are not included in 

counts. Their benefit amounts are included with their associated retired plan member.

2This was inadvertently net of employee contributions in the October 1, 2021 valuation report.
Assessment of Risk

Risk can be defined as the potential of actual future measurements deviating from expected future measurements resulting 

from actual future experience deviating from actuarially assumed experience. This section is intended to comply with the 

requirements of Actuarial Standard of Practice (ASOP) No. 51, Assessment and Disclosure of Risk Associated with Measuring 

Pension Obligations and Determining Pension Plan Contributions. 

Measuring pension obligations and calculating actuarially determined contributions require the use of assumptions regarding 

future economic and demographic experience. However, an intended user of such measurements should understand the 

effects of future experience differing from the assumptions used in the actuarial valuation and the potential volatility of 

future measurements resulting from such differences. 

Methods used in the assessment of risk may include, but are not limited to scenario tests, sensitivity tests, stochastic 

modeling, stress tests, and a comparison of an actuarial present value using a discount rate derived from minimal-risk 

investments to a corresponding actuarial present value from the actuarial valuation. 

A more detailed assessment than what is presented below may be beneficial to understand the risks identified. The factors 

that are considered in making this judgement include risk assessment findings, length of time and changes in plan 

circumstances since the last assessment, absolute or relative size of the plan, maturity of the plan, funded status, asset 

allocation, method for determining contributions, or contribution risk (to the extent known by the actuary). 

Following is a discussion of the risks that, in our professional judgement, may be anticipated to significantly affect the 

Program's future financial condition.

For purposes of this section, pension obligations refer to Actuarially Accrued Liability and costs refer to Total Required 

Government Contribution. 

Significant Risks

Below, we have listed a number of anticipated risks that may affect pension plans in general. We have identified potential 

risks that pertain to ODCP specifically and listed them in order of significance. We have defined "significant risks" as factors 

that could impact costs or liabilities. Additionally, we have identified any risks that, although they may be relevant to pension 

plans in general, are not applicable for ODCP.

Cost-of-Living-Adjustment (COLA) Risk

The potential that annual COLA applied to participants' benefits will deviate from expected increases.

The Police Officers and Firefighters', and Teachers' Plans and the Judges' Plan predominantly consist of participants already 

receiving annuities subject to a cost of living adjustment. The risk of actual COLA deviating from expected increases, in 

conjunction with the Program's maturity, is a significant risk for ODCP. 

Longevity Risk

The potential that mortality experience will be different than expected. 

Annuity based plans such as the Police Officers and Firefighters', and Teachers' Plans and the Judges' Plan are subject to 

longevity risk. Failing to project longevity improvements or to under-project them understates the value of the plan over 

time. This is particularly acute for plans also subject to a COLA.

Investment Risk 

The potential that investment returns will be different than expected. 

To the extent that ODCP's investment policy results in more or less cash than expected, there may be a decrease or increase, 

respectively, in future cost requirements. Due to the makeup of ODCP's portfolio of assets consisting mainly of government 

treasury bonds, if yields behave differently than expected then the asset returns under the Program could be different than 

expected causing contribution requirements to increase or decrease.

Interest Rate Risk

The potential that interest rates will be different than expected. As interest rates decrease, the present value of future 

benefit obligations increases. The magnitude of this risk depends on the Plan's effective duration, maturity, population 

composition, and benefit structure.

All ODCP plans use the full yield curve derived at the time of the valuation by averaging the quarterly treasury rate over 40 

quarters (as published by the Department of the Treasury). A decrease in the yield curve could cause the cost of the plans to 

increase, while also resulting in an increase in the costs of the bonds to be purchased, thus lowering their return. 

11
Assessment of Risk

Asset/Liability Mismatch Risk

The potential that changes in asset values are not matched by changes in the value of liabilities.

ODCP mitigates interest rate risk by attempting to match asset and liability cash flows. However, the inability to match cash 

flows due to the limited nature of the available durations of Treasury securities could introduce risk to the Funds.

Data Quality Risk

The potential that the data quality interferes with the ability to develop an accurate estimate of liabilities. 

ODCP has implemented many data control processes and procedures to ensure the integrity and quality of their data. Even 

so, unexpected data breaches or unexpected data changes could have a negative financial impact on the Program. 

Legislative and Regulatory Risk

The potential that future legislative or regulatory change could impact the calculation of the obligations and costs of the 

Program.

Unexpected regulatory rules or new laws could result in reassessing the valuation methods described in this report and could 

have an impact on the Program. Costs caused by any unexpected regulatory or law change could also pose a potential risk 

to the Program. 

Liquidity Risk

The potential inability to cover short term costs resulting in a quicker than anticipated liquidation of assets.

An unexpected increase in short term benefit obligations could result in a reassessment of ODCP's current investment policy 

in order to decrease the impact caused by liquidity risk. However, ODCP's current investment policy serves to minimize this 

occurrence, thereby making this risk less prevalent. 

The remaining risks noted below have the potential to impact pension plans in general, however, we 

concluded that they are not pertinent to the ODCP plans at this time.

Salary Scale Risk

The potential that actual future salary increases deviate from expected future salary increases. 

Because the Program consists of predominately inactive plan members, the risks associated with an unexpected increase in 

active plan members' salaries will have minimal impact on the Program. 

Other Demographic Risk

The potential that other demographic experiences will be different than expected. 

An unexpected change in assumptions including retirement rates, disability incidence rates, or elected forms of benefit could 

result in an increase to costs. However, because the Program consists of predominantly inactive plan members, this risk is 

expected to have minimal impact.

Workforce Risk

The potential that the size and characteristics of the Program's workforce will be different than expected.

For the Police Officers and Firefighters’, and Teachers’ Plans, active plan members were hired prior to July 1, 1997. Given 

that these plan members are either retirement eligible or nearly retirement eligible, there is minimal risk that the workforce 

size or characteristics will deviate from expectation in a way that would introduce significant risk to the plan. While the 

Judges' Plan is still open and accruing, the workforce is relatively stable in nature, and therefore provides minimal risk 

overall to the Program. 

Contribution Risk

The potential that actual future required contributions will deviate from expected future contributions.

The Program is statutorily funded, thereby eliminating risk associated with future required contributions deviating from 

expected contributions. 

12
Assessment of Risk

Plan Maturity Measures

As a plan shifts from a young, active population accruing benefits to older retirees, pension obligations and costs may 

increase until the plan approaches fully inactive, after which time the liability will start to decrease. Both the Judges' Plan 

and the Police Officers and Firefighters', and Teachers' Plans have significantly more inactive liability than active liability and 

thus, are considered to have mature to very mature populations.

The tables below detail several plan maturity measures that are significant in understanding the risks associated with the 

Program. As a plan becomes more mature, obligation grows relative to plan assets. Once the plan is mature, the obligation 

will stay stable or decrease relative to the plan assets. Depending on the value of the measure, different approaches to asset 

and liability management may be appropriate. It is important to consider these measures in the context of the plans' 

provisions and features. 

The following table shows a comparison of Active Participant Liability to Inactive Participant Liability for the current and prior 

years. 

Police Officers and Firefighters', and Year Judges' Plan Teachers' Plans

9/30/2022 2.35% 37.31%

9/30/2021 3.49% 42.65%

9/30/2020 4.69% 44.33%

9/30/2019 6.09% 47.15%

9/30/2018 6.75% 48.91%

9/30/2017 8.17% 50.92%

9/30/2016 9.63% 55.65%

9/30/2015 11.83% 57.09%

9/30/2014 12.71% 50.49%

9/30/2013 13.88% 51.73%

The following table shows a comparison of Active Participant Headcount to Inactive Participant Headcount for 

the current and prior years.1

Ratio of Active to Inactive Participant Headcount

Year Police Fire Teacher Subtotal Judges Total

5/1/2022 2.93% 8.11% 4.38% 4.26% 53.77% 4.65%

5/1/2021 4.70% 12.98% 4.91% 5.97% 55.34% 6.34%

5/1/2020 6.96% 15.39% 5.43% 7.54% 60.40% 7.93%

5/1/2019 9.84% 18.55% 6.23% 9.58% 61.46% 9.94%

5/1/2018 12.22% 21.03% 7.01% 11.26% 64.89% 11.62%

5/1/2017 15.17% 23.60% 8.24% 13.38% 69.57% 13.75%

5/1/2016 19.12% 26.27% 9.91% 16.16% 73.63% 16.54%

5/31/2015 24.66% 28.76% 11.71% 19.56% 76.14% 19.92%

5/31/2014 28.57% 30.09% 13.19% 21.95% 76.40% 22.31%

5/31/2013 31.03% 32.41% 15.68% 24.38% 79.78% 24.75%

1

For years prior to 5/1/2017, Vested Terminated Participants were not included in the inactive participant headcount.

13
Assessment of Risk

Additional Historical Information

The tables and charts below identify and disclose reasonably available relative historical values of the Program's actuarial 

measurements that, in the actuary's professional judgement, are significant to understanding the risks of the Program. 

Benefit Breakdown by Annuitant Type

The following table shows a summary of the number of plan participants receiving a full or partial federal benefit1

for the 

current and prior years (Retirees, Beneficiaries, Disableds). 

Year Police Firefighters Teachers Subtotal Judges Total

5/1/2022 6,093 1,952 4,997 13,042 106 13,148

5/1/2021 6,096 1,909 5,182 13,187 103 13,290

5/1/2020 6,066 1,925 5,354 13,345 101 13,446

5/1/2019 5,992 1,927 5,521 13,440 96 13,536

5/1/2018 5,956 1,928 5,656 13,540 94 13,634

5/1/2017 5,890 1,918 5,734 13,542 92 13,634

5/1/2016 5,806 1,911 5,842 13,559 91 13,650

5/31/2015 5,605 1,909 5,884 13,398 88 13,486

5/31/2014 5,527 1,931 5,965 13,423 89 13,512

5/31/2013 5,501 1,922 5,975 13,398 89 13,487

1

Includes annuitants with a deferred federal benefit.

The following table shows a summary of the number of plan participants receiving a full federal benefit for the current and 

prior years (Retirees, Beneficiaries, Disableds). 

Year Police Firefighters Teachers Subtotal Judges Total

5/1/2022 3,307 1,006 1,458 5,771 106 5,877

5/1/2021 3,410 1,047 1,603 6,060 103 6,163

5/1/2020 3,505 1,104 1,756 6,365 101 6,466

5/1/2019 3,591 1,161 1,913 6,665 96 6,761

5/1/2018 3,683 1,206 2,071 6,960 94 7,054

5/1/2017 3,781 1,246 2,197 7,224 92 7,316

5/1/2016 3,881 1,289 2,343 7,513 91 7,604

5/31/2015 3,952 1,323 2,457 7,732 88 7,820

5/31/2014 4,047 1,372 2,626 8,045 89 8,134

5/31/2013 4,134 1,403 2,748 8,285 89 8,374

Year Police Firefighters Teachers Subtotal Judges3 Total

5/1/2022 2,786 946 3,539 7,271 N/A 7,271

5/1/2021 2,686 862 3,579 7,127 N/A 7,127

5/1/2020 2,561 821 3,598 6,980 N/A 6,980

5/1/2019 2,401 766 3,608 6,775 N/A 6,775

5/1/2018 2,273 722 3,585 6,580 N/A 6,580

5/1/2017 2,109 672 3,537 6,318 N/A 6,318

5/1/2016 1,925 622 3,499 6,046 N/A 6,046

5/31/2015 1,653 586 3,427 5,666 N/A 5,666

5/31/2014 1,480 559 3,339 5,378 N/A 5,378

5/31/2013 1,367 519 3,227 5,113 N/A 5,113

2

Includes annuitants with a deferred federal benefit.

3

These annuitants receive a 100% federal benefit.

The following table shows a summary of the number of plan participants receiving a federal benefit and a District benefit2 

for the current and prior years (Retirees, Beneficiaries, Disableds). 

14
Assessment of Risk

Assets

The following table shows the Net Assets Available for Benefits1

 ($ millions) in each plan for the current and 

prior years. 

15

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

9/30/2022 $3,991.6 $196.8 $4,188.4

9/30/2021 $3,952.5 $190.1 $4,142.6

9/30/2020 $3,870.9 $182.8 $4,053.7

9/30/2019 $3,822.6 $177.2 $3,999.8

9/30/2018 $3,818.5 $170.1 $3,988.6

9/30/2017 $3,851.9 $162.7 $4,014.6

9/30/2016 $3,902.3 $156.1 $4,058.4

9/30/2015 $3,959.3 $150.4 $4,109.7

9/30/2014 $3,975.9 $146.5 $4,122.4

9/30/2013 $4,001.8 $143.9 $4,145.7

1

Securities are valued at amortized cost, not market value.

Liabilities

The following table shows the Accrued Liability ($ millions) in each plan for the current and prior years. 

The following table shows the Unfunded Liability ($ millions) in each plan for the current and prior years. 

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

9/30/2022 $4,220.5 $99.0 $4,319.5

9/30/2021 $3,826.3 $86.3 $3,912.6

9/30/2020 $4,179.7 $85.1 $4,264.8

9/30/2019 $4,366.1 $78.2 $4,444.3

9/30/2018 $4,344.5 $85.5 $4,430.0

9/30/2017 $4,627.6 $85.4 $4,713.0

9/30/2016 $4,748.1 $75.4 $4,823.5

9/30/2015 $4,728.4 $69.0 $4,797.4

9/30/2014 $5,070.9 $71.9 $5,142.8

9/30/2013 $5,135.6 $46.9 $5,182.5

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

9/30/2022 $8,212.2 $295.8 $8,508.0

9/30/2021 $7,778.8 $276.4 $8,055.2

9/30/2020 $8,050.5 $267.9 $8,318.4

9/30/2019 $8,188.7 $255.4 $8,444.1

9/30/2018 $8,163.0 $255.6 $8,418.6

9/30/2017 $8,479.5 $248.1 $8,727.6

9/30/2016 $8,650.3 $231.5 $8,881.8

9/30/2015 $8,687.6 $219.4 $8,907.0

9/30/2014 $9,046.8 $218.4 $9,265.2

9/30/2013 $9,137.5 $190.9 $9,328.4
Assessment of Risk

Funded Ratio

The following table shows the ratio of the Assets to the Actuarial Accrued Liability.

