United States Department of the Treasury 

District of Columbia Pensions Program

Actuarial Valuation Report

Valuation Date: October 1, 2021

Measurement Date: September 30, 2021

Report Date: October 21, 2021

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) 2021 

(October 1, 2020 through September 30, 2021);

● 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 2022 (October 1, 2021 through September 30, 2022); 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, 2021 Firefighters', and Judges' Plan

Teachers' Plans

Actuarial Accrued Liability $ 7,778,784,800 $ 276,422,364

Plan Assets (3,952,499,961) (190,105,319)

Unfunded Actuarial Accrued Liability $ 3,826,284,839 $ 86,317,045

Normal Cost with Interest (including expected N/A $ 6,200,000 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 $ (487,082) $ (1,040,427)

 Inactive Mortality (33,867,078) 3,137,968

 Salary Increase (3,210,340) 60,902

 New Entrants N/A - 

 Cost-of-Living Adjustment (COLA) (29,740,798) (535,717) Different than Expected

(Gains)/Losses due to Census Changes: 22,465,508 27,377

(Gains)/Losses due to New Terminated Vested 1,946,540 N/A Plan Members:

(Gains) / Losses due to New Actives Due to 487,534 - Ongoing Data Management:

Total $ (42,405,716) $ 1,650,103

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 fewer retirements than expected for the

Teachers. For the Judges' Plan, fewer active members retired than were expected, resulting in a gain.

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 were four

deaths since the prior year, which 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.

• 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 one new entrant but the individual 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. The Police Officers and Firefighters' and Teachers' Plans

had a gain due to lower actual COLA percentages than expected. The Judges' Plan had a

gain due to lower COLA than expected.

• (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 $22.5 million and 

includes the following: 

• A $20.1 million loss resulting from new beneficiaries following the death of plan members for

whom the chosen form of payment was unknown.

• A $4.2 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 $3.9 million net loss resulting from ongoing data management, including unexpected changes

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

• A $2.5 million loss resulting from data updates for continuing inactive plan members, primarily due

to recaculation of benefit amounts in the census data.

• A $0.2 million loss resulting from rehires.

3
Executive Summary

Highlights of the Actuarial Valuation

For the Judges' Plan, the total loss amount of $27,000 includes the following: 

• A $127,000 net 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.

• A $78,000 net loss resulting from ongoing data management, including unexpected changes

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

• A $40,000 loss resulting from data updates for continuing inactive plan members, primarily due

to recaculation of benefit amounts in the census data.

• A $36,000 loss resulting from new beneficiaries following the death of plan members.

• (Gains)/Losses due to New Terminated Vested Plan Members: There were 39 new terminated vested

plan members discovered as a result of a data clean-up initiative performed by the program. This caused a

$1.9 million loss to the Police Officers and Firefighters' and Teachers' Plans.

• (Gains)/Losses due to New Actives as a Result of Ongoing Data Management: There were 5 new

active plan members discovered as a result of a data clean-up initiative performed by the program. This

caused a $488,000 loss to the Police Officers and Firefighters' and Teachers' Plans.

4
Executive Summary

Highlights of the Actuarial Valuation

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

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

Beginning of Year Assets $ 3,870,858,529 $ 182,824,303

Expected Return on Assets 29,480,387 5,104,936

Actual Return on Assets 55,402,676 3,335,806

Asset (Gain)/Loss $ (25,922,289) $ 1,769,130

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

D.C. Federal Pension Judicial Retirement Fund Fund

Assets 1.43% 1.81%

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 2.91% 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, 

0.82%. The Judicial Retirement Fund experienced a lower-than-anticipated return of 1.81% on fund assets 

and the D.C. Federal Pension Fund experienced a higher-than-anticipated return of 1.43% 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.

5
Executive Summary

Highlights of the Actuarial Valuation

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

Previous Valuation

Police Officers and 

Assumption Change Firefighters', and Judges' Plan

Teachers' Plans

Discount Rate Assumption $ 329,458,900 $ 7,560,413

Other Economic Assumptions (10,819,840) 3,741,122

Non-Economic Assumptions (79,599,689) (3,411,890)

Total $ 239,039,371 $ 7,889,645

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, the cost-of-living adjustment (COLA) for 

annuitants was the only other economic assumption change; the review of the wage inflation assumption 

resulted in no change to the assumption for these plans. For Judges' Plan, the other economic assumption 

changes were the COLA for annuitants and the salary increase assumption for active plan members. 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 MP2020 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
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 2022 (excluding the reimbursement for expenses). The table below contains Government Contribution 

(excluding expenses) for FY 2021 and FY 2022.

Government Contribution 

(excluding expenses)

Contribution Year

D.C. Federal Pension Fund Judiciary Retirement Fund

September 30, 2021 $ 558,700,000 $ 18,300,000 

September 30, 2022 $ 520,900,000 $ 18,300,000 

The increase/(decrease) in the Government Contribution amounts from FY2021 to FY2022 is explained in the 

table below. 

Police Officers and 

Firefighters', and Judges' Plan

Teachers' Plans

Full amortization of the 10/1/2001 Assumption $ (40,100,000) $ (500,000) change gain/loss

Full amortization of the 10/1/2001 Plan $ (16,000,000) N/A Change gain/loss

Full amortization of the 10/1/2011 Experience $ 16,200,000 $ (100,000) gain/loss

New amortization base for the 10/1/2021 (7,500,000) 400,000 Experience gain/loss

New amortization base for the 10/1/2021 9,600,000 400,000 Assumption change gain/loss

Normal Cost change - (200,000)

Employee Contribution change - - 

Total $ (37,800,000) $ - 

7
Executive Summary

Actuarial Valuation Opinion

This report presents the results of the actuarial valuation of the Program as of October 1, 2021. 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, 2021 (plan data was projected to September 30, 2021 by

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

by the Department of the Treasury to September 30, 2021 (provided on August 4, 2021).

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

Jeffrey Rees, FSA, MAAA, FCA

Enrolled Actuary No. 20-05941

October 21, 2021

Michael de Leon, ASA, MAAA, FCA

Enrolled Actuary No. 20-06450

October 21, 2021

88
Executive Summary

Summary of Results

Police Officers and Firefighters', and Teachers' Plans

Valuation Date

October 1, 2021 October 1, 2020

Plan Member Counts

Actives 803 1,024

Terminated Vested 269 244

Annuitants 13,187 13,345

Total 14,259 14,613

Contributions

Federal Required Contribution $ 520,900,000 $ 558,700,000

Present Value of Benefits (PVB)

Active Plan Members

Retirement Decrement $ 261,499,178 $ 358,866,503

Termination Decrement - - 

Disability Decrement 838,561 1,168,243

Death Decrement 341,683 494,825

Total $ 262,679,422 $ 360,529,571

Inactive Plan Members

Normal Retirees1 $ 6,053,132,279 $ 6,195,482,251

Terminated Vested 37,234,971 37,732,770

Disabled Retirees1 646,661,754 690,435,989

Beneficiaries 779,076,374 766,366,380

Total $ 7,516,105,378 $ 7,690,017,390

Total PVB (inactive and active) $ 7,778,784,800 $ 8,050,546,961

Unfunded Actuarial Accrued Liability (AAL)

Active AAL $ 262,679,422 $ 360,529,571

Inactive AAL 7,516,105,378 7,690,017,390

Total AAL $ 7,778,784,800 $ 8,050,546,961

Asset Value as of Valuation Date $ (3,952,499,961) $ (3,870,858,529)

Unfunded AAL $ 3,826,284,839 $ 4,179,688,432 

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.

