United States Department of the Treasury 

District of Columbia Pensions Program

Actuarial Valuation Report

Valuation Date: October 1, 2023

Measurement Date: September 30, 2023

Report Date: October 23, 2023

Prepared by Deloitte Consulting LLP
Table of Contents

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

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

Summary of Results.................................................................................................................................... 8

Actuarial Valuation Opinion........................................................................................................................ 10

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) 2023

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

● 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

2024 (October 1, 2023 through September 30, 2024); 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.

Per Actuarial Standards of Practice 4, Measuring Pension Obligations and Determining Pension Plan Costs or 

Contributions (ASOP 4), effective for measurement dates after February 15, 2023, when measuring pension 

obligations, the combined effect of assumptions is expected to have no significant bias (i.e., it is not significantly 

optimistic or pessimistic) for non-prescribed assumptions except when provisions for adverse deviation are 

included. The combined effect of non-prescribed assumptions used for measuring the pension obligations in this 

valuation does not have significant bias. 

1

Summary of Results

Police Officers and 

As of October 1, 2023 Firefighters', and Judges' Plan

Teachers' Plans

Actuarial Accrued Liability $ 8,500,663,382 $ 327,958,468

Plan Assets (4,108,055,077) (206,059,441)

Unfunded Actuarial Accrued Liability $ 4,392,608,305 $ 121,899,027

Normal Cost with Interest (including expected N/A $ 9,300,000 employee contributions)
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 $ (6,123,186) $ (2,110,011)

 Inactive Mortality (39,516,638) (27,018) 

 Salary Increase 17,540,864 2,331,568

 New Entrants N/A - 

 Cost-of-Living Adjustment (COLA) 345,651,919 14,285,212 Different than Expected

(Gains)/Losses due to Census Changes: 27,718,263 661,744

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

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

Total $ 345,271,222 $ 15,141,495

We have provided clarification on these items below:

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

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

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

these assumptions. This includes the following primary factors:

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

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

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

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

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

fewer Police Officers and Firefighters retiring than expected. The gain for the Judges' is primarily due

to favorable retirement experience.

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, the mortality

gains and losses ultimately resulted in a net gain. The losses incurred by beneficiaries and disableds

surviving longer than expected were offset by the gains of retirees dying at an earlier age and in greater

number than expected. 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 loss for Judges' Plan is due to the

actual salary increases exceeding the assumed rate. In FY 2023, Police Officers and Firefighters received

pay increases retroactive to October 11, 2020 and Teachers received pay increases retroactive to

October 13, 2019. The loss for the Police Officers and Firefighters' and Teachers' Plans due to the

retroactive pay increases was $20.8 million. This was offset by a gain of $3.3 million due to salary

increases being less than expected.

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

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

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

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

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

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

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

current valuation. Inflation for 2022 was significantly above recent history creating higher actual COLA

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

and the Judges’ Plan. The actual COLA for Police Officers and Firefighters was 6.50% compared to the

2.15% assumption. The actual COLA for Teachers was 6.30% compared to the 2.14% assumption. The

actual COLA for Judges was 8.70% compared to the 1.88% assumption. Additionally, for Police Officers

and Firefighters retired prior to February 15, 1980 that receive equalization, the collective bargaining

agreement created a loss of $24.4 million.

• (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 $27.7 million and 

includes the following: 

• A $27.5 million loss resulting from new beneficiaries following the death of plan members for

whom the chosen form of payment was unknown.

• A $0.8 million loss resulting from active plan members who retired or terminated within the past

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

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

• A $0.6 million net gain resulting from other miscellaneous demographic changes including ongoing

data management (unexpected changes to data fields such as hire date, salary, service, amounts etc.)

offset by losses from rehires.

3
Executive Summary

Highlights of the Actuarial Valuation 

For the Judges' Plan, the total loss amount of $662,000 includes the following: 

• A $212,000 net loss resulting from active plan members who retired or terminated

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

estimated.

• A $330,000 net loss resulting from ongoing data management, including unexpected changes

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

• A $45,000 loss resulting from data updates for continuing inactive plan members, primarily due

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

• A $75,000 loss resulting from new beneficiaries following the death of plan members.

4
Executive Summary

Highlights of the Actuarial Valuation 

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

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

Beginning of Year Assets $ 3,991,603,721 $ 196,811,485

Expected Return on Assets 32,235,783 4,908,493

Actual Return on Assets 80,638,894 4,211,915

Asset (Gain)/Loss $ (48,403,111) $ 696,578 

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

D.C. Federal Pension Judicial Retirement Fund Fund

Assets 2.01% 2.11%

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 2.61% 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, 0.87%. The 

Judicial Retirement Fund experienced a lower-than-anticipated return of 2.11% on fund assets and the D.C. 

Federal Pension Fund experienced a higher-than-anticipated return of 2.01% 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 $ 31,565,314 $ (4,771,150)

Other Economic Assumptions 395,982,245 24,556,682

Non-Economic Assumptions -

Total $ 427,547,559 $ 19,785,532

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

(EIR) for the Police Officers and Firefighters' and Teachers' Plans increased, it did not increase as much as 

expected, thereby creating a small loss. The EIR for the Judges' Plan increased, causing a gain. 

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

(COLA) assumption for annuitants increased causing a loss. The wage inflation assumption increased for the 

Police Officers and Firefighters' Plan and decreased for the Teachers' Plan, which resulted in a net loss. For the 

Judges' Plan, the other economic assumption change was an increase to the wage inflation assumption for active 

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

A: Actuarial Assumptions and Methods.