Contributions

The following table shows the amount of the total required government contributions ($ millions) to each fund for the 

current and prior years1

.

16

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

9/30/2022 48.6% 66.5% 49.2%

9/30/2021 50.8% 68.8% 51.4%

9/30/2020 48.1% 68.2% 48.7%

9/30/2019 46.7% 69.4% 47.4%

9/30/2018 46.8% 66.5% 47.4%

9/30/2017 45.4% 65.6% 46.0%

9/30/2016 45.1% 67.4% 45.7%

9/30/2015 45.6% 68.6% 46.1%

9/30/2014 43.9% 67.1% 44.5%

9/30/2013 43.8% 75.4% 44.4%

Distribution of Benefit Payments

The following table shows the amount of federal benefit payments and refunds paid ($ millions) to each plan 

for the current and prior years.

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

FY 2022 $589.6 $22.0 $611.6

FY 2021 $520.9 $18.9 $539.8

FY 2020 $558.7 $18.3 $577.0

FY 2019 $520.3 $15.5 $535.8

FY 2018 $477.6 $16.1 $493.7

FY 2017 $451.8 $15.6 $467.4

FY 2016 $452.2 $15.6 $467.8

FY 2015 $460.9 $14.2 $475.1

FY 2014 $487.5 $14.2 $501.7

FY 2013 $467.3 $10.5 $477.8

1

Payments for FY2018 and after are before administrative expenses for all plans.

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

FY 2022 $539.0 $16.5 $555.5

FY 2021 $532.2 $15.0 $547.2

FY 2020 $538.9 $14.2 $553.1

FY 2019 $543.3 $13.3 $556.6

FY 2018 $541.1 $12.5 $553.6

FY 2017 $541.4 $12.2 $553.6

FY 2016 $542.4 $11.8 $554.2

FY 2015 $541.7 $14.1 $555.8

FY 2014 $542.9 $11.9 $554.8

FY 2013 $537.2 $10.2 $547.4
Assessment of Risk

Investment Performance

The following table shows the history of the approximate rate of return1

 on the Market Value of Assets. 

The following table shows the total amount of interest earned in each plan from investments for the current and prior years 

($ millions).

17

Police Officers and Firefighters', and Year Judges' Plan Teachers' Plans

FY 2022 1.5% 1.9%

FY 2021 1.4% 1.8%

FY 2020 1.8% 2.1%

FY 2019 1.8% 2.2%

FY 2018 1.5% 2.3%

FY 2017 1.4% 2.3%

FY 2016 1.0% 2.4%

FY 2015 0.8% 2.2%

FY 2014 1.3% 2.1%

FY 2013 1.3% 2.2%

1

Rates from FY2013, FY2014, and FY2015 are net of expenses for all plans.

Police Officers and Firefighters', and Year Judges' Plan Total Teachers' Plans

FY 2022 $56.6 $3.5 $60.1

FY 2021 $57.0 $3.4 $60.4

FY 2020 $66.6 $3.7 $70.3

FY 2019 $69.1 $3.8 $72.9

FY 2018 $57.5 $3.6 $61.1

FY 2017 $51.0 $3.5 $54.5

FY 2016 $51.1 $3.6 $54.7

FY 2015 $54.9 $3.7 $58.6

FY 2014 $61.9 $3.8 $65.7

FY 2013 $75.0 $3.8 $78.8

The following table shows the rates used for the return on market value of assets ("Asset Return") and the percentage of the 

amortized cost value of investment ("Liability Rates").

Police Officers and Firefighters', and Judges' Plan Teachers' Plans

Year Liability Rates Asset Return Liability Rates Asset Return

FY 2022 0.9% - 3.2% 1.5% 0.9% - 3.2% 1.9%

FY 2021 0.8% - 3.3% 1.4% 0.8% - 3.3% 1.8%

FY 2020 0.8% - 3.6% 1.8% 0.8% - 3.6% 2.1%

FY 2019 0.7% - 3.8% 1.8% 0.7% - 3.8% 2.2%

FY 2018 0.6% - 3.9% 1.5% 0.6% - 3.9% 2.3%

FY 2017 0.7% - 4.0% 1.4% 0.7% - 4.0% 2.3%

FY 2016 1.1% - 4.2% 1.0% 1.1% - 4.2% 2.4%

FY 2015 1.5% - 4.3% 0.8% 1.5% - 4.3% 2.2%

FY 2014 1.7% - 4.4% 1.3% 1.7% - 4.4% 2.1%

FY 2013 1.9% - 4.6% 1.3% 1.9% - 4.6% 2.2%
Assessment of Risk

(Gains)/Losses

The following table shows the Historical (Gains)/Losses in each plan for the current and prior years (in 

millions). The plans will experience deviations from expected each year. The amount of the deviation is 

amortized over future years and included in the contribution calculation.

Inflation Assumptions

The following table shows the annual long term actuarial general pay and inflation assumptions in each plan 

for the current and prior years. The inflation assumption is used to project future pay for the active 

population.

18

Police Officers and Firefighters', and Teachers' Plans Judges Plan

Actuarial Actuarial Actuarial Actuarial Actuarial Actuarial (Gain)/Loss - (Gain)/Loss - Year (Gain)/Loss - (Gain)/Loss - Method/ (Gain)/Loss - (Gain)/Loss - Method/

Investment Experience Investment Experience Assumptions Assumptions

9/30/2022 ($28.1) $374.1 $538.3 $1.2 $12.2 $9.7 

9/30/2021 ($25.9) ($42.4) $239.0 $1.8 $1.7 $7.9 

9/30/2020 ($40.7) $48.5 $293.7 $1.7 $4.6 $9.0 

9/30/2019 ($48.9) $30.3 $492.0 $1.5 $4.3 ($4.8)

9/30/2018 ($30.6) $52.2 $114.0 $1.6 $4.1 $1.7 

9/30/2017 ($12.2) $25.7 $251.0 $1.8 $1.6 $13.1 

9/30/2016 $4.3 ($63.0) $484.5 $2.0 ($2.2) $11.7 

9/30/2015 $9.8 ($69.8) $100.1 $1.4 ($0.3) $1.1 

9/30/2014 $7.0 ($66.0) $354.3 $1.9 $21.3 $4.8 

9/30/2013 ($20.1) ($63.9) $256.4 ($1.3) ($1.4) $7.6 

Year Cost-of-Living Police/Fire Pay Teachers Pay Judges Pay

FY 2022 1.9% - 2.2% 2.15% - 2.20% 2.3% 1.3%

FY 2021 1.7% - 1.8% 2.15% - 2.20% 2.3% 1.0%

FY 2020 1.5% - 1.8% 2.15% - 2.20% 2.3% 0.9%

FY 2019 1.4% - 1.8% 1.95% - 2.00% 2.3% 0.8%

FY 2018 1.6% - 1.7% 1.8% - 2.2% 2.4% 1.0%

FY 2017 1.7% - 1.9% 1.8% - 2.2% 3.0% 1.1%

FY 2016 1.9% - 2.0% 2.0% - 2.2% 3.0% 1.2%

FY 2015 2.1% - 2.4% 2.2% 3.0% 1.7%

FY 2014 2.4% - 2.5% 2.2% – 2.3% 3.0% 1.9%

FY 2013 2.4% - 2.6% 3.1% – 3.4% 3.9% 2.3%
Plan Cost

Amortization Schedule and Required Government Contribution

Police Officers and Firefighters', and Teachers' Plans

Annual Remaining Outstanding Balance Amortization Base Amortization Number of Years as of October 1, 2022 Installment

Initial Unfunded Accrued Liability 5 $ 348,600,000 1,676,112,461

Assumption Change 10/1/2004 2 13,700,000 27,009,235

Assumption Change 10/1/2005 3 (6,300,000) (18,498,841)

Assumption Change 10/1/2006 4 39,800,000 154,527,627

Assumption Change 10/1/2007 5 3,600,000 17,309,251

Assumption Change 10/1/2008 6 3,300,000 18,847,608

Assumption Change 10/1/2009 7 40,700,000 268,301,768

Assumption Change 10/1/2010 8 10,500,000 78,221,834

Assumption Change 10/1/2011 9 6,900,000 57,161,270

Assumption Change 10/1/2012 10 32,500,000 295,613,361

(Gain)/Loss 10/1/2013 1 (9,900,000) (9,814,613)

Assumption Change 10/1/2013 11 18,700,000 184,826,348

Funding Method Change 10/1/2013 11 (34,800,000) (343,954,916)

(Gain)/Loss 10/1/2014 2 (6,900,000) (13,603,191)

Assumption Change 10/1/2014 12 13,400,000 142,690,321

(Gain)/Loss 10/1/2015 3 (7,000,000) (20,554,268)

Assumption Change 10/1/2015 13 (4,000,000) (45,562,872)

(Gain)/Loss 10/1/2016 4 (10,000,000) (38,826,037)

Assumption Change 10/1/2016 14 20,600,000 249,469,038

Method Change 10/1/2016 14 500,000 6,055,074

(Gain)/Loss 10/1/2017 5 1,500,000 7,212,188

Assumption Change 10/1/2017 15 5,000,000 64,033,521

(Gain)/Loss 10/1/2018 6 2,400,000 13,707,351

Assumption Change 10/1/2018 16 (1,600,000) (21,570,210)

(Gain)/Loss 10/1/2019 7 (2,100,000) (13,843,580)

Assumption Change 10/1/2019 17 26,300,000 371,730,298

(Gain)/Loss 10/1/2020 8 900,000 6,704,729

Assumption Change 10/1/2020 18 12,000,000 177,197,480

(Gain)/Loss 10/1/2021 9 (7,500,000) (62,131,815)

Assumption Change 10/1/2021 19 9,600,000 147,631,025

(Gain)/Loss 10/1/2022 10 38,000,000 345,934,489

Assumption Change 10/1/2022 20 31,200,000 498,611,634

Total Amortization $ 589,600,000 $ 4,220,547,568

Total Normal Cost with Interest $ -

Employee Contributions -

$ - Net Employer Normal Cost

Total Required Government Contribution as of $ 589,600,000 September 30, 20222

1 Includes assumption change impact, $538,250,932, as well as effect of discount rate change on prior amortization balances, 

($39,639,298).

2 Before administrative expenses.

19
Plan Cost

Amortization Schedule and Required Government Contribution

Judges' Plan

Annual Remaining Outstanding Balance Amortization Base Amortization Number of Years as of October 1, 2022 Installment

Initial Unfunded Accrued Liability 5 $ 2,100,000 $ 9,725,423

Assumption Change 10/1/2004 2 200,000 384,868

Assumption Change 10/1/2006 4 600,000 2,251,216

Assumption Change 10/1/2008 6 200,000 1,097,584

Assumption Change 10/1/2009 7 (800,000) (5,058,313)

Assumption Changes 10/1/2010 8 1,500,000 10,704,939

Assumption Changes 10/1/2011 9 100,000 792,966

Assumption Changes 10/1/2012 10 600,000 5,221,515

(Gain)/Loss 10/1/2013 1 800,000 779,651

Assumption Changes 10/1/2013 11 400,000 3,782,292

Funding Method Change 10/1/2013 11 (1,000,000) (9,455,731)

(Gain)/Loss 10/1/2014 2 2,900,000 5,580,582

Assumption Change 10/1/2014 12 200,000 2,037,956

(Gain)/Loss 10/1/2015 3 100,000 284,995

Assumption Change 10/1/2016 14 300,000 3,480,700

Method Change 10/1/2016 14 500,000 5,801,166

(Gain)/Loss 10/1/2017 5 400,000 1,852,462

Assumption Change 10/1/2017 15 800,000 9,825,422

(Gain)/Loss 10/1/2018 6 700,000 3,841,543

Assumption Change 10/1/2018 16 100,000 1,294,394

(Gain)/Loss 10/1/2019 7 700,000 4,426,024

Assumption Change 10/1/2019 17 (400,000) (5,435,705)

(Gain)/Loss 10/1/2020 8 700,000 4,995,638

Assumption Change 10/1/2020 18 600,000 8,530,900

(Gain)/Loss 10/1/2021 9 400,000 3,171,865

Assumption Change 10/1/2021 19 400,000 5,932,430

(Gain)/Loss 10/1/2022 10 1,500,000 13,433,747

Assumption Change 10/1/2022 20 600,000 9,747,890

Total Amortization $ 15,200,000 $ 99,028,419

Total Normal Cost with Interest $ 7,400,000

Employee Contributions (600,000)

Net Employer Normal Cost $ 6,800,000

Total Required Government Contribution as of $ 22,000,000 September 30, 20222

1 Includes assumption change impact, $9,726,709, as well as effect of discount rate change on prior amortization balances, 

$21,181.