99
Executive Summary

Summary of Results

Judges' Plan

Valuation Date

October 1, 2021 October 1, 2020

Plan Member Counts

Actives 57 61

Terminated Vested - - 

Annuitants 103 101

Total 160 162

Contributions

Government Contribution (excluding expenses) $ 18,300,000 $ 18,300,000

Present Value of Benefits (PVB)

Active Plan Members

Retirement Decrement $ 137,957,809 $ 136,533,697

Termination Decrement - - 

Disability Decrement - - 

Death Decrement 727,995 733,431

Total $ 138,685,804 $ 137,267,128

Inactive Plan Members

Normal Retirees1 $ 181,812,743 $ 173,986,119

Terminated Vested - - 

Disabled Retirees1 2,099,448 2,052,526

Beneficiaries 9,866,579 9,566,351

Total $ 193,778,770 $ 185,604,996

Total PVB (inactive and active) $ 332,464,574 $ 322,872,124

Unfunded Actuarial Accrued Liability (AAL)

Active AAL $ 82,643,594 $ 82,271,955

Inactive AAL 193,778,770 185,604,996

Total AAL $ 276,422,364 $ 267,876,951

Asset Value as of Valuation Date $ (190,105,319) $ (182,824,303)

Unfunded AAL $ 86,317,045 $ 85,052,648

Total Normal Cost $ 6,200,000 $ 6,400,000

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

Net Employer Normal Cost $ 5,600,000 $ 5,800,000

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.

10
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

9/30/2021 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%

9/30/2012 12.98% 45.81%

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

5/1/2021 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%

6/30/2012 32.65% 34.97% 18.66% 26.76% 74.73% 27.08%

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 benefit1for the 

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

Year Police Firefighters Teachers Subtotal Judges Total

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

6/30/2012 5,489 1,916 5,937 13,342 91 13,433

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

5/1/2021 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

6/30/2012 4,206 1,445 2,844 8,495 91 8,586

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

benefit2

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

Year Police Firefighters Teachers Subtotal Judges3 Total

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

6/30/2012 1,283 471 3,093 4,847 N/A 4,847

2

Includes annuitants with a deferred federal benefit.

3

These annuitants receive a 100% federal benefit.

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. 

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

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

9/30/2012 $3,959.4 $140.9 $4,100.3

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. 

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

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

9/30/2012 $9,077.8 $186.3 $9,264.1

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

9/30/2021 $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

9/30/2012 $5,955.9 $56.4 $6,012.3

15
Assessment of Risk

Funded Ratio

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

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

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%

9/30/2012 43.6% 75.6% 44.3%

Contributions

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

and prior years1

.

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

FY 2021 $520.9 $18.3 $539.2

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

FY 2012 $495.9 $9.4 $505.3

1

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

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 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

FY 2012 $532.9 $10.0 $542.9

16
Assessment of Risk

Investment Performance

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

 on the Market Value of Assets. 

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

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%

FY 2012 2.9% 3.3%

1

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

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

($ millions).

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

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

FY 2012 $104.2 $4.4 $108.6

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 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%

FY 2012 2.0% - 4.7% 2.9% 2.0% - 4.7% 3.3%

17
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.

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

9/30/2021 ($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 

9/30/2012 ($21.1) $92.8 $591.7 ($1.3) $3.7 $10.4 

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.

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

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%

FY 2012 2.5% - 2.6% 4.3% 4.3% 1.5%

18
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, 2021 Installment

Initial Unfunded Accrued Liability 6 $ 348,600,000 1,996,246,306

Assumption Change 10/1/2004 3 13,700,000 40,300,293

Assumption Change 10/1/2005 4 (6,300,000) (24,515,028)

Assumption Change 10/1/2006 5 39,800,000 191,835,682

Assumption Change 10/1/2007 6 3,600,000 20,615,280

Assumption Change 10/1/2008 7 3,300,000 21,809,931

Assumption Change 10/1/2009 8 40,700,000 303,917,513

Assumption Change 10/1/2010 9 10,500,000 87,153,502

Assumption Change 10/1/2011 10 6,900,000 62,850,132

(Gain)/Loss 10/1/2012 1 500,000 496,032

Assumption Change 10/1/2012 11 32,500,000 321,504,709

(Gain)/Loss 10/1/2013 2 (9,900,000) (19,541,752)

Assumption Change 10/1/2013 12 18,700,000 199,189,742

Funding Method Change 10/1/2013 12 (34,800,000) (370,684,654)

(Gain)/Loss 10/1/2014 3 (6,900,000) (20,297,228)

Assumption Change 10/1/2014 13 13,400,000 152,592,167

(Gain)/Loss 10/1/2015 4 (7,000,000) (27,238,920)

Assumption Change 10/1/2015 14 (4,000,000) (48,396,321)

(Gain)/Loss 10/1/2016 5 (10,000,000) (48,199,920)

Assumption Change 10/1/2016 15 20,600,000 263,423,080

Method Change 10/1/2016 15 500,000 6,393,764

(Gain)/Loss 10/1/2017 6 1,500,000 8,589,700

Assumption Change 10/1/2017 16 5,000,000 67,269,175

(Gain)/Loss 10/1/2018 7 2,400,000 15,861,768

Assumption Change 10/1/2018 17 (1,600,000) (22,556,939)

(Gain)/Loss 10/1/2019 8 (2,100,000) (15,681,248)

Assumption Change 10/1/2019 18 26,300,000 387,175,509

(Gain)/Loss 10/1/2020 9 900,000 7,470,300

Assumption Change 10/1/2020 19 12,000,000 183,891,432

(Gain)/Loss 10/1/2021 10 (7,500,000) (68,328,005)

Assumption Change 10/1/20211 20 9,600,000 153,138,837

Total Amortization $ 520,900,000 $ 3,826,284,839

Total Normal Cost with Interest $ -

Employee Contributions -

Net Employer Normal Cost $ -

Total Required Government Contribution as of $ Sept mb 20212 520,900,000 e er 30,

1 Includes assumption change impact, $239,039,371, as well as effect of discount rate change on prior amortization balances, 

($85,900,534).