While RPEC released an updated mortality report in October 2022, they did not produce a Scale MP-2022. 

Therefore, the Police Officers and Firefighters', and Teachers' Plans, and the Judges' Plan are using the most 

current projection scale available. 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 2024 (excluding the reimbursement for expenses). The table below contains Government Contribution 

(excluding expenses) for FY 2023 and FY 2024.

Government Contribution 

(excluding expenses)

Contribution Year

D.C. Federal Pension Fund Judiciary Retirement Fund

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

September 30, 2024 $ 659,400,000 $ 26,200,000 

The increase/(decrease) in the Government Contribution amounts from FY2023 to FY2024 is explained in the 

table below. 

Police Officers and 

Firefighters', and Judges' Plan

Teachers' Plans

Full amortization of the 10/1/2013 Experience $ 9,900,000 $ (800,000) gain/loss

New amortization base for the 10/1/2023 33,000,000 1,800,000 Experience gain/loss

New amortization base for the 10/1/2023 26,900,000 1,400,000 Assumption change gain/loss

Normal Cost change - 1,900,000

Employee Contribution change - (100,000)

Total $ 69,800,000 $ 4,200,000

7
Executive Summary

Summary of Results

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.

8

Police Officers and Firefighters', and Teachers' Plans

Valuation Date

October 1, 2023 October 1, 2022

Plan Member Counts

Actives 430 567

Terminated Vested 240 260

Annuitants 12,780 13,042

Total 13,450 13,869

Contributions

Federal Required Contribution $ 659,400,000 $ 589,600,000

Present Value of Benefits (PVB)

Active Plan Members

Retirement Decrement $ 164,412,417 $ 188,015,325

Termination Decrement - -

Disability Decrement 473,029 608,695

Death Decrement 177,645 226,941

Total $ 165,063,091 $ 188,850,961

Inactive Plan Members

Normal Retirees1 $ 6,720,542,939 $ 6,478,696,504

Terminated Vested 37,560,508 39,511,106

Disabled Retirees1 651,436,268 649,529,509

Beneficiaries 855,563,209 926,060,576 

Total $ 8,335,600,291 $ 8,023,300,328

Total PVB (inactive and active) $ 8,500,663,382 $ 8,212,151,289

Unfunded Actuarial Accrued Liability (AAL)

Active AAL $ 165,063,091 $ 188,850,961

Inactive AAL 8,023,300,328 8,335,600,291 

Total AAL $ 8,500,663,382 $ 8,212,151,289

Asset Value as of Valuation Date $ (4,108,055,077) $ (3,991,603,721)

Unfunded AAL $ 4,392,608,305 $ 4,220,547,568 
Executive Summary

Summary of Results

Judges' Plan

Valuation Date

October 1, 2023 October 1, 2022

Plan Member Counts

Actives 61 57

Terminated Vested - -

Annuitants 104 106

Total 165 163

Contributions

Government Contribution (excluding expenses) $ 26,200,000 $ 22,000,000

Present Value of Benefits (PVB)

Active Plan Members

Retirement Decrement $ 185,192,830 $ 150,387,774

Termination Decrement - -

Disability Decrement - -

Death Decrement 1,135,412 863,254

Total $ 186,328,242 $ 151,251,028

Inactive Plan Members

Normal Retirees1 $ 220,896,705 $ 201,038,833

Terminated Vested - -

Disabled Retirees1 4,793,614 4,252,423

Beneficiaries 10,168,034 11,632,143

Total $ 237,322,462 $ 215,459,290

Total PVB (inactive and active) $ 423,650,704 $ 366,710,318

Unfunded Actuarial Accrued Liability (AAL)

Active AAL $ 90,636,006 $ 80,380,614

Inactive AAL 215,459,290 237,322,462

Total AAL $ 327,958,468 $ 295,839,904

Asset Value as of Valuation Date $ (206,059,441) $ (196,811,485)

Unfunded AAL $ 121,899,027 $ 99,028,419

Total Normal Cost $ 9,300,000 $ 7,400,000

Employee Contributions (600,000) (700,000)

Net Employer Normal Cost $ 8,600,000 $ 6,800,000

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.

9
Executive Summary

Actuarial Valuation Opinion

This report presents the results of the actuarial valuation of the Program as of October 1, 2023. 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, 2023 (plan data was projected to September 30, 2023 by 

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

by the Department of the Treasury to September 30, 2023 (provided on August 10, 2023).

In FY 2023, a collective bargaining agreement was ratified that increased the future and historical salaries 

for certain participants in the Police Officers and Firefighters' and Teachers' Plans. A factor was provided 

developed based on the number of years retired to reflect the retroactive pay adjustment for those who 

retired within the last four years. The historical salaries were also increased to reflect the retroactive pay 

increase.

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.

10

DELOITTE CONSULTING LLP

Jeffrey Rees, FSA, MAAA, FCA Michael de Leon, ASA, MAAA, FCA

Enrolled Actuary No. 23-05941 Enrolled Actuary No. 23-06450

October 23, 2023 October 23, 2023
11

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. 