2 Before administrative expenses.

20
Changes in Actuarial Accrued Liability

Reconciliation of Actuarial (Gain)/Loss

Police Officers and 

Firefighters', and Judges' Plan

Teachers' Plans

Assets

As of October 1, 2021, before adjustments $ 3,952,499,961 $ 190,105,319

As of October 1, 2021, after adjustments 3,953,263,066 190,228,664

Contributions:

Employees $ - $ 653,378

Employer 539,491,710 19,416,252

Total 539,491,710 20,069,630

Benefits Paid (539,034,078) (16,458,439)

Expenses Paid (18,883,204) (526,873)

Income (including adjustments) 57,529,332 3,621,848

Expected Income 29,388,331 4,821,393

Expected End of Year Value 3,963,462,720 198,011,030

October 1, 2022 (Projected) Value 3,991,603,721 196,811,485

Asset (Gain)/Loss $ (28,141,001) $ 1,199,545

Liabilities

October 1, 2021 AAL $ 7,778,784,800 $ 276,422,364

Normal Cost:

Employees - 600,000

Employers - 6,200,000 1

Total - 6,800,000

Benefits Paid (539,034,078) (16,458,439)

Interest 60,074,142 7,115,068

Expected September 30, 2022 AAL 7,299,824,864 273,878,993

Actual September 30, 2022 AAL before 7,673,900,354 286,113,195 assumption and method changes2

Liability (Gain)/Loss 374,075,490 12,234,202

Total Experience (Gain)/Loss $ 345,934,489 $ 13,433,747

Summary of Changes in Assumptions and Methods

Police Officers and 

(Gains)/Losses Firefighters', and Judges' Plan

Teachers' Plans

Change in Discount Rate 192,442,985 1,277,578

Change in Other Economic Assumptions3 318,901,321 7,413,303

Change in Non-Economic Assumptions4 26,906,626 1,035,828

Total Impact $ 538,250,932 $ 9,726,709

Actual End of Year AAL after assumption $ 8,212,151,286 $ 295,839,904 and method changes

1

This represents the correct Normal Cost, in the October 1, 2021 report, this amount was net of employee contributions.

2

 Liabilities as of October 1, 2022 for the Police Officers and Firefighters', and Teachers' Plans calculated for this purpose are 

based on 2022 spot rates implied by the 2021 spot rate yield curve. These spot rates used in gain/loss analysis were 

calculated by converting the 2021 spot rates to forward rates, removing the forward rate for FY 2022, and then converting the 

forward rates back to spot rates. See Appendix A: Actuarial Assumptions and Methods for an example of the rates.

3

 Projected COLA.

4

 Mortality projection scale.

21
Asset Information

Statement of Changes in Net Plan Assets

The following table is based on the unaudited statement of assets projected to 

September 30, 2022, as provided by the Department of the Treasury on September 7, 2022. 

Values from the statement are unrounded and truncated to the dollar.

Police Officers and 

Firefighters', and Judges' Plan

Teachers' Plans

Projected net assets available for benefits as of $ 3,952,499,961 $ 190,105,319 October 1, 2021

Adjusted from estimate to actual 763,105 123,344

Actual net assets available as of $ 3,953,263,066 $ 190,228,664 October 1, 2021

Additions

Contributions:

Government contributions (amortization $ 539,491,710 $ 19,416,252 payment)

Employee contributions - 653,378

Total contributions $ 539,491,710 $ 20,069,630

Investment income (including interest)2 56,564,441 3,487,882

Miscellaneous additions 201,786 10,620

Total additions $ 596,257,938 $ 23,568,133

Deductions

Benefit payments:

Annuities - Federal only $ (538,980,511) $ (16,406,633)

Refunds of contributions (53,567) (51,806)

Total benefit payments $ (539,034,078) $ (16,458,439)

Expenses and fees:

Administrative expenses $ (21,202,476) $ (516,252)

Bad debt expense (89,708) -

Imputed Costs (201,786) (10,620)

Other expenses 2,610,766 -

Total expenses and fees $ (18,883,204) $ (526,873)

Total deductions $ (557,917,283) $ (16,985,312)

Net additions/(deductions) $ 38,340,655 $ 6,582,821

Net assets available for benefits as of $ 3,991,603,721 $ 196,811,485 October 1, 2022

1 The approximate rate of return on the Market Value of Assets is 1.46% for the Police Officers and Firefighters', and 

Teacher's Plans, and 1.89% for the Judges' Plan.

22
Benefit Payments and Funding Projections

Benefit Payment Projections

Police Officers and Firefighters', and Teachers' Plans (closed group)

Fiscal Year Expected Net Benefit Fiscal Year Expected Net Benefit 

Ending In Payments Ending In Payments

2023 $ 551,172,947 2061 $ 33,110,161

2024 545,188,165 2062 28,187,264

2025 537,691,528 2063 23,770,648

2026 528,738,979 2064 19,850,045

2027 518,329,525 2065 16,410,755

2028 506,680,633 2066 13,432,285

2029 493,875,257 2067 10,888,054

2030 479,934,914 2068 8,745,494

2031 464,887,180 2069 6,967,076

2032 448,890,741 2070 5,512,092

2033 431,929,342 2071 4,338,338

2034 414,111,136 2072 3,403,879

2035 395,542,824 2073 2,668,768

2036 376,344,814 2074 2,096,289

2037 356,648,586 2075 1,653,790

2038 336,610,428 2076 1,313,229

2039 316,390,953 2077 1,051,252

2040 296,158,753 2078 848,943

2041 276,087,929 2079 691,465

2042 256,352,687 2080 567,457

2043 237,119,203 2081 468,438

2044 218,538,328 2082 388,235

2045 200,738,899 2083 322,394

2046 183,822,191 2084 267,768

2047 167,858,269 2085 222,126

2048 152,885,197 2086 183,822

2049 138,910,517 2087 151,666

2050 125,915,205 2088 124,701

2051 113,859,661 2089 102,147

2052 102,690,317 2090 83,361

2053 92,346,261 2091 67,751

2054 82,765,148 2092 54,799

2055 73,887,819 2093 44,066

2056 65,661,985 2094 35,188

2057 58,044,158 2095 27,858

2058 51,000,670 2096 21,832

2059 44,507,341 2097 16,905

2060 38,547,495

23
Benefit Payments and Funding Projections

Benefit Payment Projections

Police Officers (closed group)

Fiscal Year Expected Net Benefit Fiscal Year Expected Net Benefit 

Ending In Payments Ending In Payments

2023 $ 266,564,097 2061 $ 23,054,068

2024 265,738,913 2062 19,651,732

2025 264,191,777 2063 16,575,386

2026 261,929,483 2064 13,830,616

2027 258,933,547 2065 11,416,794

2028 255,300,040 2066 9,326,113

2029 251,074,524 2067 7,543,659

2030 246,247,369 2068 6,048,022

2031 240,779,744 2069 4,812,618

2032 234,724,930 2070 3,807,625

2033 228,110,673 2071 3,001,720

2034 220,931,546 2072 2,363,746

2035 213,218,966 2073 1,864,272

2036 205,018,525 2074 1,476,558

2037 196,382,989 2075 1,177,195

2038 187,377,600 2076 946,416

2039 178,076,624 2077 768,058

2040 168,562,697 2078 629,263

2041 158,926,289 2079 520,096

2042 149,262,665 2080 433,069

2043 139,667,244 2081 362,659

2044 130,231,052 2082 304,836

2045 121,036,389 2083 256,701

2046 112,152,276 2084 216,201

2047 103,631,651 2085 181,853

2048 95,510,065 2086 152,559

2049 87,805,597 2087 127,535

2050 80,520,339 2088 106,141

2051 73,643,463 2089 87,872

2052 67,155,153 2090 72,323

2053 61,030,748 2091 59,119

2054 55,244,766 2092 47,936

2055 49,774,321 2093 38,501

2056 44,601,772 2094 30,586

2057 39,716,006 2095 23,988

2058 35,113,186 2096 18,544

2059 30,796,191 2097 14,100

2060 26,772,796

24
Benefit Payments and Funding Projections

Benefit Payment Projections

Firefighters (closed group)

Fiscal Year Expected Net Benefit Fiscal Year Expected Net Benefit 

Ending In Payments Ending In Payments

2023 $ 96,696,370 2061 $ 7,586,486

2024 95,775,695 2062 6,537,591

2025 94,512,659 2063 5,590,100

2026 92,970,055 2064 4,739,610

2027 91,157,101 2065 3,981,893

2028 89,109,244 2066 3,312,800

2029 86,856,522 2067 2,728,110

2030 84,407,945 2068 2,223,206

2031 81,792,599 2069 1,792,889

2032 79,025,936 2070 1,431,343

2033 76,128,843 2071 1,132,107

2034 73,124,739 2072 888,228

2035 70,036,220 2073 692,444

2036 66,888,366 2074 537,497

2037 63,706,296 2075 416,405

2038 60,514,149 2076 322,718

2039 57,333,842 2077 250,714

2040 54,184,081 2078 195,483

2041 51,080,512 2079 153,012

2042 48,035,585 2080 120,107

2043 45,058,750 2081 94,317

2044 42,156,861 2082 73,875

2045 39,334,781 2083 57,499

2046 36,596,158 2084 44,290

2047 33,943,936 2085 33,642

2048 31,380,800 2086 25,106

2049 28,909,534 2087 18,343

2050 26,533,308 2088 13,079

2051 24,255,799 2089 9,075

2052 22,081,041 2090 6,111

2053 20,013,175 2091 3,984

2054 18,056,108 2092 2,508

2055 16,212,990 2093 1,521

2056 14,485,946 2094 887

2057 12,876,016 2095 496

2058 11,382,987 2096 266

2059 10,005,501 2097 136

2060 8,741,120

25
Benefit Payments and Funding Projections

Benefit Payment Projections

Teachers (closed group)

Fiscal Year Expected Net Benefit Fiscal Year Expected Net Benefit 

Ending In Payments Ending In Payments

2023 $ 187,912,481 2061 $ 2,469,607

2024 183,673,557 2062 1,997,941

2025 178,987,092 2063 1,605,162

2026 173,839,441 2064 1,279,819

2027 168,238,878 2065 1,012,068

2028 162,271,350 2066 793,372

2029 155,944,211 2067 616,284

2030 149,279,601 2068 474,266

2031 142,314,837 2069 361,569

2032 135,139,875 2070 273,124

2033 127,689,827 2071 204,511

2034 120,054,851 2072 151,904

2035 112,287,638 2073 112,053

2036 104,437,923 2074 82,234

2037 96,559,301 2075 60,190

2038 88,718,679 2076 44,094

2039 80,980,487 2077 32,480

2040 73,411,975 2078 24,198

2041 66,081,128 2079 18,357

2042 59,054,437 2080 14,281

2043 52,393,208 2081 11,461

2044 46,150,416 2082 9,523

2045 40,367,729 2083 8,195

2046 35,073,758 2084 7,277

2047 30,282,683 2085 6,631

2048 25,994,332 2086 6,157

2049 22,195,386 2087 5,789

2050 18,861,558 2088 5,480

2051 15,960,399 2089 5,200

2052 13,454,122 2090 4,927

2053 11,302,339 2091 4,648

2054 9,464,273 2092 4,355

2055 7,900,507 2093 4,044

2056 6,574,266 2094 3,716

2057 5,452,136 2095 3,374

2058 4,504,497 2096 3,023

2059 3,705,649 2097 2,669

2060 3,033,580

26
Benefit Payments and Funding Projections

Benefit Payment Projections

Judges' Plan (open group)

Expected Net Benefit Fiscal Year Ending In Payments1

2023 $ 16,664,753

2024 16,971,714

2025 16,954,923

2026 16,998,289

2027 17,002,674

2028 17,138,747

2029 17,165,600

2030 17,450,130

2031 17,554,633

2032 17,580,396

2033 17,376,439

2034 17,188,204

2035 17,001,587

2036 16,772,565

2037 16,483,172

2038 16,274,422

2039 16,206,913

2040 16,088,533

2041 16,168,266

2042 15,941,738

2043 15,875,393

2044 15,828,303

2045 15,730,392

2046 15,632,624

2047 15,554,337

1 Expected Net Benefit Payments are net of retiree contributions paid to provide for 

 survivor benefits.

27
Benefit Payments and Funding Projections

Benefit Payment Projections

Judges' Plan (closed group)

Fiscal Year Expected Net Benefit Fiscal Year Expected Net Benefit 

Ending In Payments1 Ending In Payments1

2023 $ 16,664,753 2061 $ 5,536,548

2024 16,971,662 2062 5,152,997

2025 16,954,734 2063 4,783,540

2026 16,997,896 2064 4,427,133

2027 17,002,006 2065 4,083,346

2028 17,137,715 2066 3,751,785

2029 17,164,284 2067 3,432,471

2030 17,447,969 2068 3,125,964

2031 17,551,099 2069 2,832,645

2032 17,575,158 2070 2,553,040

2033 17,369,082 2071 2,287,658

2034 17,157,350 2072 2,036,790

2035 16,931,064 2073 1,800,675

2036 16,653,850 2074 1,579,556

2037 16,276,889 2075 1,373,553

2038 15,946,935 2076 1,182,909

2039 15,559,500 2077 1,007,775

2040 15,155,281 2078 848,227

2041 14,988,664 2079 704,360

2042 14,464,023 2080 576,163

2043 14,059,754 2081 463,659

2044 13,633,977 2082 366,585

2045 13,139,495 2083 284,329

2046 12,578,662 2084 216,026

2047 12,075,413 2085 160,546

2048 11,511,959 2086 116,547

2049 11,016,041 2087 82,530

2050 10,584,869 2088 56,931

2051 10,094,978 2089 38,207

2052 9,614,710 2090 24,917

2053 9,081,438 2091 15,773

2054 8,632,558 2092 9,685

2055 8,197,194 2093 5,767

2056 7,706,495 2094 3,325

2057 7,235,427 2095 1,857

2058 6,783,677 2096 1,008

2059 6,350,663 2097 537

2060 5,935,381

1

 Expected Net Benefit Payments are net of retiree contributions paid to provide for survivor benefits.