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, 2021 Installment

Initial Unfunded Accrued Liability 6 $ 2,100,000 $ 11,509,259

Assumption Change 10/1/2004 3 200,000 569,551

Assumption Change 10/1/2006 5 600,000 2,775,501

Assumption Change 10/1/2008 7 200,000 1,262,659

Assumption Change 10/1/2009 8 (800,000) (5,699,598)

Assumption Changes 10/1/2010 9 1,500,000 11,872,136

Assumption Changes 10/1/2011 10 100,000 868,461

(Gain)/Loss 10/1/2012 1 (400,000) (389,674)

Assumption Changes 10/1/2012 11 600,000 5,660,759

(Gain)/Loss 10/1/2013 2 800,000 1,538,575

Assumption Changes 10/1/2013 12 400,000 4,066,088

Funding Method Change 10/1/2013 12 (1,000,000) (10,165,220)

(Gain)/Loss 10/1/2014 3 2,900,000 8,258,485

Assumption Change 10/1/2014 13 200,000 2,175,396

(Gain)/Loss 10/1/2015 4 100,000 374,842

Assumption Change 10/1/2016 15 300,000 3,673,755

Method Change 10/1/2016 15 500,000 6,122,925

(Gain)/Loss 10/1/2017 6 400,000 2,192,240

Assumption Change 10/1/2017 16 800,000 10,323,117

(Gain)/Loss 10/1/2018 7 700,000 4,419,308

Assumption Change 10/1/2018 17 100,000 1,354,496

(Gain)/Loss 10/1/2019 8 700,000 4,987,149

Assumption Change 10/1/2019 18 (400,000) (5,667,786)

(Gain)/Loss 10/1/2020 9 700,000 5,540,330

Assumption Change 10/1/2020 19 600,000 8,866,711

(Gain)/Loss 10/1/2021 10 400,000 3,419,233

Assumption Change 10/1/20211 20 400,000 6,408,347

Total Amortization $ 12,700,000 $ 86,317,045

Total Normal Cost with Interest $ 6,200,000

Employee Contributions (600,000)

Net Employer Normal Cost $ 5,600,000

Total Required Government Contribution as of 2 $ 18,300,000 September 30, 2021

1 Includes assumption change impact, $7,889,645, as well as effect of discount rate change on prior amortization balances, 

($1,481,298).

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, 2020, before adjustments $ 3,870,858,529 $ 182,824,303

As of October 1, 2020, after adjustments 3,868,116,180 182,748,496

Contributions:

Employees1 $ (233,079) $ 625,531

Employer 577,850,550 18,739,089

Total 577,617,471 19,364,620

Benefits Paid (532,228,165) (14,980,321)

Expenses Paid (19,150,550) (439,089)

Income (including adjustments)1 55,402,676 3,335,806

Expected Income 29,480,387 5,104,936

Expected End of Year Value 3,926,577,672 191,874,449

October 1, 2021 (Projected) Value 3,952,499,961 190,105,319

Asset (Gain)/Loss $ (25,922,289) $ 1,769,130

Liabilities

October 1, 2020 AAL $ 8,050,546,960 $ 267,876,951

Normal Cost:

Employees - 600,000

Employers - 5,800,000

Total - 6,400,000

Benefits Paid (532,228,165) (14,980,321)

Interest 63,832,350 7,585,986

Expected September 30, 2021 AAL 7,582,151,145 266,882,616

Actual September 30, 2021 AAL before 2 7,539,745,429 268,532,719 assumption and method changes

Liability (Gain)/Loss (42,405,716) 1,650,103

Total Experience (Gain)/Loss $ (68,328,005) $ 3,419,233

Summary of Changes in Assumptions and Methods

Police Officers and 

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

Teachers' Plans

Change in Discount Rate 329,458,900 7,560,413

Change in Other Economic Assumptions3 (10,819,840) 3,741,122

Change in Non-Economic Assumptions4 (79,599,689) (3,411,890)

Total Impact $ 239,039,371 $ 7,889,645

Actual End of Year AAL after assumption $ 7,778,784,800 $ 276,422,364 and method changes

1

 Employee contributions include purchase of service installment payments. Actual income includes unexpended contributions 

expense adjustment.

2 Liabilities as of October 1, 2021 for the Police Officers and Firefighters', and Teachers' Plans calculated for this purpose are 

based on 2021 spot rates implied by the 2020 spot rate yield curve. These spot rates used in gain/loss analysis were 

calculated by converting the 2020 spot rates to forward rates, removing the forward rate for FY 2021, 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, 2021, as provided by the Department of the Treasury on August 4, 2021. 

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 $ 3,870,858,529 $ 182,824,303 October 1, 2020

Adjusted from estimate to actual (2,742,349) (75,807)

Actual net assets available as of $ 3,868,116,180 $ 182,748,496 October 1, 2020

Additions

Unexpended contributions expense adjustment1 $ 949,918 $ - 

Contributions:

Government contributions (amortization 577,850,550 18,739,089 payment)

Employee contributions - 625,531

Purchase of service installment payments1 (233,079) -

Total contributions $ 577,617,471 $ 19,364,620

Investment income (including interest)2 56,963,156 3,399,406

Miscellaneous additions 231,951 12,208

Total additions $ 635,762,496 $ 22,776,233

Deductions

Benefit payments:

Annuities - Federal only $ (532,217,886) $ (14,980,321)

Refunds of contributions (10,279) -

Total benefit payments $ (532,228,165) $ (14,980,321)

Expenses and fees:

Administrative expenses $ (20,346,803) $ (439,089)

Other expenses 1,196,253 -

Total expenses and fees $ (19,150,550) $ (439,089)

Total deductions $ (551,378,715) $ (15,419,410)

Net additions/(deductions) $ 84,383,781 $ 7,356,824

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

1 The unexpended contributions expense adjustment is a District of Columbia Retirement Board (DCRB) expense 

liquidation and the purchase of service installment payments is a DCRB payable. Both are one time adjustments.

2 The approximate rate of return on the Market Value of Assets is 1.43% for the Police Officers and Firefighters', and 

Teacher's Plans, and 1.81% for the Judges' Plan.