Additionally, the interest rate method of averaging the quarterly treasury rate over 40 quarters constitutes a low-default 

risk obligation measure (LDROM) per Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and 

Determining Pension Plan Costs or 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 Actuarial 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. 
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

9/30/2023 1.98% 38.19%

9/30/2022 2.35% 37.31%

9/30/2021 3.49% 42.65%

9/30/2020 4.69% 44.33%

9/30/2019 6.09% 47.15%

9/30/2018 6.75% 48.91%

9/30/2017 8.17% 50.92%

9/30/2016 9.63% 55.65%

9/30/2015 11.83% 57.09%

9/30/2014 12.71% 50.49%

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

5/1/2023 1.99% 5.91% 3.88% 3.30% 58.65% 3.74%

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

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

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

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

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

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

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

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

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

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 benefit 1for the 

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

Year Police Judges Firefighters Teachers Subtotal Total

5/1/2023 6,024 1,938 4,818 12,780 104 12,884

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

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

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

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

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

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

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

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

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

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

5/1/2023 3,191 950 1,332 5,473 104 5,577

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

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

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

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

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

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

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

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

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

The following table shows a summary of the number of plan participants receiving a federal benefit and a District benefit 2 

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

Year Police Subtotal Firefighters Teachers Judges3 Total

5/1/2023 2,833 988 3,486 7,307 N/A 7,307

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

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

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

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

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

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

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

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

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

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

9/30/2023 $4,108.1 $206.1 $4,314.1

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

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

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

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

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

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

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

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

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

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

9/30/2023 $8,500.7 $328.0 $8,828.7

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

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

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

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

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

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

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

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

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

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

9/30/2023 $4,392.6 $121.9 $4,514.5

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

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

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

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

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

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

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

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

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

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

9/30/2023 48.3% 62.8% 48.9%

9/30/2022 48.6% 66.5% 49.2%

9/30/2021 50.8% 68.8% 51.4%

9/30/2020 48.1% 68.2% 48.7%

9/30/2019 46.7% 69.4% 47.4%

9/30/2018 46.8% 66.5% 47.4%

9/30/2017 45.4% 65.6% 46.0%

9/30/2016 45.1% 67.4% 45.7%

9/30/2015 45.6% 68.6% 46.1%

9/30/2014 43.9% 67.1% 44.5%

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 2023 $659.4 $26.2 $685.6

FY 2022 $589.6 $22.0 $611.6

FY 2021 $520.9 $18.9 $539.8

FY 2020 $558.7 $18.3 $577.0

FY 2019 $520.3 $15.5 $535.8

FY 2018 $477.6 $16.1 $493.7

FY 2017 $451.8 $15.6 $467.4

FY 2016 $452.2 $15.6 $467.8

FY 2015 $460.9 $14.2 $475.1

FY 2014 $487.5 $14.2 $501.7

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 2023 $553.3 $17.7 $571.1

FY 2022 $539.0 $16.5 $555.5

FY 2021 $532.2 $15.0 $547.2

FY 2020 $538.9 $14.2 $553.1

FY 2019 $543.3 $13.3 $556.6

FY 2018 $541.1 $12.5 $553.6

FY 2017 $541.4 $12.2 $553.6

FY 2016 $542.4 $11.8 $554.2

FY 2015 $541.7 $14.1 $555.8

FY 2014 $542.9 $11.9 $554.8

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 2023 2.0% 2.1%

FY 2022 1.5% 1.9%

FY 2021 1.4% 1.8%

FY 2020 1.8% 2.1%

FY 2019 1.8% 2.2%

FY 2018 1.5% 2.3%

FY 2017 1.4% 2.3%

FY 2016 1.0% 2.4%

FY 2015 0.8% 2.2%

FY 2014 1.3% 2.1%

1

Rates from 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 2023 $78.3 $4.1 $82.4

FY 2022 $56.6 $3.5 $60.1

FY 2021 $57.0 $3.4 $60.4

FY 2020 $66.6 $3.7 $70.3

FY 2019 $69.1 $3.8 $72.9

FY 2018 $57.5 $3.6 $61.1

FY 2017 $51.0 $3.5 $54.5

FY 2016 $51.1 $3.6 $54.7

FY 2015 $54.9 $3.7 $58.6

FY 2014 $61.9 $3.8 $65.7

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 2023 1.3% - 3.3% 2.0% 1.3% - 3.3% 2.1%

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

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

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

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

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

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

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

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

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

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 Assumptions Investment Experience Assumptions

9/30/2023 ($48.4) $345.3 $427.5 $0.7 $15.1 $19.8 

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

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

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

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

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

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

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

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

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

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 2023 2.6% - 2.6% 2.55% - 2.75% 2.1% 1.7%

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

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

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

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

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

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

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

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

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

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, 2023 Installment

Initial Unfunded Accrued Liability 4 $ 348,600,000 1,341,726,757

Assumption Change 10/1/2004 1 13,700,000 13,524,186

Assumption Change 10/1/2005 2 (6,300,000) (12,347,596)

Assumption Change 10/1/2006 3 39,800,000 116,010,672

Assumption Change 10/1/2007 4 3,600,000 13,856,042

Assumption Change 10/1/2008 5 3,300,000 15,710,881

Assumption Change 10/1/2009 6 40,700,000 229,971,806

Assumption Change 10/1/2010 7 10,500,000 68,432,667

Assumption Change 10/1/2011 8 6,900,000 50,794,855

Assumption Change 10/1/2012 9 32,500,000 265,970,442

Assumption Change 10/1/2013 10 18,700,000 167,990,208

Funding Method Change 10/1/2013 10 (34,800,000) (312,623,488)