28
Benefit Payments and Funding Projections

District Benefit Payments

Police Officers and Firefighters', and Teachers' Plans

Benefits Paid by 

Fiscal Year Ending In District 

($ millions)

1998-1999 $ 2.3

2000 3.9

2001 4.6

2002 6.7

2003 10.9

2004 16.2

2005 21.7

2006 28.6

2007 38.4

2008 47.1

2009 58.1

2010 65.5

2011 73.3

2012 86.0

2013 99.8

2014 112.6

2015 126.4

2016 146.0

2017 163.0

2018 183.8

2019 201.1

2020 223.9

2021 244.5

2022 271.8

29
Benefit Payments and Funding Projections

15-Year Funding Projections - Closed Group

Police Officers and Firefighters', and Teachers' Plans

Federal Expected Fiscal Year Beginning of Contribution Net Benefit Investment End of Year Return on Expenses Ending In Year Assets (with Expense Payments Return Assets Assets Reimbursement)

2023 0.87% $ 3,991,603,721 $ 615,999,215 $ (551,172,947) $ (26,399,215) $ 32,214,513 $ 4,062,245,287

2024 1.15% 4,062,245,287 627,313,464 (545,188,165) (27,813,464) 43,428,398 4,159,985,520

2025 1.58% 4,159,985,520 620,787,579 (537,691,528) (28,087,579) 61,299,711 4,276,293,703

2026 1.96% 4,276,293,703 634,460,689 (528,738,979) (28,460,689) 78,440,470 4,431,995,194

2027 2.24% 4,431,995,194 605,304,109 (518,329,525) (29,104,109) 93,264,161 4,583,129,830

2028 2.46% 4,583,129,830 252,186,191 (506,680,633) (29,686,191) 106,291,357 4,405,240,554

2029 2.55% 4,405,240,554 247,079,915 (493,875,257) (30,279,915) 105,774,081 4,233,939,378

2030 2.71% 4,233,939,378 209,085,513 (479,934,914) (30,885,513) 107,950,797 4,040,155,261

2031 2.75% 4,040,155,261 198,303,223 (464,887,180) (31,503,223) 104,387,595 3,846,455,676

2032 2.83% 3,846,455,676 199,533,288 (448,890,741) (32,133,288) 102,150,204 3,667,115,139

2033 2.99% 3,667,115,139 129,675,953 (431,929,342) (32,775,953) 102,818,083 3,434,903,880

2034 3.03% 3,434,903,880 146,431,472 (414,111,136) (33,431,472) 97,399,172 3,231,191,916

2035 3.04% 3,231,191,916 133,700,102 (395,542,824) (34,100,102) 91,780,668 3,027,029,760

2036 3.16% 3,027,029,760 138,382,104 (376,344,814) (34,782,104) 89,248,883 2,843,533,829

2037 3.28% 2,843,533,829 117,977,746 (356,648,586) (35,477,746) 86,935,034 2,656,320,277

30
Benefit Payments and Funding Projections

15-Year Funding Projections - Open Group

Judges' Plan

Federal Expected Fiscal Year Beginning of Employee Contribution Net Benefit Investment End of Year Return on Expenses Ending In Year Assets Contributions (with Expense Payments Return Assets Assets Reimbursement)

2023 0.87% $ 196,811,485 $ 594,213 $ 22,570,053 $ (16,664,753) $ (570,053) $ 1,639,873 $ 204,380,818

2024 1.15% 204,380,818 601,700 21,907,184 (16,971,714) (621,504) 2,253,059 211,549,543

2025 1.58% 211,549,543 609,282 18,891,685 (16,954,923) (619,246) 3,210,639 216,686,980

2026 1.96% 216,686,980 616,958 18,900,131 (16,998,289) (639,838) 4,084,719 222,650,661

2027 2.24% 222,650,661 624,732 18,406,377 (17,002,674) (657,125) 4,802,696 228,824,667

2028 2.46% 228,824,667 632,604 16,009,600 (17,138,747) (670,268) 5,425,150 233,083,006

2029 2.55% 233,083,006 640,575 15,214,221 (17,165,600) (683,673) 5,730,893 236,819,421

2030 2.71% 236,819,421 648,646 15,420,260 (17,450,130) (697,347) 6,188,302 240,929,152

2031 2.75% 240,929,152 656,819 13,327,735 (17,554,633) (711,294) 6,390,080 243,037,859

2032 2.83% 243,037,859 665,095 12,936,668 (17,580,396) (725,519) 6,634,979 244,968,685

2033 2.99% 244,968,685 673,475 10,947,079 (17,376,439) (740,030) 7,071,954 245,544,724

2034 3.03% 245,544,724 681,961 11,658,989 (17,188,204) (754,830) 7,186,015 247,128,654

2035 3.04% 247,128,654 690,553 11,572,418 (17,001,587) (769,927) 7,259,646 248,879,757

2036 3.16% 248,879,757 699,254 11,687,388 (16,772,565) (785,326) 7,605,951 251,314,460

2037 3.28% 251,314,460 708,065 11,003,920 (16,483,172) (801,032) 7,980,261 253,722,502

31
Basis for the Valuation

Plan Member Summary

Police Officers and Firefighters', and Teachers' Plans

Police Officers Firefighters Teachers Total

Date Of Census Data: 5/1/2022 5/1/2022 5/1/2022 October 1, 2022

Plan Member Counts:

Actives 179 159 229 567

Terminated Vested 22 9 229 260

Normal Retirees1 - Current Benefits 4,007 1,256 4,383 9,646

Normal Retirees - Deferred Benefits 5 0 0 5

Beneficiaries 1,362 456 409 2,227

Disabled Retirees - Current Benefits 671 230 195 1,096

Disabled Retirees - Deferred Benefits 48 10 10 68

Total 6,294 2,120 5,455 13,869

Active Plan Member Characteristics:

Total Pay $ 21,839,590 $ 18,955,573 $ 26,608,044 $ -

Average Age 53.28 54.29 59.55 67,403,207.00

Average Service 29.62 29.23 31.36 56.10

Inactive Plan Member Characteristics:

Average Age:

Terminated Vested 55.80 54.96 62.34 0.00

Normal Retirees 68.26 69.37 78.34 73.44

Beneficiaries 75.68 78.54 80.09 72.99

Disabled Retirees 71.53 75.67 77.55 61.53

Total Annual Federal Benefits - Current:

Normal Retirees $ 190,051,153 $ 67,787,570 $ 175,554,636 $ 47,421,066

Beneficiaries 48,349,932 16,423,272 8,759,736 433,393,358

Disabled Retirees 29,187,702 12,701,832 5,531,532 -

Total Annual Federal Benefits - Deferred:

Terminated Vested $ 288,048 $ 108,168 $ 1,389,408 $ -

Normal Retirees 103,092 - - 570,480

Disabled Retirees 423,108 78,828 68,544 1,785,624

1

 Throughout this report, "Normal Retirees" refer to Voluntary Retirements for the District of Columbia Teachers' Retirement Plan 

and Optional Retirements for the District of Columbia Police Officers and Firefighters' Retirement Plan.

32
Basis for the Valuation

Plan Member Summary

Judges' Plan

Total

Date of Census Data October 1, 2022

Plan Member Counts:

Actives 57

Terminated Vested 0

Normal Retirees1 89

Beneficiaries 15

Disabled Retirees 2

Total 163

Active Plan Member Characteristics

Total Compensation for Covered Plan Members $ -

Average Age 12,842,799.96

Average Service 57.19

Inactive Plan Member Characteristics

Average Age

Terminated Vested 0.00

Normal Retirees 64.83

Beneficiaries 76.65

Disabled Retirees N/A

Total Annual Benefits

Terminated Vested $ -

Normal Retirees $ 258,895

Beneficiaries 14,782,539

Disabled Retirees N/A

1

 Throughout this report, "Normal Retirees" refer to Regular Retirements for the District of Columbia Judges' Retirement 

Plan.

33
Basis for the Valuation

Plan Member Reconciliation

The following tables show a reconciliation of the number of plan members from the previous census date to 

the current census date.

Police Officers and Firefighters', and Teachers' Plans

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2021 803 269 9,735 2,220 1,232 14,259

New Plan Members 0 0 0 0 0 0

Rehires 3 (3) 0 0 0 0

Vested Terminations (4) 4 0 0 0 0

Retirements (233) (5) 238 0 0 0

Deaths - Beneficiary 0 0 (101) 138 (34) 3

Deaths - No Beneficiary (2) 0 (222) (138) (35) (397)

Refund of Contributions 0 (1) 0 0 0 (1)

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 0 1 1

Data Corrections 0 (4) 1 7 0 4

Plan Members as of May 1, 2022 567 260 9,651 2,227 1,164 13,869

Police Officers

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2021 288 26 3,998 1,341 757 6,410

New Plan Members 0 0 0 0 0 0

Rehires 2 (2) 0 0 0 0

Vested Terminations 0 0 0 0 0 0

Retirements (110) (2) 112 0 0 0

Deaths - Beneficiary 0 0 (61) 87 (23) 3

Deaths - No Beneficiary (1) 0 (37) (69) (16) (123)

Refund of Contributions 0 0 0 0 0 0

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 0 1 1

Data Corrections 0 0 0 3 0 3

Plan Members as of May 1, 2022 179 22 4,012 1,362 719 6,294

34
Basis for the Valuation

Plan Member Reconciliation

The following tables show a reconciliation of the number of plan members from the previous census date to 

the current census date.

Firefighters

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2021 249 10 1,198 454 257 2,168

New Plan Members 0 0 0 0 0 0

Rehires 0 0 0 0 0 0

Vested Terminations 0 0 0 0 0 0

Retirements (89) 0 89 0 0 0

Deaths - Beneficiary 0 0 (16) 26 (10) 0

Deaths - No Beneficiary (1) 0 (15) (28) (7) (51)

Refund of Contributions 0 (1) 0 0 0 (1)

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 0 0 0

Data Corrections 0 0 0 4 0 4

Plan Members as of May 1, 2022 159 9 1,256 456 240 2,120

Teachers

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2021 266 233 4,539 425 218 5,681

New Plan Members 0 0 0 0 0 0

Rehires 1 (1) 0 0 0 0

Vested Terminations (4) 4 0 0 0 0

Retirements (34) (3) 37 0 0 0

Deaths - Beneficiary 0 0 (24) 25 (1) 0

Deaths - No Beneficiary 0 0 (170) (41) (12) (223)

Refund of Contributions 0 0 0 0 0 0

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 0 0 0

Data Corrections 0 (4) 1 0 0 (3)

Plan Members as of May 1, 2022 229 229 4,383 409 205 5,455

35
Basis for the Valuation

Plan Member Reconciliation

The following table shows a reconciliation of the number of plan members from the previous census date to the 

current census date.

Judges' Plan

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2021 57 0 87 15 1 160

New Plan Members 7 0 0 0 0 7

Rehires 0 0 0 0 0 0

Vested Terminations 0 0 0 0 0 0

Retirements (6) 0 6 0 0 0

Deaths - Beneficiary 0 0 (1) 1 0 0

Deaths - No Beneficiary 0 0 (3) (1) 0 (4)

Refund of Contributions 0 0 0 0 0 0

Disabled (1) 0 0 0 1 0

Payments Reinstated/Ceased 0 0 0 0 0 0

Data Corrections 0 0 0 0 0 0

Plan Members as of May 1, 2022 57 0 89 15 2 163

36
Basis for the Valuation

Age-Service Grid

Police Officers

Active Population

Service Under 20 20-24 25-29 30-34 35-39 40+ All Service

Age No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. Group

0 - 39 - $ - - $ - - $ - - $ - - $ - - $ - - $ - 

40 - 44 - - - - - - - - - - - - - -

45 - 49 - - - - 46 121,501 4 112,660 - - - - 50 120,794

50 - 54 - - - - 52 124,760 16 121,825 1 110,478 - - 69 123,872

55 - 59 - - - - 10 117,582 37 120,366 2 115,314 - - 49 119,592

60 - 64 - - - - 1 146,365 5 114,254 4 141,151 1 110,478 11 126,610

65 - 69 - - - - - - - - - - - - - -

70+ - - - - - - - - - - - - - -

All Ages - $ - - $ - 109 $ 122,924 62 $ 119,752 7 $ 129,387 1 $ 110,478 179 $ 122,009

37
Basis for the Valuation

Age-Service Grid

Firefighters

Active Population

Service Under 20 20-24 25-29 30-34 35-39 40+ All Service

Age No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. Group

0 - 39 - $ - - $ - - $ - - $ - - $ - - $ - - $ - 

40 - 44 - - - - - - - - - - - - - -

45 - 49 - - - - 13 119,328 14 118,015 - - - - 27 118,647

50 - 54 - - - - 37 111,353 31 126,883 - - - - 68 118,433

55 - 59 - - - - 26 110,461 12 153,442 3 156,404 - - 41 126,402

60 - 64 - - - - 12 102,992 4 110,478 6 123,438 - - 22 109,929

65 - 69 - - - - - - - - 1 97,737 - - 1 97,737

70+ - - - - - - - - - - - - - -

All Ages - $ - - $ - 88 $ 111,127 61 $ 128,997 10 $ 130,758 - $ - 159 $ 119,217

38
Basis for the Valuation

Age-Service Grid

Teachers

Active Population

Service Under 20 20-24 25-29 30-34 35-39 40+ All Service

Age No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. Group

0 - 39 - $ - - $ - - $ - - $ - - $ - - $ - - $ - 

40 - 44 - - - - - - - - - - - - - -

45 - 49 - - - - 5 116,095 - - - - - - 5 116,095

50 - 54 - - - - 46 111,969 14 127,149 1 112,919 - - 61 115,468

55 - 59 - - - - 28 115,145 32 117,789 7 114,628 - - 67 116,354

60 - 64 - - - - 11 106,316 15 115,998 17 117,681 1 116,408 44 114,237

65 - 69 - - - - 5 132,350 14 115,609 12 111,932 5 123,424 36 117,794

70+ - - - - 3 114,332 5 114,465 5 131,356 3 116,408 16 120,083

All Ages - $ - - $ - 98 $ 113,564 80 $ 118,502 42 $ 117,044 9 $ 120,306 229 $ 116,192

39
Basis for the Valuation

Age-Service Grid

Judges

Active Population

Service Under 1 1-4 5-9 10-14 15-19 20-24 25-29 30-34 35+ All Service

Age No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. No. Avg. Comp. Group