2222
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

2022 $ 531,203,113 2060 $ 31,595,993

2023 524,712,333 2061 27,042,198

2024 516,655,684 2062 22,936,974

2025 507,270,540 2063 19,269,403

2026 496,565,761 2064 16,027,079

2027 484,565,016 2065 13,194,220

2028 471,521,195 2066 10,750,654

2029 457,510,188 2067 8,671,627

2030 442,556,888 2068 6,927,886

2031 426,716,347 2069 5,486,554

2032 410,143,533 2070 4,312,569

2033 392,835,720 2071 3,370,038

2034 374,905,741 2072 2,623,625

2035 356,466,002 2073 2,039,901

2036 337,634,344 2074 1,588,323

2037 318,534,952 2075 1,241,875

2038 299,310,403 2076 977,440

2039 280,102,351 2077 775,846

2040 261,059,932 2078 621,634

2041 242,334,181 2079 502,731

2042 224,072,745 2080 409,937

2043 206,413,469 2081 336,430

2044 189,478,044 2082 277,286

2045 173,366,376 2083 228,987

2046 158,152,590 2084 189,078

2047 143,882,463 2085 155,847

2048 130,573,794 2086 128,043

2049 118,218,499 2087 104,775

2050 106,786,688 2088 85,329

2051 96,232,045 2089 69,137

2052 86,497,869 2090 55,723

2053 77,523,013 2091 44,654

2054 69,246,553 2092 35,549

2055 61,611,548 2093 28,083

2056 54,567,919 2094 21,984

2057 48,073,703 2095 17,024

2058 42,095,783 2096 13,017

2059 36,609,351

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

2022 $ 255,487,967 2060 $ 21,771,190

2023 254,406,759 2061 18,672,187

2024 252,604,836 2062 15,852,595

2025 250,134,438 2063 13,316,925

2026 246,964,773 2064 11,066,387

2027 243,098,285 2065 9,097,187

2028 238,660,186 2066 7,399,932

2029 233,665,745 2067 5,959,756

2030 228,134,173 2068 4,756,900

2031 222,047,125 2069 3,767,853

2032 215,455,117 2070 2,966,901

2033 208,397,404 2071 2,327,535

2034 200,882,699 2072 1,823,754

2035 192,949,629 2073 1,431,229

2036 184,648,580 2074 1,128,045

2037 176,034,870 2075 895,152

2038 167,172,141 2076 716,548

2039 158,130,137 2077 579,222

2040 148,985,709 2078 472,881

2041 139,820,951 2079 389,603

2042 130,720,162 2080 323,447

2043 121,765,932 2081 270,062

2044 113,035,164 2082 226,304

2045 104,595,413 2083 189,933

2046 96,501,350 2084 159,375

2047 88,792,573 2085 133,507

2048 81,493,013 2086 111,500

2049 74,611,421 2087 92,759

2050 68,143,081 2088 76,800

2051 62,072,622 2089 63,240

2052 56,377,603 2090 51,763

2053 51,032,274 2091 42,079

2054 46,010,840 2092 33,930

2055 41,290,330 2093 27,102

2056 36,852,658 2094 21,413

2057 32,685,427 2095 16,705

2058 28,782,480 2096 12,846

2059 25,143,274

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

2022 $ 92,548,673 2060 $ 7,304,252

2023 91,845,000 2061 6,318,986

2024 90,662,020 2062 5,426,204

2025 89,148,132 2063 4,621,676

2026 87,341,809 2064 3,901,284

2027 85,283,421 2065 3,261,174

2028 83,020,263 2066 2,697,597

2029 80,587,567 2067 2,206,786

2030 77,996,032 2068 1,784,638

2031 75,275,475 2069 1,426,538

2032 72,441,877 2070 1,127,339

2033 69,514,584 2071 881,339

2034 66,515,916 2072 682,404

2035 63,466,380 2073 524,160

2036 60,388,582 2074 400,283

2037 57,304,900 2075 304,713

2038 54,236,154 2076 231,888

2039 51,200,949 2077 176,892

2040 48,215,397 2078 135,534

2041 45,292,751 2079 104,414

2042 42,443,252 2080 80,844

2043 39,674,442 2081 62,778

2044 36,991,490 2082 48,745

2045 34,397,685 2083 37,689

2046 31,895,162 2084 28,889

2047 29,485,457 2085 21,866

2048 27,169,857 2086 16,275

2049 24,949,721 2087 11,868

2050 22,826,737 2088 8,450

2051 20,802,917 2089 5,856

2052 18,880,505 2090 3,939

2053 17,061,813 2091 2,565

2054 15,348,895 2092 1,614

2055 13,743,081 2093 978

2056 12,244,826 2094 570

2057 10,853,674 2095 319

2058 9,568,191 2096 170

2059 8,386,083

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

2022 $ 183,166,473 2060 $ 2,520,552

2023 178,460,574 2061 2,051,025

2024 173,388,828 2062 1,658,174

2025 167,987,969 2063 1,330,801

2026 162,259,179 2064 1,059,407

2027 156,183,310 2065 835,859

2028 149,840,746 2066 653,125

2029 143,256,877 2067 505,085

2030 136,426,684 2068 386,348

2031 129,393,747 2069 292,164

2032 122,246,539 2070 218,329

2033 114,923,731 2071 161,163

2034 107,507,126 2072 117,468

2035 100,049,994 2073 84,511

2036 92,597,183 2074 59,995

2037 85,195,182 2075 42,010

2038 77,902,108 2076 29,004

2039 70,771,265 2077 19,732

2040 63,858,826 2078 13,219

2041 57,220,479 2079 8,714

2042 50,909,331 2080 5,645

2043 44,973,095 2081 3,590

2044 39,451,389 2082 2,237

2045 34,373,277 2083 1,365

2046 29,756,078 2084 814

2047 25,604,433 2085 473

2048 21,910,925 2086 268

2049 18,657,357 2087 148

2050 15,816,870 2088 79

2051 13,356,506 2089 41

2052 11,239,761 2090 21

2053 9,428,926 2091 10

2054 7,886,817 2092 5 

2055 6,578,137 2093 2 

2056 5,470,435 2094 1 

2057 4,534,602 2095 1 

2058 3,745,112 2096 0 

2059 3,079,994

26
Benefit Payments and Funding Projections

Benefit Payment Projections

Judges' Plan (open group)

Expected Net Benefit Fiscal Year Ending In Payments1

2022 $ 15,482,923

2023 15,861,332

2024 16,076,566

2025 16,017,683

2026 16,112,566

2027 16,081,545

2028 16,163,935

2029 16,165,248

2030 16,456,262

2031 16,507,077

2032 16,503,037

2033 16,290,993

2034 16,144,055

2035 15,948,952

2036 15,742,888

2037 15,520,944

2038 15,486,314

2039 15,335,071

2040 15,138,545

2041 15,209,967

2042 14,988,832

2043 14,881,662

2044 14,739,180

2045 14,610,316

2046 14,496,407

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

2022 $ 15,482,923 2060 $ 4,064,300

2023 15,861,278 2061 3,705,362

2024 16,076,365 2062 3,366,898

2025 16,017,239 2063 3,048,059

2026 16,111,795 2064 2,747,917

2027 16,080,353 2065 2,465,880

2028 16,162,401 2066 2,201,345

2029 16,162,855 2067 1,953,987

2030 16,452,435 2068 1,723,813

2031 16,501,264 2069 1,510,662

2032 16,494,873 2070 1,314,370

2033 16,259,986 2071 1,134,786

2034 16,070,510 2072 971,687

2035 15,817,952 2073 824,628

2036 15,519,508 2074 693,182

2037 15,166,696 2075 576,727

2038 14,805,998 2076 474,567

2039 14,329,104 2077 385,970

2040 13,831,782 2078 310,010

2041 13,628,696 2079 245,634

2042 13,069,846 2080 191,780

2043 12,607,124 2081 147,401

2044 12,074,354 2082 111,398

2045 11,536,993 2083 82,689

2046 10,940,150 2084 60,215

2047 10,401,384 2085 42,970

2048 9,810,900 2086 30,014

2049 9,230,863 2087 20,496

2050 8,777,353 2088 13,667

2051 8,272,723 2089 8,889

2052 7,721,877 2090 5,634

2053 7,190,097 2091 3,476

2054 6,678,353 2092 2,087

2055 6,187,479 2093 1,222

2056 5,718,266 2094 695

2057 5,271,232 2095 384

2058 4,846,634 2096 206

2059 4,444,469

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

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)

2022 0.80% $ 3,952,499,961 $ 549,900,000 $ (531,203,113) $ (29,000,000) $ 29,379,187 $ 3,971,576,035

2023 1.04% 3,971,576,035 548,500,000 (524,712,333) (28,100,000) 38,435,045 4,005,698,747

2024 1.46% 4,005,698,747 557,200,000 (516,655,684) (26,900,000) 54,551,229 4,073,894,292

2025 1.90% 4,073,894,292 551,000,000 (507,270,540) (27,500,000) 72,414,153 4,162,537,905

2026 2.25% 4,162,537,905 565,300,000 (496,565,761) (28,500,000) 87,889,357 4,290,661,501

2027 2.45% 4,290,661,501 536,100,000 (484,565,016) (29,100,000) 98,981,756 4,412,078,241

2028 2.70% 4,412,078,241 183,000,000 (471,521,195) (29,700,000) 112,553,540 4,206,410,586