(Gain)/Loss 10/1/2014 1 (6,900,000) (6,811,451)

Assumption Change 10/1/2014 11 13,400,000 130,790,125

(Gain)/Loss 10/1/2015 2 (7,000,000) (13,719,551)

Assumption Change 10/1/2015 12 (4,000,000) (42,061,693)

(Gain)/Loss 10/1/2016 3 (10,000,000) (29,148,410)

Assumption Change 10/1/2016 13 20,600,000 231,694,688

Method Change 10/1/2016 13 500,000 5,623,657

(Gain)/Loss 10/1/2017 4 1,500,000 5,773,351

Assumption Change 10/1/2017 14 5,000,000 59,780,048

(Gain)/Loss 10/1/2018 5 2,400,000 11,426,095

Assumption Change 10/1/2018 15 (1,600,000) (20,227,913)

(Gain)/Loss 10/1/2019 6 (2,100,000) (11,865,867)

Assumption Change 10/1/2019 16 26,300,000 349,938,395

(Gain)/Loss 10/1/2020 7 900,000 5,865,657

Assumption Change 10/1/2020 17 12,000,000 167,373,164

(Gain)/Loss 10/1/2021 8 (7,500,000) (55,211,799)

Assumption Change 10/1/2021 18 9,600,000 139,851,923

(Gain)/Loss 10/1/2022 9 38,000,000 310,980,825

Assumption Change 10/1/2022 19 31,200,000 473,221,528

(Gain)/Loss 10/1/2023 10 33,000,000 296,868,111

Assumption Change 10/1/20231 20 26,900,000 423,449,990

Total Amortization $ 659,400,000 $ 4,392,608,305

Total Normal Cost with Interest $ -

Employee Contributions -

$ - Net Employer Normal Cost

Total Required Government Contribution as of 

September 30, 20232 $ 659,400,000

1 Includes assumption change impact, $427,547,559, as well as effect of discount rate change on prior amortization balances, 

($4,097,569).

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, 2023 Installment

Initial Unfunded Accrued Liability 4 $ 2,100,000 $ 7,854,684

Assumption Change 10/1/2004 1 200,000 194,666

Assumption Change 10/1/2006 3 600,000 1,705,686

Assumption Change 10/1/2008 5 200,000 922,781

Assumption Change 10/1/2009 6 (800,000) (4,371,349)

Assumption Changes 10/1/2010 7 1,500,000 9,437,686

Assumption Changes 10/1/2011 8 100,000 709,732

Assumption Changes 10/1/2012 9 600,000 4,728,825

Assumption Changes 10/1/2013 10 400,000 3,457,806

Funding Method Change 10/1/2013 10 (1,000,000) (8,644,515)

(Gain)/Loss 10/1/2014 1 2,900,000 2,822,659

Assumption Change 10/1/2014 11 200,000 1,877,461

(Gain)/Loss 10/1/2015 2 100,000 192,070

Assumption Change 10/1/2016 13 300,000 3,244,193

Method Change 10/1/2016 13 500,000 5,406,989

(Gain)/Loss 10/1/2017 4 400,000 1,496,130

Assumption Change 10/1/2017 14 800,000 9,199,126

(Gain)/Loss 10/1/2018 5 700,000 3,229,733

Assumption Change 10/1/2018 15 100,000 1,216,557

(Gain)/Loss 10/1/2019 6 700,000 3,824,930

Assumption Change 10/1/2019 16 (400,000) (5,125,782)

(Gain)/Loss 10/1/2020 7 700,000 4,404,254

Assumption Change 10/1/2020 17 600,000 8,067,620

(Gain)/Loss 10/1/2021 8 400,000 2,838,930

Assumption Change 10/1/2021 18 400,000 5,624,308

(Gain)/Loss 10/1/2022 9 1,500,000 11,822,062

Assumption Change 10/1/2022 19 600,000 8,795,466

(Gain)/Loss 10/1/2023 10 1,800,000 15,838,073

Assumption Change 10/1/20231 20 1,400,000 21,128,246

Total Amortization $ 17,600,000 $ 121,899,027

Total Normal Cost with Interest $ 9,300,000

Employee Contributions (700,000)

Net Employer Normal Cost $ 8,600,000

Total Required Government Contribution as of $ 26,200,000 September 30, 20232

1 Includes assumption change impact, $19,785,532, as well as effect of discount rate change on prior amortization balances, 

$1,342,714.

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, 2022, before adjustments $ 3,991,603,721 $ 196,811,485

As of October 1, 2022, after adjustments 3,993,629,285 196,898,940

Contributions:

Employees $ - $ 760,208 

Employer 22,529,278 608,495,045

Total 608,495,045 23,289,486

Benefits Paid (553,345,352) (17,706,643)

Expenses Paid (19,337,231) (546,802)

Income (including adjustments) 80,638,894 4,211,915

Expected Income 32,235,783 4,908,493

Expected End of Year Value 4,059,651,966 206,756,019

October 1, 2023 (Projected) Value 4,108,055,077 206,059,441

Asset (Gain)/Loss $ (48,403,111) $ 696,578 

Liabilities

October 1, 2022 AAL $ 8,212,151,289 $ 295,839,904

Normal Cost:

Employees - 600,000

Employers - 6,800,000

Total - 7,400,000

Benefits Paid (553,345,352) (17,706,643)