0 - 34 - $ - - $ - - $ - - $ - - $ - - $ - - $ - - $ - - $ - - $ -

35 - 39 2 236,900 - - - - - - - - - - - - - - - - 2 236,900

40 - 44 2 223,400 3 227,900 - - - - - - - - - - - - - - 5 226,100

45 - 49 1 223,400 2 223,400 1 223,400 - - - - - - - - - - - - 4 223,400

50 - 54 2 223,400 1 223,400 1 223,400 6 225,650 1 223,400 - - - - - - - - 11 224,627

55 - 59 - - 3 223,400 2 223,400 3 227,900 1 223,400 - - - - - - - - 9 224,900

60 - 64 - - 1 223,400 3 223,400 4 226,775 1 223,400 8 225,213 - - - - - - 17 225,047

65 - 69 - - - - 1 223,400 2 223,400 2 223,400 1 223,400 - - - - - - 6 223,400

70+ - - - - - - 1 223,400 - - 2 230,150 - - - - - - 3 227,900

All Ages 7 $227,257 10 $224,750 8 $223,400 16 $225,931 5 $223,400 11 $225,945 - - - - - - 57 $225,312

40
Basis for the Valuation

Federal Allocation by Plan

Police Officers and Firefighters', and Teachers' Plans

Active Plan Members Police Officers Firefighters Teachers

Number 179 159 229

Average Age 53.28 54.29 59.55

Average Service 29.62 29.23 31.36

Average Pay $ 122,009 $ 119,217 $ 116,192

Inactive Plan Members Police Officers Firefighters Teachers

100% Partial 100% Partial 100% Partial 

Federal Federal Federal Federal Federal Federal

Normal Retirees - Current Federal Benefit

Number 1,650 2,357 431 825 1,090 3,293

Average Age 77.46 61.84 81.07 63.25 87.37 75.35

Average Federal Benefit $ 61,204 $ 37,787 $ 73,354 $ 43,845 $ 52,021 $ 36,092 

Average Total Benefit $ 61,204 $ 86,286 $ 73,354 $ 95,119 $ 52,021 $ 60,387 

Normal Retirees - Deferred Federal Benefit

Number N/A 5 N/A 0 N/A 0

Average Age N/A 53.01 N/A N/A N/A N/A

Average Federal Benefit N/A $ 20,618 N/A N/A N/A N/A 

Average Total Benefit N/A $ 70,848 N/A N/A N/A N/A 

Beneficiaries - Current Federal Benefit1

Number 1,169 193 396 60 246 163

Average Age 78.51 58.56 81.41 59.60 84.14 73.98

Average Federal Benefit $ 37,123 $ 25,664 $ 37,477 $ 26,372 $ 25,721 $ 14,923 

Average Total Benefit $ 37,123 $ 38,349 $ 37,477 $ 45,791 $ 25,721 $ 21,847 

Disabled Retirees - Current Federal Benefit

Number 488 183 179 51 122 73

Average Age 76.80 62.36 79.77 65.77 82.17 72.42

Average Federal Benefit $ 50,752 $ 24,157 $ 60,540 $ 36,571 $ 33,856 $ 19,194 

Average Total Benefit $ 50,752 $ 49,304 $ 60,540 $ 57,944 $ 33,856 $ 40,955 

Disabled Retirees - Deferred Federal Benefit

Number N/A 48 N/A 10 N/A 10

Average Age N/A 52.96 N/A 52.91 N/A 58.66

Average Federal Benefit N/A $ 8,815 N/A $ 7,883 N/A $ 6,854 

Average Total Benefit N/A $ 43,421 N/A $ 44,568 N/A $ 42,823 

Terminated Vested - Deferred Federal Benefit

Number 22 9 229

Average Age 55.80 54.96 62.34

Average Federal Benefit $ 13,093 $ 12,019 $ 6,067 

1

 Includes child beneficiaries.

41
Basis for the Valuation

Plan Member Counts

Judges' Plan

Active Plan Members

Number 57

Average Age 57.19

Average Service 10.83

Average Pay $ 225,312

Number Eligible to Retire 25

Inactive Plan Members

Normal Retirees

Number 89

Average Age 76.65

Average Benefit $ 166,096

Spouse Beneficiaries

Number 14

Average Age 85.84

Average Benefit $ 90,671

Disabled Retirees

Number 2 

Average Age 64.83

Average Benefit $ 129,448

Child Beneficiaries

Number 1 

Average Age 56.38

Average Benefit $ 8,324

42
Basis for the Valuation

Inactive Benefit Information

Inactive Police Officers - Current Benefits

Partial Partial 100% Federal Normal 100% Federal Partial Federal Federal Average Retirees Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-49 - - 7 1,241 69,742

50-54 - - 330 18,348 89,343

55-59 - - 768 23,962 83,272

60-64 1 6,024 534 33,279 84,692

65-69 64 50,633 384 54,157 86,569

70-74 492 54,804 243 75,345 92,583

75-79 632 62,531 84 84,170 92,223

80-84 310 66,044 7 93,161 105,485

85-89 121 68,127 - - -

90-94 27 81,620 - - -

95-100 3 111,932 - - -

100 and over - - - - -

Total 1,650 $ 61,204 2,357 $ 37,787 $ 86,286

Partial Partial 100% Federal 100% Federal Partial Federal Federal Beneficiaries Average Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 4 $ 45,474 23 $ 3,559 $ 12,690

35-39 - - 1 1,800 4,632

40-44 1 34,440 2 8,760 22,998

45-59 1 33,900 1 696 35,100

50-54 6 31,430 26 17,562 39,142

55-59 9 33,583 26 19,147 35,889

60-64 45 39,270 36 28,279 43,839

65-69 109 36,299 33 35,765 45,085

70-74 223 35,918 25 35,818 44,486

75-79 275 37,066 17 41,008 45,683

80-84 218 36,866 2 33,510 38,358

85-89 166 38,516 1 39,036 41,400

90-94 75 39,132 - - -

95-100 35 36,944 - - -

100 and over 2 35,352 - - -

Total 1,169 $ 37,123 193 $ 25,664 $ 38,349

43
Basis for the Valuation

Inactive Benefit Information

Inactive Police Officers - Current Benefits

Partial Partial 100% Federal Disabled 100% Federal Partial Federal Federal Average Retirees Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-59 - - - - -

50-54 4 24,207 - - -

55-59 4 25,050 70 11,908 41,251

60-64 27 27,993 58 18,619 45,553

65-69 49 42,353 41 41,065 61,946

70-74 119 50,646 10 60,685 68,424

75-79 134 50,752 4 54,177 67,251

80-84 74 55,549 - - -

85-89 41 61,087 - - -

90-94 27 60,618 - - -

95-100 8 73,946 - - -

100 and over 1 67,896 - - -

Total 488 $ 50,752 183 $ 24,157 $ 49,304

Inactive Police Officers - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ -

35-39 - -

40-44 - -

45-49 - -

50-54 13 10,748

55-59 6 11,502

60-64 3 26,436

65-69 - -

70-74 - -

75-79 - -

80-84 - -

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 22 $ 13,093

44
Basis for the Valuation

Inactive Benefit Information

Inactive Police Officers - Deferred Benefits

Partial Partial 

Normal Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 1 6,408 44,064

50-54 3 17,720 30,144

55-59 1 43,524 219,744

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 5 $ 20,618 $ 70,848

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 4 4,560 45,351

50-54 36 9,241 43,759

55-59 8 9,026 40,937

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 48 $ 8,815 $ 43,422

45
Basis for the Valuation

Inactive Benefit Information

Inactive Firefighters - Current Benefits

Partial Partial 100% Federal Normal 100% Federal Partial Federal Federal Average Retirees Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-49 - - - - -

50-54 - - 107 18,674 92,161

55-59 - - 172 23,056 90,150

60-64 - - 216 35,377 91,443

65-69 6 46,948 194 53,707 94,362

70-74 40 58,235 97 78,800 102,769

75-79 138 70,555 36 112,548 127,190

80-84 160 76,580 3 150,844 166,832

85-89 63 78,940 - - -

90-94 21 88,498 - - -

95-100 3 61,072 - - -

100 and over - - - - -

Total 431 $ 73,354 825 $ 43,845 $ 95,119

Partial Partial 100% Federal 100% Federal Partial Federal Federal Beneficiaries Average Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - 7 $ 20,513 $ 54,187

35-39 - - 2 2,076 4,710

40-44 1 32,832 - - -

45-59 - - 1 9,828 46,992

50-54 2 36,762 6 12,476 63,822

55-59 2 30,210 8 18,791 36,692

60-64 7 31,130 7 20,225 43,642

65-69 25 35,205 10 31,904 42,854

70-74 44 36,242 15 38,603 48,926

75-79 79 36,286 3 41,600 43,752

80-84 114 36,905 1 35,076 36,120

85-89 55 37,536 - - -

90-94 43 39,836 - - -

95-100 21 46,823 - - -

100 and over 3 49,028 - - -

Total 396 $ 37,477 60 $ 26,372 $ 45,791

46
Basis for the Valuation

Inactive Benefit Information

Inactive Firefighters - Current Benefits

Partial Partial 100% Federal Disabled 100% Federal Partial Federal Federal Average Retirees Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-59 - - - - -

50-54 - - - - -

55-59 - - 12 11,011 43,863

60-64 5 25,735 8 18,197 45,278

65-69 17 49,204 16 36,619 59,144

70-74 23 56,830 14 64,131 72,504

75-79 42 60,360 1 103,656 105,180

80-84 56 67,108 - - -

85-89 18 60,071 - - -

90-94 13 63,105 - - -

95-100 3 77,180 - - -

100 and over 2 69,054 - - -

Total 179 $ 60,540 51 $ 36,571 $ 57,944

Inactive Firefighters - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ -

35-39 - -

40-44 - -

45-59 1 13,500

50-54 5 14,477

55-59 1 5,472

60-64 1 11,628

65-69 1 5,184

70-74 - -

75-79 - -

80-84 - -

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 9 $ 12,019

47
Basis for the Valuation

Inactive Benefit Information

Inactive Firefighters - Deferred Benefits

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 1 9,072 37,644

50-54 7 9,019 50,295

55-59 2 3,312 27,984

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 10 $ 7,883 $ 44,568

48
Basis for the Valuation

Inactive Benefit Information

Inactive Teachers - Current Benefits

Partial Partial 100% Federal Normal 100% Federal Partial Federal Federal Average Retirees Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-49 - - - - -

50-54 - - 2 5,076 51,984

55-59 - - 36 16,037 66,417

60-64 - - 156 16,556 62,828

65-69 3 20,024 406 22,667 60,673

70-74 19 18,752 868 33,243 61,737

75-79 97 37,885 1142 42,254 60,419

80-84 249 54,760 500 43,471 58,628

85-89 365 56,375 160 39,624 52,131

90-94 242 52,055 21 57,712 75,050

95-100 88 49,127 2 41,190 54,642

100 and over 27 54,795 - - -

Total 1,090 $ 52,021 3,293 $ 36,092 $ 60,387

Partial Partial 100% Federal 100% Federal Partial Federal Federal Beneficiaries Average Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - 3 $ 2,560 $ 8,920

35-39 - - - - -

40-44 1 11,868 - - -

45-59 1 9,876 2 8,514 18,144

50-54 2 8,976 - - -

55-59 2 6,102 3 7,600 21,024

60-64 5 15,830 14 10,270 20,414

65-69 2 32,064 20 12,856 23,204

70-74 17 23,665 40 16,732 23,220

75-79 39 24,351 38 16,705 22,742

80-84 54 27,095 27 14,505 19,178

85-89 51 25,954 11 17,015 22,853

90-94 53 28,143 5 20,242 24,569

95-100 16 24,902 - - -

100 and over 3 34,428 - - -

Total 246 $ 25,721 163 $ 14,923 $ 21,847

49
Basis for the Valuation

Inactive Benefit Information

Inactive Teachers - Current Benefits

Partial Partial 100% Federal Disabled 100% Federal Partial Federal Federal Average Retirees Count Federal Count Average Average Total Benefit Benefit Benefit

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-59 - - - - -

50-54 - - - - -

55-59 - - - - -

60-64 4 26,466 5 12,871 45,814

65-69 3 25,712 17 13,313 40,958

70-74 8 33,989 31 19,627 40,114

75-79 37 32,760 17 24,994 42,160

80-84 26 33,397 3 25,708 34,692

85-89 25 34,561 - - -

90-94 12 34,483 - - -

95-100 4 42,915 - - -

100 and over 3 48,516 - - -

Total 122 $ 33,856 73 $ 19,194 $ 40,955

Inactive Teachers - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ -

35-39 - -

40-44 - -

45-59 4 1,692

50-54 46 3,077

55-59 53 6,705

60-64 53 6,652

65-69 22 8,098

70-74 32 5,639

75-79 16 9,137

80-84 3 9,448

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 229 $ 6,067

50
Basis for the Valuation

Inactive Benefit Information

Inactive Teachers - Deferred Benefits

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 - - -

50-54 2 3,390 36,576

55-59 4 6,711 44,997

60-64 4 8,730 43,773

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 10 $ 6,854 $ 42,823

51
Basis for the Valuation

Inactive Benefit Information

Inactive Judges

Normal Average Average Count Beneficiaries Count Retirees Benefit Benefit

Under 35 - $ - Under 35 - $ -

35-39 - - 35-39 - -

40-44 - - 40-44 - -

45-49 - - 45-59 - -

50-54 - - 50-54 - -

55-59 2 84,952 55-59 1 8,324

60-64 2 162,140 60-64 - -

65-69 14 174,661 65-69 - -

70-74 22 160,970 70-74 - -

75-79 23 164,475 75-79 3 113,280

80-84 12 174,103 80-84 3 72,703

85-89 8 182,488 85-89 5 89,289

90-94 5 168,418 90-94 2 84,238

95-100 1 127,588 95-100 1 96,534

100 and over - - 100 and over - -

Total 89 $ 166,096 Total 15 $ 85,182

Disabled Average Terminated Average Count Count Retirees Benefit Vested Benefit

Under 35 - $ - Under 35 - $ -

35-39 - - 35-39 - -

40-44 - - 40-44 - -

45-59 - - 45-59 - -

50-54 - - 50-54 - -

55-59 - - 55-59 - -

60-64 1 109,846 60-64 - -

65-69 1 149,049 65-69 - -

70-74 - - 70-74 - -

75-79 - - 75-79 - -

80-84 - - 80-84 - -

85-89 - - 85-89 - -

90-94 - - 90-94 - -

95-100 - - 95-100 - -

100 and over - - 100 and over - -

Total 2 $ 129,448 Total - $ - 

52
APPENDIX A

Actuarial Assumptions and Methods

Methods

Liability Valuation Method

The funding method is the Individual Entry Age Normal Method for the Judges' Plan and Projected Unit 

Credit Method for the Police Officers and Firefighters' and Teachers' Plans. The individual entry age normal 

method allocates the actuarial present value of the projected benefits of each individual on a level basis over 

the service of the individual between participation age and projected exit age. The projected unit credit 

method recognizes the portion of the present value of the projected benefits earned as of the valuation 

date. Since there are no remaining participants earning new benefit accruals in the Police Officers and 

Firefighters' and Teachers' Plans, ODCP believes that it is prudent to accelerate the recognition of the benefit 

accruals, as opposed to deferring the value of benefits already earned.