2029 2.84% 4,206,410,586 177,900,000 (457,510,188) (30,300,000) 112,719,817 4,009,220,215

2030 3.02% 4,009,220,215 139,900,000 (442,556,888) (30,900,000) 113,744,393 3,789,407,720

2031 3.05% 3,789,407,720 129,100,000 (426,716,347) (31,500,000) 108,746,542 3,569,037,915

2032 3.14% 3,569,037,915 130,300,000 (410,143,533) (32,100,000) 105,270,964 3,362,365,346

2033 3.20% 3,362,365,346 98,500,000 (392,835,720) (32,800,000) 100,915,982 3,136,145,608

2034 3.23% 3,136,145,608 115,200,000 (374,905,741) (33,400,000) 94,813,161 2,937,853,028

2035 3.37% 2,937,853,028 102,500,000 (356,466,002) (34,100,000) 92,544,374 2,742,331,400

2036 3.36% 2,742,331,400 107,200,000 (337,634,344) (34,800,000) 85,979,979 2,563,077,035

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)

2022 0.80% $ 190,105,319 $ 552,901 $ 18,900,000 $ (15,482,923) $ (600,000) $ 1,458,722 $ 194,934,019

2023 1.04% 194,934,019 558,651 19,358,240 (15,861,332) (600,000) 1,944,887 200,334,465

2024 1.46% 200,334,465 564,461 18,617,086 (16,076,566) (600,000) 2,809,118 205,648,564

2025 1.90% 205,648,564 570,332 15,576,543 (16,017,683) (600,000) 3,759,570 208,937,326

2026 2.25% 208,937,326 576,263 15,536,619 (16,112,566) (600,000) 4,526,728 212,864,370

2027 2.45% 212,864,370 582,256 14,997,320 (16,081,545) (600,000) 5,025,727 216,788,128

2028 2.70% 216,788,128 588,312 12,558,652 (16,163,935) (600,000) 5,644,633 218,815,790

2029 2.84% 218,815,790 594,430 11,820,622 (16,165,248) (700,000) 5,993,141 220,358,735

2030 3.02% 220,358,735 600,612 11,983,237 (16,456,262) (700,000) 6,394,451 222,180,773

2031 3.05% 222,180,773 606,858 9,846,503 (16,507,077) (700,000) 6,532,816 221,959,873

2032 3.14% 221,959,873 613,170 9,410,426 (16,503,037) (700,000) 6,718,422 221,498,854

2033 3.20% 221,498,854 619,547 8,875,015 (16,290,993) (700,000) 6,834,856 220,837,279

2034 3.23% 220,837,279 625,990 9,540,275 (16,144,055) (700,000) 6,879,088 221,038,577

2035 3.37% 221,038,577 632,500 9,406,214 (15,948,952) (700,000) 7,188,426 221,616,765

2036 3.36% 221,616,765 639,078 9,572,838 (15,742,888) (800,000) 7,187,042 222,472,835

31
Basis for the Valuation

Plan Member Summary

Police Officers and Firefighters', and Teachers' Plans

Police Officers Firefighters Teachers Total

Date Of Census Data: 5/1/2021 5/1/2021 5/1/2021 5/1/2021

Plan Member Counts:

Actives 288 249 266 803

Terminated Vested 26 10 233 269

Normal Retirees1

 - Current Benefits 3,993 1,198 4,539 9,730

Normal Retirees - Deferred Benefits 5 0 0 5

Beneficiaries 1,341 454 425 2,220

Disabled Retirees - Current Benefits 688 245 205 1,138

Disabled Retirees - Deferred Benefits 69 12 13 94

Total 6,410 2,168 5,681 14,259

Active Plan Member Characteristics:

Total Pay $ 34,375,190 $ 29,328,963 $ 30,720,888 $ 94,425,041

Average Age 52.70 53.75 58.98 55.11

Average Service 28.54 28.55 30.59 29.22

Inactive Plan Member Characteristics:

Average Age:

Terminated Vested 54.69 54.10 61.41 60.49

Normal Retirees 67.92 69.67 77.85 72.78

Beneficiaries 75.24 77.91 80.21 76.74

Disabled Retirees 70.83 75.44 77.19 72.92

Total Annual Federal Benefits - Current:

Normal Retirees $ 182,161,330 $ 64,074,050 $ 171,271,632 $ 417,507,011

Beneficiaries 44,556,636 15,340,596 8,510,664 68,407,896

Disabled Retirees 29,601,330 13,036,692 5,580,864 48,218,886

Total Annual Federal Benefits - Deferred:

Terminated Vested $ 328,704 $ 110,232 $ 1,354,716 $ 1,793,652

Normal Retirees 103,092 - - 103,092

Disabled Retirees 666,312 89,736 90,660 846,708

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 5/1/2021

Plan Member Counts:

Actives 57

Terminated Vested 0

Normal Retirees1 87

Beneficiaries 15

Disabled Retirees 1

Total 160

Active Plan Member Characteristics

Total Compensation for Covered Plan Members $ 12,553,600

Average Age 58.64

Average Service 12.02

Inactive Plan Member Characteristics

Average Age

Terminated Vested N/A

Normal Retirees 77.02

Beneficiaries 83.27

Disabled Retirees 65.42

Total Annual Benefits

Terminated Vested N/A

Normal Retirees $ 13,737,291

Beneficiaries 1,221,810

Disabled Retirees 140,745

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, 2020 1,024 244 9,856 2,186 1,303 14,613

New Plan Members 0 0 0 0 0 0

Rehires 2 (2) 0 0 0 0

Vested Terminations 0 1 (1) 0 0 0

Retirements (222) (11) 233 0 0 0

Deaths - Beneficiary (2) 0 (114) 147 (26) 5

Deaths - No Beneficiary (4) 0 (240) (113) (45) (402)

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

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 (6) 0 (6)

Data Corrections 5 38 1 6 0 50

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

Police Officers

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2020 424 30 3,955 1,313 798 6,520

New Plan Members 0 0 0 0 0 0

Rehires 1 (1) 0 0 0 0

Vested Terminations 0 0 0 0 0 0

Retirements (134) (3) 137 0 0 0

Deaths - Beneficiary (2) 0 (57) 81 (17) 5

Deaths - No Beneficiary (1) 0 (38) (54) (24) (117)

Refund of Contributions 0 0 0 0 0 0

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 (5) 0 (5)

Data Corrections 0 0 1 6 0 7

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

3434
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, 2020 298 11 1,195 454 276 2,234

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 (49) (1) 50 0 0 0

Deaths - Beneficiary 0 0 (26) 33 (7) 0

Deaths - No Beneficiary 0 0 (21) (32) (12) (65)

Refund of Contributions 0 0 0 0 0 0

Disabled 0 0 0 0 0 0

Payments Reinstated/Ceased 0 0 0 (1) 0 (1)

Data Corrections 0 0 0 0 0 0

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

Teachers

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

Plan Members as of May 1, 2020 302 203 4,706 419 229 5,859

New Plan Members 0 0 0 0 0 0

Rehires 1 (1) 0 0 0 0

Vested Terminations 0 1 (1) 0 0 0

Retirements (39) (7) 46 0 0 0

Deaths - Beneficiary 0 0 (31) 33 (2) 0

Deaths - No Beneficiary (3) 0 (181) (27) (9) (220)