Interest 69,038,664 7,498,180

Expected September 30, 2023 AAL 7,727,844,601 293,031,441

Actual September 30, 2023 AAL before 

assumption and method changes1 8,073,115,823 308,172,936

Liability (Gain)/Loss 345,271,222 15,141,495

Total Experience (Gain)/Loss $ 296,868,111 $ 15,838,073

Summary of Changes in Assumptions and Methods

Police Officers and 

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

Teachers' Plans

Change in Discount Rate 31,565,314 (4,771,150)

Change in Other Economic Assumptions2 395,982,245 24,556,682

Change in Non-Economic Assumptions -

Total Impact $ 427,547,559 $ 19,785,532

Actual End of Year AAL after assumption $ 8,500,663,382 $ 327,958,468 and method changes

1

 Liabilities as of October 1, 2023 for the Police Officers and Firefighters', and Teachers' Plans calculated for this purpose are 

based on 2023 spot rates implied by the 2022 spot rate yield curve. These spot rates used in gain/loss analysis were 

calculated by converting the 2022 spot rates to forward rates, removing the forward rate for FY 2023, and then converting the 

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

2

 Includes Projected COLA and wage increase assumption changes.

-

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, 2023, as provided by the Department of the Treasury on August 10, 2023. 

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 $ 3,991,603,721 $ 196,811,485 October 1, 2022

Adjusted from estimate to actual 2,025,564 87,456

Actual net assets available as of $ 3,993,629,285 $ 196,898,940 October 1, 2022

Additions

Contributions:

Government contributions (amortization $ 608,495,045 $ 22,529,278 payment)

Employee contributions - 760,208

Total contributions $ 608,495,045 $ 23,289,486

Investment income (including interest)2 78,280,383 4,106,936

Miscellaneous additions 332,947 17,524

Total additions $ 687,108,376 $ 27,413,945

Deductions

Benefit payments:

Annuities - Federal only $ (553,341,023) $ (17,042,832)

Refunds of contributions (4,329) (663,811)

Total benefit payments $ (553,345,352) $ (17,706,643)

Expenses and fees:

Administrative expenses $ (21,862,168) $ (529,278)

Bad debt expense (109,239) -

Imputed Costs (332,947) (17,524) 

Other expenses 2,967,124 -

Total expenses and fees $ (19,337,231) $ (546,802)

Total deductions $ (572,682,584) $ (18,253,444)

Net additions/(deductions) $ 114,425,792 $ 9,160,501

Net assets available for benefits as of $ 4,108,055,077 $ 206,059,441 October 1, 2023

1 The approximate rate of return on the Market Value of Assets is 2.01% for the Police Officers and Firefighters', and 

Teacher's Plans, and 2.11% for the Judges' Plan.