Under the Entry Age Normal Method, the present value of future benefits is equal to the value of the 

projected benefit payable at retirement discounted back to the plan member's current age. Discounts 

include such items as interest and mortality. The difference between the present value of future benefits and 

the present value of future normal cost contributions represents the actuarial liability at the plan member's 

current age.

Under the Projected Unit Credit Method (Benefit Accrual Method), the accrued liability is determined by 

calculating a benefit based on service earned to the valuation date with compensation projected to the 

expected retirement date (or other event), then discounting those amounts to the valuation date. The 

actuarial accrued liability for participants currently receiving payments is calculated as the actuarial present 

value of future benefits expected to be paid. 

For the purposes of determining the actuarial gains and losses during the year, liabilities as of 

October 1, 2022 for the Judges' Plan uses the prior year Effective Interest Rate. The liabilities for the Police 

Officers and Firefighters' and Teachers' Plans are based on 2022 spot rates implied by the 2021 spot rate 

yield curve. These spot rates used in gain/loss analysis were calculated by converting the 2021 spot rates to 

forward rates, removing the forward rate for FY 2022, and then converting the forward rates back to spot 

rates. See the table below for an example of the rates.

Implied 2022 Spot 2021 Valuation Spot Forward Rate Fiscal Year Rates used for Rate Assumption (rounded) (Gain)/Loss only

FY 2022 0.80% 0.80% N/A

FY 2023 0.92% 1.04% 1.04%

FY 2024 1.10% 1.46% 1.25%

FY 2025 1.30% 1.90% 1.47%

Example: 1.47% adjusted FY 2025 spot rate = (1.0104 x 1.0146 x 1.0190)^(1/3) - 1

Asset Valuation Method

Net assets available for benefits, projected to September 30, 2022 without smoothing, is provided by ODCP 

and used for purposes of the valuation. When assets are subtracted from the actuarial liability the remainder 

represents the unfunded liability. Net assets available for benefits are the book value of total assets less nonpension liabilities. Total assets primarily consist of net investments in Treasury securities recorded at 

amortized cost.

Funding Method

For Judges, the normal cost under the individual entry age normal method is a level percentage of pay. The 

normal cost is calculated by discounting the value of all expected benefits to a participant’s entry date and 

dividing by an increasing annuity reflecting anticipated salary increases from plan entry to expected exit 

ages. The normal cost to the Department of the Treasury is the full amount, less expected employee 

contributions. The funding method for the Police Officers and Firefighters' and Teachers' Plans is the projected 

unit credit method. No normal cost is payable for these participants as benefit service is frozen. For both 

methods, changes in actuarial assumptions, changes in plan provisions, and differences in actual experience 

compared to expected experience are reflected as part of the annual amount of gain or loss, which is a 

component of the total amortization of the Unfunded Accrued Liability.

53
APPENDIX A

Actuarial Assumptions and Methods

Methods

The prior amortization periods and payments are fixed from year to year. Because of this, the balances of 

prior amortization bases are recalculated each year to reflect changes in the underlying interest rates. New 

amortization payments due to (Gain)/Loss are recognized over a 10-year period, while those due to 

assumption changes are recognized over a period of 20 years. 

54

For the Police Officers and Firefighters', and Teachers' Plans, the outstanding amortization bases are 

recalculated each year using the new spot rates. For the Judges' Plan, the outstanding amortization bases 

are recalculated each year at the new funding effective interest rate (EIR).

The asset (Gain)/Loss is determined using the same interest rates as the liability (Gain)/Loss.

Mortality Adjustment from Census Date to Valuation Date

The census data is adjusted from the date it is provided to the valuation date. A factor is applied to the 

liabilities calculated using the census data to account for the estimated inactives mortality between the 

census date and the valuation date. 

Procedures

Financial and Census data were submitted by the Department of the Treasury. Information provided was 

reviewed for internal consistency and there is no reason to doubt its substantial accuracy.

No benefits of materiality were excluded from the valuation of the liabilities.

The Department of the Treasury provided us with data on actives who, as of the valuation date, had 

completed the plan's eligibility requirements.

Models

Actuarial Standard of Practice No. 56 – Modeling requires disclosure of certain information regarding the 

actuary’s use of models when issuing actuarial reports for work performed on or after October 1, 2020. For 

this valuation, the liability calculations were determined using industry-leading defined benefit valuation 

software developed and maintained by a third-party vendor. The model was designed specifically for the 

measurement of defined benefit pension and postretirement medical plan liabilities and the actuary has 

updated the applicable parameters for the specific plan provisions and assumptions selected for this 

valuation. The discount rate was determined using a model that calculates a supportable weighted-average 

discount rate with inputs of the selected yield curve and projected plan cash flows.

Method Changes Since Last Year

None.
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

Interest Rates The June 30, 2022 rates (averaged over 40 quarters, as published by the Department of 

the Treasury) shown below were used for the current valuation. The Police Officers and 

Firefighters', and Teachers' Plans are measured using the full yield curve for the liability 

interest rate, while the Judges' Plan is measured using the equivalent Effective Interest 

Rate (EIR).

0-1 25-26 50-51 75-76

1-2 26-27 51-52 76-77

2-3 27-28 52-53 77-78

3-4 28-29 53-54 78-79

4-5 29-30 54-55 79-80

5-6 30-31 55-56 80-81

6-7 31-32 56-57 81-82

7-8 32-33 57-58 82-83

8-9 33-34 58-59 83-84

9-10 34-35 59-60 84-85

10-11 35-36 60-61 85-86

11-12 36-37 61-62 86-87

12-13 37-38 62-63 87-88

13-14 38-39 63-64 88-89

14-15 39-40 64-65 89-90

15-16 40-41 65-66 90-91

16-17 41-42 66-67 91-92

17-18 42-43 67-68 92-93

18-19 43-44 68-69 93-94

19-20 44-45 69-70 94-95

20-21 45-46 70-71 95-96

21-22 46-47 71-72 96-97

22-23 47-48 72-73 97-98

23-24 48-49 73-74 98-99

24-25 2.80% 49-50 3.08% 74-75 3.17% 99-100 3.21%

Duration Return Duration Return Duration Return Duration Return

0.87% 2.82% 3.08% 3.17%

1.01% 2.84% 3.09% 3.17%

1.20% 2.86% 3.09% 3.18%

1.39% 2.88% 3.10% 3.18%

1.56% 2.89% 3.10% 3.18%

1.71% 2.91% 3.11% 3.18%

1.83% 2.92% 3.11% 3.18%

1.94% 2.93% 3.12% 3.19%

2.03% 2.95% 3.12% 3.19%

2.11% 2.96% 3.12% 3.19%

2.19% 2.97% 3.13% 3.19%

2.26% 2.98% 3.13% 3.19%

2.32% 2.99% 3.13% 3.20%

2.38% 3.00% 3.14% 3.20%

2.44% 3.01% 3.14% 3.20%

2.49% 3.02% 3.14% 3.20%

2.54% 3.02% 3.15% 3.20%

2.58% 3.03% 3.15% 3.20%

2.62% 3.04% 3.15% 3.21%

2.66% 3.05% 3.16% 3.21%

2.69% 3.05% 3.16% 3.21%

2.73% 3.06% 3.16% 3.21%

2.75% 3.07% 3.16% 3.21%

2.78% 3.07% 3.17% 3.21%

The Effective Interest Rates (single rate that produces the same results when applied to all 

cash flows) for all plans are as follows:

Police Fire Teachers Judges

EIR 2.46% 2.45% 2.30% 2.61%

Interest Rates for The same interest rates were used for purposes of rolling forward plan assets and rolling 

(Gain)/Loss forward plan liabilities for determining gains and losses. For Judges, the 2021 EIR (2.65%) 

was used for this purpose. For Police, Fire and Teachers, the first spot rate from the 2021 

spot rate curve (0.80%) was used for this purpose.

Economic 

Police Fire Teachers Judges Assumptions

COLA1 2.15% 2.15% 2.14% 1.88%

Wage Inflation 2.15% 2.20% 2.30% 1.26%

1

The Cost-of-Living Adjustment (COLA) assumption above does not apply to police officers and 

firefighters who retired prior to February 15, 1980, as they receive COLAs based on wage inflation.

55
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

56

Salary Growth The additional salary increases (on top of the general wage increases for all actives as 

shown in the above table) are shown below:

Years of Police Fire Teachers Judges Service

20 8.00% 5.50% 2.00% 0.00%

21 0.50% 1.50% 1.00% 0.00%

22 0.50% 1.50% 1.00% 0.00%

23 0.50% 1.50% 1.00% 0.00%

24 0.50% 1.50% 1.00% 0.00%

25 3.00% 4.40% 1.00% 0.00%

26 0.50% 1.20% 1.00% 0.00%

27 0.50% 1.20% 1.00% 0.00%

28 0.50% 1.20% 1.00% 0.00%

29 0.50% 1.20% 1.00% 0.00%

30 3.00% 5.70% 0.60% 0.00%

31+ 0.25% 1.30% 0.60% 0.00%

Police officers receive longevity increases of 5% of step 1 pay in the officers’ pay class 

after 15 years of service and additional increases of 5% of step 1 pay in the officers’ pay 

class after 20, 25 and 30 years of service. Longevity pay is included in pensionable 

compensation once the member has 25 years of service. Police officers receive an 

additional increase of 5% of base pay for the Base Retention Differential after 20 years of 

service.

Firefighters are assumed to receive longevity increases of 5%, 10%, 15%, and 20% 

applied to base pay after 15, 20, 25, and 30 years of service, respectively, and are 

included in pensionable compensation for all years.

Active Plan ● Police Officers and Firefighters: Pub-2010 Public Safety Employee, Above-Median

Member Base Income

Mortality

● Teachers: Pub-2010 Teacher Employee, Above-Median Income

● Judges: Pub-2010 General Employee, Above-Median Income

Retired Plan ● Police Officers and Firefighters: Credibility Adjusted Pub-2010 Public Safety Healthy

Member Base Retiree, Above-Median Income

Mortality

● Teachers: Credibility Adjusted Pub-2010 Teacher Healthy Retiree, Above-Median Income

● Judges: Pub-2010 General Healthy Retiree, Above-Median Income
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

57

Beneficiary - ● Police Officers and Firefighters: Credibility Adjusted Pub-2010 Contingent Survivor,

Surviving Spouse Above-Median Income

Member Base 

Mortality ● Teachers: Credibility Adjusted Pub-2010 Contingent Survivor, Above-Median Income

● Judges: Pub-2010 Contingent Survivor, Above-Median Income

Beneficiary - Non- ● Police Officers and Firefighters: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010

Disabled Child General Healthy Employee, Above-Median Income

Member Base 

Mortality ● Teachers: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010 General Healthy Employee,

Above-Median Income

Disabled Plan ● Police Officers and Firefighters: Credibility Adjusted Pub-2010 Public Safety Disabled

Member Base Retiree, Full Data Set

Mortality

● Teachers: Pub-2010 Teacher Disabled Retiree, Full Data Set

● Judges: Pub-2010 General Disabled Retiree, Full Data Set

Beneficiary - ● Police Officers and Firefighters: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010

Disabled Child General Disabled Retiree, Full Data Set

Member Base 

Mortality ● Teachers: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010 General Disabled Retiree,

Full Data Set

Longevity 

Improvement Mortality tables are adjusted using generational projection from 2010 using Scale MP-2021.

Projection Scale

Mortality The liabilities are adjusted to account for mortality during the 5 month period between the 

Adjustment from census collection date of May 1, 2022 and the valuation date of October 1, 2022. The 

Census Date to liabilities for inactive plan members in the Police Officers and Firefighters' Plan are 

Valuation Date decreased by 0.1441% per month (0.992795 factor applied).The liabilities for inactive plan 

members in the Teachers' Plan are decreased by 0.1808% per month (0.990960 factor 

applied). The liabilities for inactive plan members in the Judges' Plan are reduced by 

0.1987% per month (0.990065 factor applied). The liabilities for active plan members are 

unadjusted.
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

58

Disability No disabilities are assumed among Judges.

Below are sample rates of disability assumed to occur:

Age Police Fire Teachers Judges

30-34 0.000% 0.000% 0.070% 0.000%

35-39 0.000% 0.000% 0.120% 0.000%

40-44 0.500% 0.500% 0.128% 0.000%

45-49 0.150% 0.100% 0.208% 0.000%

50-54 0.100% 0.100% 0.500% 0.000%

55-59 0.000% 0.000% 0.800% 0.000%

60-64 0.000% 0.000% 0.800% 0.000%

65+ 0.000% 0.000% 0.000% 0.000%

Note that the Federal portion of the disability benefits for police officers and firefighters is 

the same for service and non-service related disabilities. Therefore, an assumption on 

percentage of service related disabilities was not necessary. All incidents of disability were 

assumed to result in plan members being 100% disabled.