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 5 38 0 0 0 43

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

3535
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, 2020 61 0 85 15 1 162

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 (4) 0 4 0 0 0

Deaths - Beneficiary 0 0 (2) 2 0 0

Deaths - No Beneficiary 0 0 0 (2) 0 (2)

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 0 0 0 0 0

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

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 - - 20 111,825 56 121,273 4 112,285 - - - - 80 118,461

50 - 54 - - 26 113,838 71 126,105 30 116,285 - - - - 127 121,274

55 - 59 - - 4 113,877 12 115,135 47 118,337 3 118,171 - - 66 117,477

60 - 64 - - 3 110,798 2 101,497 6 114,424 3 129,696 1 132,056 15 116,205

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

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

All Ages - $ - 53 $ 112,909 141 $ 122,903 87 $ 117,081 6 $ 123,933 1 $ 132,056 288 $ 119,358

3737
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 - - 1 104,930 35 117,000 12 110,906 - - - - 48 115,225

50 - 54 - - 18 103,393 59 116,293 32 134,129 - - - - 109 119,399

55 - 59 - - 10 95,205 41 109,610 19 140,762 3 185,764 - - 73 118,874

60 - 64 - - 6 100,526 3 107,201 5 114,388 5 121,829 - - 19 110,834

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

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

All Ages - $ - 35 $ 100,606 138 $ 114,289 68 $ 130,433 8 $ 145,805 - $ - 249 $ 117,787

3838
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 - - 1 110,179 10 115,006 - - - - - - 11 114,567

50 - 54 - - 1 110,179 55 113,932 12 124,191 - - - - 68 115,687

55 - 59 - - 3 113,402 28 112,418 41 116,003 7 114,230 - - 79 114,476

60 - 64 - - 1 116,408 18 114,577 25 111,895 12 115,332 2 113,294 58 113,564

65 - 69 - - - - 5 132,259 16 117,019 10 114,371 3 127,044 34 119,366

70+ - - - - 5 115,163 5 108,097 4 139,007 2 116,409 16 119,071

All Ages - $ - 6 $ 112,829 121 $ 114,574 99 $ 115,723 33 $ 117,676 7 $ 120,076 266 $ 115,492

3939
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 - - - - - - - - - - - - - - - - - - - - 

40 - 44 - - 3 223,000 - - - - - - - - - - - - - - 3 223,000

45 - 49 - - 2 218,600 2 218,600 1 218,600 - - - - - - - - - - 5 218,600

50 - 54 - - 1 218,600 3 223,000 4 218,600 1 218,600 - - - - - - - - 9 220,067

55 - 59 - - 4 218,600 3 223,000 2 218,600 1 218,600 - - - - - - - - 10 219,920

60 - 64 - - - - 7 220,486 2 218,600 3 218,600 7 220,629 - - - - - - 19 220,042

65 - 69 - - - - 1 218,600 2 218,600 3 223,000 1 218,600 1 218,600 - - - - 8 220,250

70+ - - - - - - - - - - 2 225,200 - - 1 218,600 - - 3 223,000

All Ages # $0 10 $219,920 16 $221,075 11 $218,600 8 $220,250 10 $221,340 1 $218,600 1 $218,600 - - 57 $220,239

4040
Basis for the Valuation

Federal Allocation by Plan

Police Officers and Firefighters', and Teachers' Plans

Active Plan Members Police Officers Firefighters Teachers

Number 288 249 266

Average Age 52.70 53.75 58.98

Average Service 28.54 28.55 30.59

Average Pay $ 119,358 $ 117,787 $ 115,492

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 1,731 2,262 453 745 1,201 3,338

Average Age 76.66 61.27 80.26 63.23 86.84 74.62

Average Federal Benefit $ 57,462 $ 36,558 $ 68,570 $ 44,311 $ 48,539 $ 33,846 

Average Total Benefit $ 57,462 $ 80,603 $ 68,570 $ 89,174 $ 48,539 $ 55,981 

Normal Retirees - Deferred Federal Benefit

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

Average Age N/A 52.01 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 $ 66,214 N/A N/A N/A N/A 

Beneficiaries - Current Federal Benefit1

Number 1,161 180 399 55 270 155

Average Age 77.96 57.74 80.63 58.14 84.10 73.44

Average Federal Benefit $ 34,640 $ 24,109 $ 35,063 $ 24,554 $ 23,600 $ 13,798 

Average Total Benefit $ 34,640 $ 35,800 $ 35,063 $ 42,660 $ 23,600 $ 20,124 

Disabled Retirees - Current Federal Benefit

Number 518 170 195 50 132 73

Average Age 76.04 62.26 79.53 64.96 82.02 71.76

Average Federal Benefit $ 49,150 $ 24,363 $ 57,968 $ 34,661 $ 32,387 $ 17,887 

Average Total Benefit $ 49,150 $ 47,145 $ 57,968 $ 54,730 $ 32,387 $ 37,857 

Disabled Retirees - Deferred Federal Benefit

Number N/A 69 N/A 12 N/A 13

Average Age N/A 52.87 N/A 52.40 N/A 58.73

Average Federal Benefit N/A $ 9,657 N/A $ 7,478 N/A $ 6,974 

Average Total Benefit N/A $ 39,891 N/A $ 39,143 N/A $ 38,860 

Terminated Vested - Deferred Federal Benefit

Number 26 10 233

Average Age 54.69 54.10 61.41

Average Federal Benefit $ 12,642 $ 11,023 $ 5,814 

1

 Includes child beneficiaries.

41
Basis for the Valuation

Plan Member Counts

Judges' Plan

Active Plan Members

Number 57

Average Age 58.64

Average Service 12.02

Average Pay $ 220,239

Number Eligible to Retire 25

Inactive Plan Members

Normal Retirees

Number 87

Average Age 77.02

Average Benefit $ 157,900

Spouse Beneficiaries

Number 14

Average Age 85.26

Average Benefit $ 86,710

Disabled Retirees

Number 1 

Average Age 65.42

Average Benefit $ 140,745

Child Beneficiaries

Number 1 

Average Age 55.38

Average Benefit $ 7,860

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 - - - - -

50-54 - - 416 19,322 82,420

55-59 - - 718 24,122 77,340

60-64 2 6,186 485 34,102 79,615

65-69 134 48,684 364 54,497 80,436

70-74 627 53,250 220 73,615 88,060

75-79 538 59,266 56 80,051 87,817

80-84 294 62,095 3 94,100 107,856

85-89 114 65,794 - - -

90-94 19 86,547 - - -

95-100 3 85,800 - - -

100 and over - - - - -

Total 1,731 $ 57,462 2,262 $ 36,558 $ 80,603

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

Under 35 4 $ 42,501 21 $ 2,417 $ 9,477

35-39 - - 1 1,680 4,332

40-44 1 32,184 2 8,190 21,498

45-59 2 19,734 3 3,624 28,752

50-54 7 27,909 27 17,095 35,811

55-59 15 37,471 23 18,763 36,982

60-64 54 34,830 35 27,813 41,190

65-69 115 33,727 30 33,702 42,034

70-74 248 33,897 24 35,822 42,185

75-79 242 34,329 12 38,140 42,197

80-84 221 35,047 2 32,478 36,222

85-89 138 36,154 - - -

90-94 79 35,602 - - -

95-100 31 33,591 - - -

100 and over 4 39,021 - - -

Total 1,161 $ 34,640 180 $ 24,109 $ 35,800

4343
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 5 23,045 - - -

55-59 9 23,299 72 13,416 39,564

60-64 24 28,405 47 19,052 44,854

65-69 70 41,475 38 41,033 58,906

70-74 136 48,630 9 57,615 63,116

75-79 128 49,040 4 50,631 62,850

80-84 76 57,057 - - -

85-89 39 58,882 - - -

90-94 26 64,722 - - -

95-100 4 68,886 - - -

100 and over 1 67,896 - - -

Total 518 $ 49,150 170 $ 24,363 $ 47,145

Inactive Police Officers - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ - 