22
Benefit Payments and Funding Projections

Benefit Payment Projections

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

Fiscal Year Expected Net Benefit Fiscal Year Expected Net Benefit 

Ending In Payments Ending In Payments

2024 $ 568,107,792 2062 $ 35,677,799

2025 563,300,920 2063 30,263,984

2026 556,792,863 2064 25,428,291

2027 548,586,240 2065 21,160,576

2028 538,926,999 2066 17,442,880

2029 527,895,917 2067 14,248,921

2030 515,522,748 2068 11,544,019

2031 501,821,665 2069 9,286,208

2032 486,929,732 2070 7,428,476

2033 470,829,728 2071 5,920,951

2034 453,631,141 2072 4,713,203

2035 435,431,120 2073 3,756,596

2036 416,350,162 2074 3,005,976

2037 396,525,385 2075 2,420,838

2038 376,120,800 2076 1,966,141

2039 355,309,829 2077 1,612,559

2040 334,276,915 2078 1,336,215

2041 313,215,543 2079 1,118,302

2042 292,322,823 2080 944,322

2043 271,790,336 2081 803,340

2044 251,795,789 2082 687,366

2045 232,495,250 2083 590,557

2046 214,016,317 2084 508,753

2047 196,453,220 2085 438,955

2048 179,865,094 2086 378,892

2049 164,276,760 2087 326,940

2050 149,682,460 2088 281,716

2051 136,052,100 2089 242,052

2052 123,338,389 2090 207,145

2053 111,484,252 2091 176,328

2054 100,429,624 2092 149,025

2055 90,116,836 2093 124,849

2056 80,495,129 2094 103,490

2057 71,523,204 2095 84,723

2058 63,170,621 2096 68,425

2059 55,417,748 2097 54,395

2060 48,253,606 2098 42,461

2061 41,673,920

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

2024 $ 278,370,367 2062 $ 25,020,059

2025 278,259,773 2063 21,230,218

2026 277,319,169 2064 17,827,222

2027 275,544,901 2065 14,815,961

2028 273,047,605 2066 12,192,105

2029 269,867,915 2067 9,942,011

2030 265,998,057 2068 8,043,268

2031 261,384,129 2069 6,466,209

2032 256,075,362 2070 5,176,300

2033 250,091,408 2071 4,136,318

2034 243,422,964 2072 3,308,534

2035 236,092,830 2073 2,656,809

2036 228,143,991 2074 2,147,922

2037 219,627,931 2075 1,752,514

2038 210,610,720 2076 1,445,582

2039 201,169,360 2077 1,206,544

2040 191,391,425 2078 1,018,922

2041 181,374,806 2079 869,902

2042 171,224,544 2080 749,733

2043 161,047,808 2081 651,145

2044 150,948,752 2082 568,827

2045 141,023,603 2083 498,914

2046 131,355,234 2084 438,675

2047 122,009,569 2085 386,117

2048 113,033,653 2086 339,739

2049 104,455,085 2087 298,519

2050 96,283,293 2088 261,565

2051 88,512,702 2089 228,135

2052 81,127,003 2090 197,808

2053 74,103,753 2091 170,256

2054 67,419,074 2092 145,208

2055 61,051,649 2093 122,534

2056 54,985,967 2094 102,139

2057 49,214,034 2095 83,966

2058 43,736,399 2096 68,018

2059 38,561,692 2097 54,186

2060 33,704,591 2098 42,358

2061 29,184,042

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

2024 $ 99,360,105 2062 $ 8,204,173

2025 98,662,162 2063 7,055,044

2026 97,610,537 2064 6,017,635

2027 96,236,455 2065 5,088,135

2028 94,583,541 2066 4,262,709

2029 92,677,117 2067 3,537,309

2030 90,530,528 2068 2,907,261

2031 88,173,846 2069 2,366,994

2032 85,621,716 2070 1,910,013

2033 82,896,412 2071 1,528,922

2034 80,022,575 2072 1,215,603

2035 77,023,682 2073 961,488

2036 73,926,600 2074 757,954

2037 70,758,553 2075 596,627

2038 67,545,967 2076 469,723

2039 64,313,048 2077 370,320

2040 61,080,678 2078 292,460

2041 57,866,594 2079 231,269

2042 54,685,258 2080 182,864

2043 51,548,022 2081 144,223

2044 48,463,576 2082 113,145

2045 45,438,633 2083 88,005

2046 42,478,741 2084 67,627

2047 39,588,817 2085 51,187

2048 36,773,633 2086 38,040

2049 34,038,172 2087 27,670

2050 31,387,935 2088 19,646

2051 28,829,050 2089 13,579

2052 26,368,093 2090 9,114

2053 24,011,811 2091 5,926

2054 21,766,695 2092 3,724

2055 19,638,334 2093 2,256

2056 17,631,104 2094 1,315

2057 15,748,084 2095 736 

2058 13,990,828 2096 395 

2059 12,359,512 2097 203 

2060 10,852,980 2098 99 

2061 9,468,921

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

2024 $ 190,377,320 2062 $ 2,453,567

2025 186,378,986 2063 1,978,722

2026 181,863,156 2064 1,583,434

2027 176,804,885 2065 1,256,479

2028 171,295,852 2066 988,066

2029 165,350,884 2067 769,601

2030 158,994,164 2068 593,490

2031 152,263,690 2069 453,004

2032 145,232,654 2070 342,163

2033 137,841,908 2071 255,711

2034 130,185,602 2072 189,066

2035 122,314,608 2073 138,299

2036 114,279,571 2074 100,099

2037 106,138,902 2075 71,697

2038 97,964,114 2076 50,837

2039 89,827,421 2077 35,695

2040 81,804,812 2078 24,834

2041 73,974,144 2079 17,130

2042 66,413,021 2080 11,725

2043 59,194,507 2081 7,973

2044 52,383,462 2082 5,394

2045 46,033,013 2083 3,638

2046 40,182,342 2084 2,451

2047 34,854,834 2085 1,651

2048 30,057,808 2086 1,113

2049 25,783,503 2087 751 

2050 22,011,232 2088 505 

2051 18,710,347 2089 338 

2052 15,843,293 2090 224 

2053 13,368,688 2091 146 

2054 11,243,856 2092 94 

2055 9,426,853 2093 59 

2056 7,878,058 2094 36 

2057 6,561,086 2095 21 

2058 5,443,394 2096 12 

2059 4,496,545 2097 7 

2060 3,696,035 2098 3 

2061 3,020,957

26
Benefit Payments and Funding Projections

Benefit Payment Projections

Judges' Plan (open group)