Retirement Age Retirement is assumed to occur in accordance with the table below:

Police- Police- Age Fire Teachers Judges Male Female

50 55% 65% 55% 0% 0%

51 30% 40% 30% 0% 0%

52 30% 40% 30% 0% 0%

53 30% 40% 30% 0% 0%

54 30% 40% 30% 0% 0%

55 30% 40% 30% 25% 0%

56 30% 40% 30% 25% 0%

57 30% 40% 30% 25% 0%

58 30% 40% 30% 25% 10%

59 30% 40% 40% 25% 10%

60 100% 100% 100% 40% 10%

61 100% 100% 100% 25% 10%

62 100% 100% 100% 30% 10%

63 100% 100% 100% 25% 10%

64 100% 100% 100% 25% 10%

65 100% 100% 100% 30% 10%

66 100% 100% 100% 30% 10%

67 100% 100% 100% 30% 10%

68 100% 100% 100% 30% 10%

69 100% 100% 100% 30% 10%

70 100% 100% 100% 100% 100%

71+ 100% 100% 100% 100% 100%

Return of In valuing return of contribution benefits for employees assumed to die without a spouse or 

Employee to terminate and elect a refund of their contribution balance, the employee contributions 

Contributions balance was estimated based on the actual employee contribution balance when available 

(provided as of the census date for the Judges' Plan and July 1, 1998 for the other plans), 

otherwise using estimated prior salaries. The actual contribution amount for Judges is used 

to project the hypothetical employee contribution refund due. 
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

59

Post Retirement Retired Judges may elect to contribute 3.5% or 7.0% of their retirement benefit to provide 

Contributions a survivor benefit. The net amount of this benefit was included in benefit payments and 

projections, and the normal cost was not offset by these contributions. 

Expenses The 15-Year Fund projections for all plans use expense projections provided by the 

Department of the Treasury. The 15-Year Fund projections for the Judges’ Plan assumes 

employee contribution increases at the same rate as pay for actives.

Spousal Age ● Police Officers and Firefighters and Teachers: Male spouses are assumed to be two

years older than their female spouse when actual beneficiary data was unavailable.

● Judges: Male spouses are assumed to be three years older than their female spouse

when actual beneficiary data was unavailable.

Effective Form of ● Police Officers and Firefighters: 70% of plan members are assumed to receive a

Payment Election Joint-and-57% Survivor Annuity, and 30% of plan members are assumed to receive

a Single Life Annuity. Any additional survivor benefit for police officers and

firefighters whose average pay was less than class 1, step 6 pay was not valued.

● Teachers: 100% of active and terminated vested plan members were valued assuming

benefits are payable as a Single Life Annuity. For retirees, 5% were assumed to

elect a Joint-and-55% Survivor Annuity, 20% to elect a Joint-and-25% Survivor

Annuity, and 75% to elect a Straight Life Annuity.

● Judges: Judges who have elected survivor benefits are assumed to have a

covered spouse with a Joint-and-55% Survivor Annuity. All others assumed to

have a Single Life Annuity.

Open Group All active judges were assumed to be replaced upon termination from the plan. The 

Projections for replacement is based on a 50/50 blend of a new age 45 judge and a new age 55 judge, 

Judges assuming 50% male and 50% female. The starting salary is assumed to be $223,400 for all 

new entrants. 

Data This actuarial valuation has been prepared based upon plan member data provided by the 

Department of the Treasury. We have reviewed the data for reasonableness, but have not 

independently audited the data. We have no reason to believe the data is not complete and 

accurate, and know of no further information that is essential to the preparation of the 

actuarial valuation.
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

60

Changes from Prior Interest Rate

Report

The interest rate assumption was changed to reflect average quarterly Treasury yield rates 

for the 10-year period ending on June 30, 2022. The June 30, 2021 rates (averaged over 

40 quarters, as published by the Department of the Treasury) shown below were used for 

the prior valuation of the Police Officers and Firefighters', and Teachers' Plans. The prior 

year EIR for the Judges' Plan was 2.65%.

COLA/Wage Inflation

Police Fire Teachers Judges

Prior Year

COLA 1.75% 1.75% 1.68% 1.65%

Wage Inflation 2.15% 2.20% 2.30% 1.04%

Longevity Improvement Projection Scale

The mortality projection scale for all plans was updated from Scale MP-2020 to Scale 

MP-2021. 
APPENDIX B

Rationale

Methods

Funding SFFAS 5 permits the use of a funding method other than the Aggregate Entry Age 

Method Normal method if an explanation is provided and the difference in results are 

immaterial. 

The Judges’ Plan uses Individual Entry Age Normal method to develop the accrued 

liability and normal costs. The differences in results between Aggregate and 

Individual Entry Age Normal methods are very small and the Individual Entry Age 

Method provides more detail by individual for the movements in the liability.

The Police Officers and Firefighters' and the Teachers' Plans use the Projected Unit 

Credit (“PUC”) Method in place of the Entry Age Normal Method (“EAN”). Although 

the plans do not have future service accruals, the EAN method would defer a 

portion of past service into the future and thereby generating a normal cost until 

all actives have decremented. The PUC method better recognizes that all service 

has been fully accrued by participants, and attributes the anticipated change in 

compensation to that accrued service. This approach does not defer a portion of 

past service into the future, and therefore does not generate a normal cost. The 

PUC method aligns to the annual payment required for the plan under the 

Balanced Budget Act of 1997 (Pub. Law 105-33).

Interest Rate To calculate the present value of plan members’ benefits for the Police Officers 

Application and Firefighters', and Teachers' Plans, spot rates were used in accordance with 

SFFAS 5 and SFFAS 33. For the Judges’ Plan, an Effective Interest Rate (EIR) was 

used. The EIR is the single interest rate calculated to provide the same present 

value of benefits as the spot rates and allows for the appropriate liability 

calculation using the Entry Age Normal Funding Method with an active population.

61
APPENDIX B

Rationale

Assumptions

Interest Rates and The underlying interest rate, inflation, Cost-of-Living Adjustment (based on 10-year 

Economic averages), and wage inflation assumptions (based on the 10-year average of actual 

Assumptions negotiated pay increases) were prescribed by the Department of the Treasury, based on 

their analysis of investments and historical experience, and are intended to comply with 

SFFAS 5 and 33. 

Interest Rates for The use of EIR for the Judges' Plan produced the same Present Value of Benefits as is 

(Gain)/Loss produced using the yield curve. For an active plan, the EIR is used for the period of time 

between plan member entry and the valuation date. The EIR is a good proxy for long 

term discount rate because it captures the weighted cash flows of the yield curve as a 

single rate. The use of the first spot rate for the other plans reflects the most relevant 

expectation of the discount rate over the course of the prior year.

Salary Growth The underlying salary growth assumptions are based upon expectations of plan 

experience and the most recent experience study conducted in 2019.

Base Mortality The base mortality tables were adjusted to reflect actual plan experience during the 

Table most recent experience study conducted in 2019.

Longevity The MP-2021 projection scale reflects the most recently developed mortality 

Improvement improvement outlook from the Society of Actuaries.

Projection Scale

Mortality The adjustment to the liability to account for assumed mortality experience during the 

Adjustment from gap between the census collection date and the valuation date is based on the most 

Census Date to recent experience study conducted in 2019. 

Valuation Date

Disability Rates Rates of disablement for included actives are based upon expectations of plan 

experience and the most recent experience study conducted in 2019.

Withdrawal Rates The withdrawal rate assumption was removed as part of the 2019 experience study due 

to the small number of participants remaining in the plan.

Retirement Rates Rates of retirement for included actives are based upon broad retirement patterns and 

expectations of plan experience and the most recent experience study conducted in 

2019.

Expenses The 15-Year Fund projections for all plans use expense projections provided by the 

Department of the Treasury. Due to the active nature of the Judges' Plan, employee 

contributions have a further increase factor to account for increases in pay rate for 

actives.

62
APPENDIX B

Rationale

Assumptions

63

Spousal Age The marriage assumptions are based on expectations of plan experience and the most 

recent experience study conducted in 2019.

Effective Form of The benefit form election assumptions are based on expectations of plan experience and 

Payment Election the most recent experience study conducted in 2019.

Open Group Open group projections are based upon expectations of plan experience.

Projections

Benefits Not The refund of unexpended employee contributions was not valued for the Police Officers 

Valued and Firefighters' and the Teachers' Plans payable to retirees who died without eligible 

surviving beneficiaries. The Department of the Treasury is only responsible for the 

balance as of June 30, 1997 without interest; therefore, this liability, if any, was 

deemed immaterial. 

Survivor benefits for the Teachers' Plan are not valued for deferred benefits. The 

Teachers Plan provides a reduction for Joint-and-Survivor benefits; therefore, the 

actuarial value of the life annuity is similar to the actuarial value of the Joint-andSurvivor annuity. Surviving children’s benefits for active plan members in the Police 

Officers and Firefighters' Plan are valued indirectly, by assuming a Joint-and-57% 

Survivor annuity for married plan members.

For the Judges' Plan, plan members are due a refund of the portion of their employee 

contribution balance due to the coverage of a spouse in the event that their spouse 

predeceases them. This has not been valued to the complexity and low probability of 

occurrence.
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

Plan Year October 1 - September 30

Eligibility for All police officers and firefighters of the District of Columbia automatically become plan 

Participation members on their date of employment. Police Cadets are not eligible.

Contributions Plan members hired before November 10, 1996 are required to contribute 7% of annual 

salary, including any differential for special assignment, but excluding overtime, longevity, 

holiday, or military pay. Plan members hired on or after November 10, 1996 contribute 

8% of annual salary, including any differential for special assignment, but excluding 

overtime, holiday, or military pay. Interest is not credited to each plan member’s 

accumulated contributions.

Emerging inactive plan members not eligible for additional benefits will receive a refund of 

their contributions. 

Departmental A plan member receives service for each full year and additional months of employment 

Service with either the Metropolitan Police Force or the D.C. Fire Department. Only service earned 

prior to July 1, 1997 is used to compute the plan benefits.

Credited Service Service granted or purchased in addition to departmental service.

Final Average For those hired before February 15, 1980, basic pay for the highest 12 consecutive 

Annual Earnings months. For those hired on or after February 15, 1980, basic pay for the highest 36 

consecutive months divided by three.

Longevity Pay - Plan members who complete 25 years of active service prior to retirement are entitled to 

Police Officers have longevity pay included in pensionable compensation.

Plan members hired before February 15, 1980, who complete 20 but less than 25 years of 

active service prior to retirement, are entitled to have longevity pay included in 

pensionable compensation (as this benefit adjustment was not included in June 30, 1997 

plan provisions governing federal benefits, the District funds this benefit adjustment).

Normal form of Straight Life Annuity (no eligible spouse survivor); Joint-and-Survivor Annuity (eligible 

benefit spouse survivor)

Optional form of Optional Additional Survivor Benefit:

benefit If elected by the plan member, the retiree benefit is reduced by 10% and the survivor is 

entitled to an additional survivor benefit equal to the amount of the benefit reduction; 

except the additional survivor benefit is reduced by 5% for each full five years the 

survivor is younger than the plan member, with this reduction not to exceed 40%.

64
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

65

Cost-of-Living Former employees (not beneficiaries) who retired prior to February 15, 1980, receive 

Adjustments equalization, defined as a percentage increase in benefits equal to the percentage 

increase in pay active employees receive.

All other retired plan members and their survivors receive an increase April 1 each year 

based on the annual change in the Consumer Price Index (All Urban Consumers) from 

December to December. The annual increase will not be less than 0% for any plan 

member, and is limited to a maximum of 3% for plan members hired on or after 

November 10, 1996.

The cost-of-living adjustment for plan members disabled after June 30, 1997 and not 

eligible for an optional retirement benefit starts only with the payment of the Federal 

portion of the benefit at age 55.

Retirement 

Benefits

Optional For plan members hired before November 10, 1996:

Retirement Date ● Age 60; or

● Age 50 with 25 years of departmental service; or

● No age requirement with 20 years of service (only if hired before

February 15, 1980.)

For plan members hired on or after November 10, 1996:

● Age 60; or

● No age requirement with 25 years of service.

Optional For plan members hired before November 10, 1996:

Retirement Benefit ● 2.5% of Average Pay times departmental service up to 25 years (20 years

if hired before February 15, 1980), plus

● 3.0% of Average Pay times departmental service over 25 (or 20) years, plus

● 2.5% of Average Pay times credited service.

For plan members hired on or after November 10, 1996:

● 2.5% of Average Pay times total service.

For all plan members, there is a maximum benefit of 80% of Average Pay. Service after 

June 30, 1997 is excluded from the calculation of the Federal portion of the benefit.

Vesting 5 years of departmental service. 

Deferred Vested Optional Retirement Benefit beginning at age 55. 

Benefit
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

66

Disability Benefits

Service-Related Plan members who are disabled as a result of an illness or injury in the line of duty are 

Disability Benefit eligible for this benefit. If disabled after June 30, 1997 and not eligible for an optional 

Eligibility retirement benefit, the Federal portion of this benefit is payable beginning at age 55.

Service-Related For plan members hired before February 15, 1980, 2.5% of Average Pay times total years 

Disability Benefit of service, subject to a minimum benefit of 66-2/3% of Average Pay and subject to a 

maximum benefit of 70% of Average Pay.

For plan members hired on or after February 15, 1980, 70% of final pay times percentage 

of disability, subject to a minimum benefit of 40% of final pay.