35-39 - -

40-44 - -

45-49 2 3,474

50-54 16 11,673

55-59 5 12,173

60-64 3 24,708

65-69 - -

70-74 - -

75-79 - -

80-84 - -

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 26 $ 12,642

4444
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 41,184

50-54 4 24,171 72,471

55-59 - - -

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 5 $ 20,618 $ 66,214

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ - 

35-39 - - -

40-44 - - -

45-59 5 4,716 40,205

50-54 55 9,405 39,663

55-59 9 13,939 41,111

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 69 $ 9,657 $ 39,891

4545
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 - - 84 18,659 83,612

55-59 - - 155 25,363 82,920

60-64 - - 216 37,287 87,528

65-69 11 45,791 177 54,740 89,976

70-74 59 58,705 81 79,119 98,280

75-79 154 66,189 30 102,558 115,290

80-84 148 71,829 2 142,302 153,624

85-89 60 76,520 - - -

90-94 18 81,115 - - -

95-100 3 73,324 - - -

100 and over - - - - -

Total 453 $ 68,570 745 $ 44,311 $ 89,174

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

Under 35 - $ - 7 $ 19,171 $ 50,642

35-39 - - 2 1,938 4,398

40-44 1 30,684 - - -

45-59 - - 1 9,192 43,920

50-54 2 34,362 5 11,741 59,722

55-59 4 29,787 8 13,904 33,846

60-64 10 29,423 7 23,410 41,625

65-69 25 33,375 12 31,611 39,532

70-74 60 34,094 11 38,098 48,048

75-79 78 34,049 2 35,508 37,722

80-84 104 34,291 - - -

85-89 49 36,061 - - -

90-94 45 38,899 - - -

95-100 19 41,351 - - -

100 and over 2 36,042 - - -

Total 399 $ 35,063 55 $ 24,554 $ 42,660

4646
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 10,283 44,082

60-64 6 24,422 10 20,212 41,934

65-69 24 48,924 18 41,646 59,988

70-74 22 56,494 9 62,333 67,789

75-79 46 58,338 1 96,888 98,304

80-84 54 62,285 - - -

85-89 24 58,618 - - -

90-94 15 67,277 - - -

95-100 3 70,208 - - -

100 and over 1 66,564 - - -

Total 195 $ 57,968 50 $ 34,661 $ 54,730

Inactive Firefighters - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ - 

35-39 - -

40-44 - -

45-59 1 13,500

50-54 6 12,966

55-59 1 3,216

60-64 1 10,872

65-69 1 4,848

70-74 - -

75-79 - -

80-84 - -

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 10 $ 11,023

4747
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 2 10,242 48,474

50-54 9 6,528 38,295

55-59 1 10,500 28,116

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 12 $ 7,478 $ 39,143

4848
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 - - 1 7,236 48,204

55-59 - - 48 14,642 59,783

60-64 - - 195 16,775 56,804

65-69 5 13,973 438 23,058 56,754

70-74 24 22,036 1,046 32,917 56,813

75-79 129 38,813 1034 39,970 55,664

80-84 300 52,416 443 39,940 53,972

85-89 390 51,602 108 38,584 50,975

90-94 235 47,611 23 52,139 65,732

95-100 91 47,191 2 38,208 50,688

100 and over 27 50,263 - - -

Total 1,201 $ 48,539 3,338 $ 33,846 $ 55,981

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

Under 35 - $ - 1 $ 5,136 $ 7,212

35-39 - - - - -

40-44 1 11,004 1 8,448 24,504

45-59 1 9,156 1 7,356 9,156

50-54 2 8,322 - - -

55-59 2 5,670 2 7,914 21,048

60-64 6 19,486 18 9,283 17,396

65-69 2 26,790 24 12,455 21,325

70-74 23 21,743 39 15,796 21,990

75-79 40 22,031 38 14,695 19,903

80-84 58 25,391 18 13,829 17,719

85-89 62 23,040 10 17,221 22,933

90-94 47 25,436 2 19,578 23,496

95-100 22 25,640 1 1,176 2,136

100 and over 4 27,816 - - -

Total 270 $ 23,600 155 $ 13,798 $ 20,124

4949
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 5 23,851 6 10,274 39,628

65-69 3 27,040 15 14,002 38,399

70-74 18 30,760 39 18,444 37,658

75-79 30 30,254 12 25,315 38,910

80-84 28 32,766 1 11,004 14,244

85-89 23 31,819 - - -

90-94 15 33,053 - - -

95-100 7 45,225 - - -

100 and over 3 50,584 - - -

Total 132 $ 32,387 73 $ 17,887 $ 37,857

Inactive Teachers - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ - 

35-39 - -

40-44 - -

45-59 6 1,720

50-54 55 3,731

55-59 52 6,283

60-64 48 6,664

65-69 28 8,288

70-74 29 4,166

75-79 14 9,415

80-84 1 7,932

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 233 $ 5,814

5050
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 33,930

55-59 6 6,352 42,160

60-64 5 9,154 36,871

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 13 $ 6,974 $ 38,860

5151
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 - - 55-59 1 7,860

60-64 3 137,690 60-64 - -

65-69 12 173,899 65-69 - -

70-74 22 149,723 70-74 1 109,586

75-79 22 155,101 75-79 2 105,660

80-84 14 173,560 80-84 6 79,677

85-89 7 160,216 85-89 1 90,723

90-94 7 139,992 90-94 3 77,701

95-100 - - 95-100 1 91,156

100 and over - - 100 and over - -

Total 87 $ 157,900 Total 15 $ 81,454

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 - - 60-64 - -

65-69 1 140,745 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 1 $ 140,745 Total - $ -

5252
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, 2021 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 2021 spot rates implied by the 2020 spot rate 

yield curve. These spot rates used in gain/loss analysis were calculated by converting the 2020 spot rates to 

forward rates, removing the forward rate for FY 2021, and then converting the forward rates back to spot 

rates. See the table below for an example of the rates.

Implied 2021 Spot 2020 Valuation Spot Forward Rate Fiscal Year Rates used for Rate Assumption (rounded) (Gain)/Loss only

FY 2021 0.82% 0.82% N/A

FY 2022 0.96% 1.10% 1.10%

FY 2023 1.17% 1.59% 1.34%

FY 2024 1.39% 2.05% 1.58%

Example: 1.58% adjusted FY 2024 spot rate = (1.0110 x 1.0159 x 1.0205)^(1/3) - 1

Asset Valuation Method

Net assets available for benefits, projected to September 30, 2021 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. 

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.

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.