The Federal portion of this benefit is a deferred vested benefit payable upon attainment of 

age 55, unless the conditions for optional retirement are met, in which case the Federal 

portion of this benefit is an optional retirement benefit. Service after 

June 30, 1997 is excluded from this calculation.

Non-Service- Eligible with 5 years of departmental service and a physical or mental disability that 

Related Disability prevents the plan member from performing his/her job. If disabled after June 30, 1997 

Benefit Eligibility and not eligible for an optional retirement benefit, the Federal portion of this benefit is 

payable beginning at age 55.

Non-Service- For plan members hired before February 15, 1980, 2.0% of Average Pay times total years 

Related Disability of service, subject to a minimum benefit of 40% of Average Pay and subject to a 

Benefit maximum benefit of 70% of Average Pay.

For plan members hired on or after February 15, 1980, 70% of Final Pay times 

percentage of disability, subject to a minimum benefit of 30% of Final Pay.

The Federal portion of this benefit is a deferred vested benefit payable upon attainment of 

age 55, unless the conditions for optional retirement are met, in which case the Federal 

portion of this benefit is an optional retirement benefit. Service after 

June 30, 1997 is excluded from this calculation.
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

67

Death Benefits

Lump Sum Death Lump sum of $50,000 payable for death occurring in the line of duty, provided the death 

Benefit is not the result of willful misconduct or by intention to bring about his/her own death.

Survivor Benefit Eligible upon death and, if retired, married for at least one year or have a child by the 

(Spouse Only) - marriage. The benefit will be 40% of the greater of Average Pay and the salary for class 

Death Outside Line 1, step 6 of the D.C. Police and Firemen’s Salary Act in effect at the date of death, 

of Duty after adjusted for cost-of-living increases if death occurs after retirement. The benefit cannot 

12/29/93 exceed the rate of pay for the position occupied at death (or retirement if death occurs 

after retirement.)

Survivor Benefit Eligible upon death in the line of duty. The benefit will be 100% of final pay. The Federal 

(Spouse Only) - portion of this benefit is 40% of average pay per June 30, 1997 plan provisions.

Death In Line of 

Duty after 

12/29/93

Survivor Benefit - Eligibility for the spouse is the same as Spouse Only benefit; for the children, unmarried 

Spouse and and under 18 (22 if full-time student), or any child dependent because of a disability 

Dependent incurred before age 18.

Children

Spouse benefit as described above, plus, provided death does not occur in the line of 

duty, a benefit per child (payable until the children are no longer eligible) equal to the 

smallest of:

● 60% of Average Pay divided by the number of eligible children;

● $4,716 ($4,440 if hired on or after November 1, 1996) - Federal portion is $1,548;

or

● $14,148 ($13,320 if hired on or after November 1, 1996) divided by the number of

children - Federal portion is $4,644.

These amounts are increased annually based on cost-of-living adjustments.

Survivor Benefit - Eligibility is same as the Dependent Children benefit above. The benefit will be 75% of 

Dependent Average Pay divided by the number of eligible children, adjusted for cost-of-living 

Children Only increases.

Refund of Refund contributions if death before retirement and no eligible spouse or children. All plan 

Contributions member contributions will be refunded to a named, or statutorily-designated if none 

named, beneficiary.

Changes Since None of which we are aware.

Prior Valuation
APPENDIX C

Plan Provisions Summary

Teachers' Plan

Plan Year October 1 - September 30

Eligibility for Permanent, temporary, and probationary teachers for the District of Columbia public day 

Participation schools become plan members automatically on their date of employment. Other 

employees covered by the Retirement of Public School Teachers Act – including librarians, 

principals, and counselors – also become plan members on their date of employment. 

Substitute teachers and employees of the Department of School Attendance and Work 

Permits are not covered. Some former D.C. teachers working at charter schools are 

eligible to remain in the Plan.

Contributions Plan members hired before November 1, 1996 are required to contribute 7% of annual 

pay. Plan members hired on or after November 1, 1996 contribute 8% of annual pay.

Emerging inactive plan members not eligible for additional benefits will receive a refund of 

their contributions without interest.

School Service One year of school service is granted for each year of employment with the D.C. public 

day schools.

Credited Service Service granted or purchased in addition to school service.

Final Average Highest 36 consecutive months of pay, divided by three.

Annual Earnings

Optional forms of Reduced Annuity with a Maximum Survivor Annuity (to Spouse)

benefit The original benefit is reduced by 2.5% of annual pension up to $3,600, plus 10% of any 

amount over $3,600. Spouse will receive 55% of Unreduced Annuity.

Reduced Annuity with a Partial Survivor Annuity (to Spouse)

An annuity with a benefit payable to the spouse of between $1 up to any amount less 

than 55% of the Unreduced Annuity. The original benefit is reduced by dividing the 

amount of the survivor’s annuity by 55%, then reducing the original benefit by 2.5% of 

this amount up to $3,600, plus 10% of any amount over $3,600.

Reduced Annuity with a Survivor Annuity to a Person with an Insurable Interest

A joint and 55% survivor annuity with the original benefit reduced 10% plus an additional 

5% for each full 5 years, up to 25 years, the survivor is younger, with a total reduction of 

40% for any survivor who is 25 or more years younger.

Reduced Annuity with a Life Insurance Benefit

Benefits are reduced to provide a lump sum life insurance benefit to a designated 

beneficiary.

68
APPENDIX C

Plan Provisions Summary

Teachers' Plan

69

Cost-of-Living All plan members receive an increase on April 1 each year based on the annual change in 

Adjustments the Consumer Price Index (all items – U.S. City average) from December to December. 

The annual increase will not be less than 0% for any plan member, and is limited to 3.0% 

for plan members hired on or after November 1, 1996. The cost-of-living adjustment for 

plan members who become disabled after June 30, 1997 starts only with the payment of 

the federal portion of the benefit at age 62.

Retirement 

Benefits

Voluntary For plan member hired before November 1, 1996, earliest of:

Retirement Date ● Age 62 with 5 years of school service;

● Age 60 with 20 years of total service, including 5 years of school service;

● Age 55 with 30 years of total service, including 5 years of school service.

For plan member hired on or after November 1, 1996, earliest of:

● Age 62 with 5 years of school service;

● Age 60 with 20 years of total service, including 5 years of school service;

● Any age with 30 years of total service, including 5 years of school service.

Voluntary For plan member hired before November 1, 1996:

Retirement Benefit ● 1.5% of Average Pay times service up to 5 years, plus;

● 1.75% of Average Pay times service between 5 and 10 years, plus

● 2.0% of Average Pay times service over 10 years.

For plan member hired on or after November 1, 1996:

● 2.0% of Average Pay times service.

For all plan members, there is a minimum benefit of 1.0% of Average Pay plus $25 for 

each year of service. 

Service after June 30, 1997 is excluded from the calculation of the Federal portion of the 

benefit.

Involuntary Retired involuntarily for reasons other than misconduct or delinquency with:

Retirement Date ● 25 years of total service, including 5 years of school service; or

● Age 50 with 20 years of total service, including 5 years of school service.

Involuntary Voluntary Retirement Benefit is reduced by 1/6% per month (2% per year) for each full 

Retirement month that the date of retirement precedes age 55.

Amount

Vesting 5 years of school service.

Deferred Vested The benefit amount is calculated as a Voluntary Retirement Benefit beginning at age 62, 

Benefit based on service earned as of the termination of employment.
APPENDIX C

Plan Provisions Summary

Teachers' Plan

70

Disability Benefits

Disability Benefit 5 years of school service and a physical or mental disability that prevents the plan 

Eligibility member from performing the job.

Disability Benefit Voluntary Retirement benefit, subject to a minimum of the lesser of 40% of Average Pay 

and the benefit that the plan member would receive, projecting service to age 60. If 

disabled after June 30, 1997 and not eligible for voluntary retirement, the Federal portion 

of this benefit is a deferred vested benefit payable upon attainment of age 62. Service 

after June 30, 1997 is excluded from this calculation.

Death Benefits

Lump Sum Death Teachers who die before retirement and before completing 18 months of school service or 

Benefit - No who die without an eligible spouse, child, or parent, will receive a lump sum death 

Survivor benefit. The benefit will be a refund of plan member contributions without interest.

Survivor Benefit - Teachers who die before retirement and were married for at least two years or have a 

Spouse Only child by the marriage will provide their survivors a benefit. The benefit will be 55% of the 

Voluntary Retirement benefit subject to minimums.

Survivor Benefit - Eligibility for the spouse is the same as Spouse Only benefit; for the children, unmarried 

Spouse and and under 18 (22 if a full-time student); or any child dependent because of a disability 

Dependent incurred before age 18. Death does not have to occur before retirement for the children’s 

Children benefits. The benefit will be:

Spouse benefit as described above, plus a benefit per child (payable until the children are 

no longer eligible) equal to the smallest of:

● 60% of Average Pay divided by the number of eligible children;

● $8,076 (if hired before January 1, 1980), $7,776 (if hired between

January 1, 1980 and October 31, 1996), or $7,260 (if hired on or after

November 1, 1996) per child; or

● $24,228 (if hired before January 1, 1980), $23,328 (if hired between

January 1, 1980 and October 31, 1996), or $21,780 (if hired

on or after November 1, 1996) divided by the number of children.

These amounts are increased annually based on cost-of-living adjustments.
APPENDIX C

Plan Provisions Summary

Teachers' Plan

71

Survivor Benefit - Eligibility is the same as for the children’s benefit when there is a surviving spouse.

Dependent 

Children Only Benefit Amount

Per child (payable until the children are no longer eligible), the smallest of:

● 75% of Average Pay divided by the number of eligible children;

● $9,876 (if hired before January 1, 1980), $9,492 (if hired between

January 1, 1980 and October 31, 1996), or $8,784 (if hired on or after

November 1, 1996) per child; or

● $29,628 (if hired before January 1, 1980), $28,476 (if hired between

January 1, 1980 and October 31, 1996), or $26,352 (if hired on or after

November 1, 1996) divided by the number of children.

These amounts are increased annually based on cost-of-living adjustments.

Survivor Benefit - Eligible if death before retirement and no eligible spouse or children, and parents receive 

Surviving Parents at least one-half of their total income from the plan member. The benefit will be the same 

Only as the Surviving Spouse benefit.

Changes Since None of which we are aware.

Prior Valuation
APPENDIX C

Plan Provisions Summary 

Judges' Plan

Plan Year October 1 - September 30

Eligibility for All Judges of the District of Columbia Court of Appeals or the Superior Court are members 

Participation in the plan. The Executive Officer of the Court System is also eligible.

Contributions All Judges contribute 3.5% of their salaries to the Fund. Judges electing survivor coverage 

pay an additional 3.5% of annual salary (or retirement benefit if retired). Plan member 

contributions for survivor coverage do not end at retirement.

Emerging inactive plan members not eligible for additional benefits will receive a refund of 

their contributions without interest.

Judicial Service A plan member receives credit for each full year and additional months of employment as 

a Judge with the District of Columbia Courts.

Credited Service Service granted or purchased in addition to judicial service.

Cost-of-Living All pensioners will receive cost-of-living increases in line with those applicable to retirees 

Adjustments in the Civil Service Retirement System. Cost-of-living adjustments are paid on January 1.

Retirement 

Benefits

Regular Earlier of:

Retirement ● Age 50 with 20 years of Judicial Service; or

Date ● Age 60 with 10 years of Judicial Service.

Regular Basic salary at retirement times the ratio of Judicial Service to 30, plus

Retirement An additional benefit for any Credited Service (non Judicial) as follows:

Benefit ● 1.50% of basic salary times Credited Service up to 5 years, plus

● 1.75% of basic salary times Credited Service from 5 to 10 years, plus

● 2.00% of basic salary times Credited Service in excess of 10 years.

The maximum total benefit is 80% of basic salary.

Vesting 10 years of Judicial Service.

72
APPENDIX C

Plan Provisions Summary 

Judges' Plan

73

Mandatory Mandatory retirement is at age 74. 

Retirement 

Date

Early Age 55 with 10 years of Judicial Service.

Retirement 

Eligibility

Early 1/12% per month prior to age 60 reduction in Judicial Service benefit.

Retirement 

Benefit

Deferred The deferred vested benefit is the same as the Early Retirement Benefit beginning at age 

Vested 55 or the Regular Retirement Benefit beginning at age 60, but only reflecting service 

Benefit to the date of employment termination.

Disability Benefits

Disability A plan member is eligible for disability retirement after 5 years of Judicial and Credited 

Benefit Service and becoming physically or mentally disabled to an extent that interferes with 

Eligibility proper performance of judicial duties. No service requirement applies to involuntary 

disability retirement.

Disability Regular Retirement Benefit, subject to a minimum of 50% of basic salary (if an 

Benefit involuntary disability retirement).

Death Benefits

Survivor Judges who contribute an additional 3.5% of salary during their working career and 

Benefit during retirement will provide a survivor benefit to their surviving spouse and/or children. 

Eligibility The judge must also have completed at least 5 years of Judicial and Credited Service, and 

have been married for 2 years or have a child by marriage. A refund of excess 

contributions, less benefits paid to the retiree, will be paid if there are no eligible 

survivors.

Survivor Spouse Benefit:

Benefit If judge was retired, 55% of the benefit the judge was receiving. If judge was active, 

55% of the benefit the judge would have received had the judge retired on the day prior 

to death, not less than 55% of the benefit that would be provided to a judge with 15 

years of Judicial Service without adjustment for early retirement.

Dependent Children Benefit:

A benefit will be paid to the children under the age of 18 (22 if full time student), or to 

any unmarried child incapable of self-support due to a disability which occurred before 

age 18. Benefit per child is the smallest of:

● 50% of the spouse's annuity

● $6,935.28 ($8,323.80 if no spouse benefits apply) as of 12/01/2021,

increased annually

● $20,805.84 ($24,971.40 if no spouse benefits apply) divided by the number of

children as of 12/01/2021, increased annually.

Changes Since None of which we are aware.

Prior Valuation