54
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

Interest Rates The June 30, 2021 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).

Duration Return Duration Return Duration Return Duration Return

0-1 0.80% 25-26 2.92% 50-51 3.20% 75-76 3.29%

1-2 0.92% 26-27 2.95% 51-52 3.20% 76-77 3.29%

2-3 1.10% 27-28 2.97% 52-53 3.21% 77-78 3.29%

3-4 1.30% 28-29 2.99% 53-54 3.21% 78-79 3.30%

4-5 1.49% 29-30 3.00% 54-55 3.22% 79-80 3.30%

5-6 1.65% 30-31 3.02% 55-56 3.22% 80-81 3.30%

6-7 1.80% 31-32 3.03% 56-57 3.23% 81-82 3.30%

7-8 1.93% 32-33 3.05% 57-58 3.23% 82-83 3.30%

8-9 2.05% 33-34 3.06% 58-59 3.23% 83-84 3.31%

9-10 2.15% 34-35 3.07% 59-60 3.24% 84-85 3.31%

10-11 2.24% 35-36 3.08% 60-61 3.24% 85-86 3.31%

11-12 2.32% 36-37 3.09% 61-62 3.25% 86-87 3.31%

12-13 2.39% 37-38 3.10% 62-63 3.25% 87-88 3.31%

13-14 2.46% 38-39 3.11% 63-64 3.25% 88-89 3.32%

14-15 2.52% 39-40 3.12% 64-65 3.26% 89-90 3.32%

15-16 2.57% 40-41 3.13% 65-66 3.26% 90-91 3.32%

16-17 2.62% 41-42 3.14% 66-67 3.26% 91-92 3.32%

17-18 2.66% 42-43 3.15% 67-68 3.27% 92-93 3.32%

18-19 2.70% 43-44 3.15% 68-69 3.27% 93-94 3.32%

19-20 2.74% 44-45 3.16% 69-70 3.27% 94-95 3.32%

20-21 2.77% 45-46 3.17% 70-71 3.28% 95-96 3.33%

21-22 2.81% 46-47 3.17% 71-72 3.28% 96-97 3.33%

22-23 2.84% 47-48 3.18% 72-73 3.28% 97-98 3.33%

23-24 2.87% 48-49 3.19% 73-74 3.28% 98-99 3.33%

24-25 2.90% 49-50 3.19% 74-75 3.29% 99-100 3.33%

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 2.51% 2.50% 2.35% 2.65%

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 2020 EIR (2.91%) 

was used for this purpose. For Police, Fire and Teachers, the first spot rate from the 2020 

spot rate curve (0.82%) was used for this purpose.

Economic 

Police Fire Teachers Judges Assumptions

COLA1 1.75% 1.75% 1.68% 1.65%

Wage Inflation 2.15% 2.20% 2.30% 1.04%

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

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

56
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

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-2020.

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, 2021 and the valuation date of October 1, 2021. 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.

57
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

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- Age Police- 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. 

58
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

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 $218,600 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.

59
3.50%

APPENDIX A

Actuarial Assumptions and Methods

Assumptions

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, 2021. The June 30, 2020 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 2.91%.

Duration Return Duration Return Duration Return Duration Return

0-1 0.82% 25-26 3.19% 50-51 3.47% 75-76 3.56%

1-2 0.96% 26-27 3.21% 51-52 3.47% 76-77 3.56%

2-3 1.17% 27-28 3.23% 52-53 3.48% 77-78 3.56%

3-4 1.39% 28-29 3.25% 53-54 3.48% 78-79 3.57%

4-5 1.61% 29-30 3.27% 54-55 3.49% 79-80 3.57%

5-6 1.80% 30-31 3.29% 55-56 3.49% 80-81 3.57%

6-7 1.97% 31-32 3.30% 56-57 3.50% 81-82 3.57%

7-8 2.12% 32-33 3.31% 57-58 3.50% 82-83 3.58%

8-9 2.25% 33-34 3.33% 58-59 83-84 3.58%

9-10 2.37% 34-35 3.34% 59-60 3.51% 84-85 3.58%

10-11 2.48% 35-36 3.35% 60-61 3.51% 85-86 3.58%

11-12 2.57% 36-37 3.36% 61-62 3.52% 86-87 3.58%

12-13 2.64% 37-38 3.37% 62-63 3.52% 87-88 3.58%

13-14 2.72% 38-39 3.38% 63-64 3.52% 88-89 3.59%

14-15 2.78% 39-40 3.39% 64-65 3.53% 89-90 3.59%

15-16 2.83% 40-41 3.40% 65-66 3.53% 90-91 3.59%

16-17 2.88% 41-42 3.41% 66-67 3.53% 91-92 3.59%

17-18 2.93% 42-43 3.41% 67-68 3.54% 92-93 3.59%

18-19 2.97% 43-44 3.42% 68-69 3.54% 93-94 3.59%

19-20 3.01% 44-45 3.43% 69-70 3.54% 94-95 3.60%

20-21 3.04% 45-46 3.44% 70-71 3.55% 95-96 3.60%

21-22 3.07% 46-47 3.44% 71-72 3.55% 96-97 3.60%

22-23 3.11% 47-48 3.45% 72-73 3.55% 97-98 3.60%

23-24 3.14% 48-49 3.46% 73-74 3.55% 98-99 3.60%

24-25 3.16% 49-50 3.46% 74-75 3.56% 99-100 3.60%

COLA/Wage Inflation

Police Fire Teachers Judges

Prior Year

COLA 1.76% 1.76% 1.71% 1.52%

Wage Inflation 2.15% 2.20% 2.30% 0.94%

Longevity Improvement Projection Scale

The mortality projection scale for all plans was updated from Scale MP-2019 to Scale 

MP-2020. 

60
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-2020 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 Rates of withdrawal for included actives are based upon broad termination patterns and 

expectations of plan experience and the most recent experience study conducted in 

2019.

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

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.

63
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

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

65
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

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.

66
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

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;

● $4,404 ($4,308 if hired on or after November 1, 1996) - Federal portion is $1,548;

or

● $13,212 ($12,924 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

67
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

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

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.

●

●

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.

69
APPENDIX C

Plan Provisions Summary

Teachers' Plan

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;

● $7,488 (if hired before January 1, 1980), $7,212 (if hired between

January 1, 1980 and October 31, 1996), or $7,044 (if hired on or after

November 1, 1996) per child; or

● $22,464 (if hired before January 1, 1980), $21,636 (if hired between

January 1, 1980 and October 31, 1996), or $21,132 (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.

70
APPENDIX C

Plan Provisions Summary

Teachers' Plan

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;

● $9,156 (if hired before January 1, 1980), $8,808 (if hired between

January 1, 1980 and October 31, 1996), or $8,532 (if hired on or after

November 1, 1996) per child; or

● $27,468 (if hired before January 1, 1980), $26,424 (if hired between

January 1, 1980 and October 31, 1996), or $25,596 (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

71
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

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 Benefit 55 or the Regular Retirement Benefit beginning at age 60, but only reflecting service 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

● $6,548.88 ($7,860.00 if no spouse benefits apply) as of 12/01/2020,

increased annually

● $19,646.64 ($23,580.00 if no spouse benefits apply) divided by the number of

children as of 12/01/2020, increased annually.

Changes Since None of which we are aware.

Prior Valuation

73