Expected Net Benefit Fiscal Year Ending In Payments1

2024 $ 17,704,011

2025 17,866,790

2026 18,096,263

2027 18,183,852

2028 18,519,548

2029 18,705,379

2030 19,193,837

2031 19,473,720

2032 19,641,904

2033 19,538,561

2034 19,475,686

2035 19,411,486

2036 19,384,769

2037 19,160,593

2038 19,020,317

2039 18,839,581

2040 18,877,563

2041 19,075,262

2042 19,005,458

2043 19,062,594

2044 19,180,418

2045 19,226,694

2046 19,209,271

2047 19,214,280

2048 19,226,938

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

2024 $ 17,704,011 2062 $ 8,039,753

2025 17,866,737 2063 7,562,874

2026 18,096,088 2064 7,091,708

2027 18,183,491 2065 6,625,775

2028 18,518,928 2066 6,164,943

2029 18,704,407 2067 5,709,884

2030 19,192,578 2068 5,262,198

2031 19,471,501 2069 4,823,564

2032 19,638,385 2070 4,396,050

2033 19,533,266 2071 3,981,830

2034 19,468,245 2072 3,582,920

2035 19,378,437 2073 3,201,192

2036 19,315,849 2074 2,838,410

2037 19,041,719 2075 2,496,044

2038 18,809,617 2076 2,175,552

2039 18,505,713 2077 1,878,044

2040 18,191,100 2078 1,604,367

2041 18,131,177 2079 1,355,170

2042 17,738,067 2080 1,130,600

2043 17,464,908 2081 930,706

2044 17,150,889 2082 755,165

2045 16,743,888 2083 603,217

2046 16,183,210 2084 473,829

2047 15,680,549 2085 365,675

2048 15,167,443 2086 276,995

2049 14,653,430 2087 205,762

2050 14,207,528 2088 149,766

2051 13,688,265 2089 106,726

2052 13,247,202 2090 74,404

2053 12,658,205 2091 50,704

2054 12,160,544 2092 33,754

2055 11,669,862 2093 21,937

2056 11,110,171 2094 13,903

2057 10,565,734 2095 8,588

2058 10,036,036 2096 5,171

2059 9,520,173 2097 3,037

2060 9,016,707 2098 1,738

2061 8,523,803

1

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

28
Benefit Payments and Funding Projections

District Benefit Payments

Police Officers and Firefighters', and Teachers' Plans

Benefits Paid by 

Fiscal Year Ending In District 

($ millions)

1998-1999 $ 2.3

2000 3.9

2001 4.6

2002 6.7

2003 10.9

2004 16.2

2005 21.7

2006 28.6

2007 38.4

2008 47.1

2009 58.1

2010 65.5

2011 73.3

2012 86.0

2013 99.8

2014 112.6

2015 126.4

2016 146.0 

2017 163.0 

2018 183.8 

2019 201.1 

2020 223.9 

2021 244.5 

2022 271.8 

2023 308.3 

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 Investmen

Return on Expenses Ending In Year Assets (with Expense Payments Return 

Assets Reimbursement)

2024 1.30% $ 4,108,055,077 $ 689,200,000 $ (568,107,792) $ (29,800,000) $ 49,518,3

2025 1.48% 4,248,865,600 681,000,000 (563,300,920) (28,400,000) 58,507,72026 1.87% 4,396,672,465 695,800,000 (556,792,863) (29,900,000) 76,763,22027 2.23% 4,582,542,897 666,300,000 (548,586,240) (30,200,000) 95,810,62028 2.42% 4,765,867,286 313,100,000 (538,926,999) (30,700,000) 108,527,9

2029 2.52% 4,617,868,251 308,000,000 (527,895,917) (31,300,000) 109,401,8

2030 2.60% 4,476,074,159 270,000,000 (515,522,748) (31,900,000) 109,331,6

2031 2.70% 4,307,983,048 259,200,000 (501,821,665) (32,500,000) 109,173,2

2032 2.68% 4,142,034,644 260,500,000 (486,929,732) (33,200,000) 104,086,1

2033 2.80% 3,986,491,026 190,700,000 (470,829,728) (33,900,000) 104,614,8

2034 2.92% 3,777,076,114 174,400,000 (453,631,141) (34,500,000) 103,232,4

2035 2.92% 3,566,577,409 161,700,000 (435,431,120) (35,200,000) 97,326,6

2036 3.15% 3,354,972,942 166,400,000 (416,350,162) (35,900,000) 98,644,7

2037 3.27% 3,167,767,496 146,000,000 (396,525,385) (36,600,000) 96,599,02038 3.24% 2,977,241,117 141,800,000 (376,120,800) (37,400,000) 89,834,6

30
Benefit Payments and Funding Projections

15-Year Funding Projections - Open Group

Judges' Plan

Federal Expected Fiscal Year Beginning of Employee Contribution Net Benefit In

Return on Expenses Ending In Year Assets Contributions (with Expense Payments 

Assets Reimbursement)

2024 1.30% $ 206,059,441 $ 655,995 $ 26,900,000 $ (17,704,011) $ (700,000) $ 

2025 1.48% 217,774,836 666,950 23,943,620 (17,866,790) (700,000) 

2026 1.87% 226,909,392 678,088 23,989,638 (18,096,263) (700,000) 

2027 2.23% 236,856,307 689,412 23,538,095 (18,183,852) (700,000) 

2028 2.42% 247,282,883 700,925 21,189,032 (18,519,548) (700,000) 

2029 2.52% 255,718,055 712,631 20,542,488 (18,705,379) (800,000) 

2030 2.60% 263,679,497 724,532 20,798,508 (19,193,837) (800,000) 

2031 2.70% 271,818,110 736,632 18,757,133 (19,473,720) (800,000) 

2032 2.68% 278,118,102 748,933 18,418,407 (19,641,904) (800,000) 

2033 2.80% 284,036,626 761,440 16,482,375 (19,538,561) (800,000) 

2034 2.92% 288,625,180 774,157 15,449,080 (19,475,686) (800,000) 

2035 2.92% 292,721,273 787,085 15,418,570 (19,411,486) (800,000) 

2036 3.15% 296,983,878 800,229 15,690,890 (19,384,769) (900,000) 

2037 3.27% 302,246,235 813,593 15,066,088 (19,160,593) (900,000) 

2038 3.24% 307,643,467 827,180 14,444,212 (19,020,317) (900,000) 

31
Basis for the Valuation

Plan Member Summary

Police Officers and Firefighters', and Teachers' Plans

Police Officers Firefighters Teachers Total

Date Of Census Data: 5/1/2023 5/1/2023 5/1/2023 5/1/2023

Plan Member Counts:

Actives 120 115 195 430 

Terminated Vested 20 8 212 240 

Normal Retirees1

 - Current Benefits 3,984 1,262 4,233 9,479 

Normal Retirees - Deferred Benefits 2 0 0 2

Beneficiaries 1,361 457 402 2,220 

Disabled Retirees - Current Benefits 640 211 176 1,027 

Disabled Retirees - Deferred Benefits 8 37 7 52

Total 6,164 2,061 5,225 13,450

Active Plan Member Characteristics:

Total Pay $ 16,857,821 $ 15,327,644 $ 25,443,421 $ 57,628,886

Average Age 54.48 55.19 59.94 57.15

Average Service 30.90 30.28 31.99 31.23

Inactive Plan Member Characteristics:

Average Age:

Terminated Vested 57.07 55.86 63.27 62.51

Normal Retirees 68.81 69.43 78.84 73.38

Beneficiaries 76.11 78.98 80.63 77.52

Disabled Retirees 71.85 75.83 78.07 73.71

Total Annual Federal Benefits - Current:

Normal Retirees $ 197,460,994 $ 69,604,438 $ 177,991,440 $ 445,056,872

Beneficiaries 51,347,700 17,629,164 9,021,012 77,997,876

Disabled Retirees 28,042,542 11,936,052 5,200,428 45,179,022

Total Annual Federal Benefits - Deferred:

Terminated Vested $ 286,872 $ 103,788 $ 1,242,264 $ 1,632,924

Normal Retirees 21,012 - - 21,012

Disabled Retirees 321,804 72,204 38,544 432,552

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 5/1/2023

Plan Member Counts:

Actives 61

Terminated Vested 0

Normal Retirees1 87

Beneficiaries 15

Disabled Retirees 2

Total 165

Active Plan Member Characteristics

Total Compensation for Covered Plan Members $ 14,301,600

Average Age 56.51

Average Service 10.24

Inactive Plan Member Characteristics

Average Age

Terminated Vested N/A

Normal Retirees 77.08

Beneficiaries 83.85

Disabled Retirees 65.83

Total Annual Benefits

Terminated Vested N/A

Normal Retirees $ 15,611,995

Beneficiaries 1,382,400

Disabled Retirees 281,419 

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, 2022 567 260 9,651 2,227 1,164 13,869

New Plan Members 0 00 000

Rehires 4 (4) 0 0 0 0

Vested Terminations (2) 2 0 0 0 0

Retirements (135) (17) 152 0 0 0

Deaths ‐ Beneficiary (1) 0 (96) 133 (34) 2

Deaths ‐ No Beneficiary (1) 0 (228) (133) (53) (415)

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

Disabled (1) 0 0 0 1 0

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

Data Corrections (1) 0 2 (2) 1 0

Plan Members as of May 1, 2023 430 240 9,481 2,220 1,079 13,450

Police Officers

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

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

New Plan Members 0 00 000

Rehires 0 00 000

Vested Terminations 0 00 000

Retirements (58) (2) 60 0 0 0

Deaths ‐ Beneficiary 0 0 (48) 73 (23) 2

Deaths ‐ No Beneficiary 0 0 (39) (72) (21) (132)

Refund of Contributions 0 00 000

Disabled (1) 0 0 0 1 0

Payments Reinstated/Ceased 0 0 0 (3) 0 (3)

Data Corrections 0 01 113

Plan Members as of May 1, 2023 120 20 3,986 1,361 677 6,164

34
Basis for the Valuation

Plan Member Reconciliation

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

the current census date.

Firefighters

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

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

New Plan Members 0 00 000

Rehires 0 00 000

Vested Terminations 0 00 000

Retirements (44) (1) 45 0 0 0

Deaths ‐ Beneficiary 0 0 (25) 36 (11) 0

Deaths ‐ No Beneficiary 0 0 (15) (32) (10) (57)

Refund of Contributions 0 00 000

Disabled 0 00 000

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

Data Corrections 0 0 1 (2) 0 (1)

Plan Members as of May 1, 2023 115 8 1,262 457 219 2,061

Teachers

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

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

New Plan Members 0 00 000

Rehires 4 (4) 0 0 0 0

Vested Terminations (2) 2 0 0 0 0

Retirements (33) (14) 47 0 0 0

Deaths ‐ Beneficiary (1) 0 (23) 24 0 0

Deaths ‐ No Beneficiary (1) 0 (174) (29) (22) (226)

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

Disabled 0 00 000

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

Data Corrections (1) 0 0 (1) 0 (2)

Plan Members as of May 1, 2023 195 212 4,233 402 183 5,225

35
Basis for the Valuation

Plan Member Reconciliation

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

current census date.

Judges' Plan

Terminated Normal Disabled Actives Beneficiaries Totals Vested Retirees Retirees

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

New Plan Members 7 0 0 007

Rehires 0 0 0 000

Vested Terminations 0 0 0 000

Retirements (2) 0 2 0 0 0

Deaths ‐ Beneficiary 0 0 (1) 1 0 0

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

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

Disabled 0 0 0 000

Payments Reinstated/Ceased 0 0 0 000

Data Corrections 0 0 0 000

Plan Members as of May 1, 2023 61 0 87 15 2 165

36
Basis for the Valuation

Age-Service Grid

Police Officers

Active Population

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

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

Group

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

40 - 44 - - - - - - - - - - - - 45 - 49 - - - - 13 128,725 3 132,548 - - - - 

50 - 54 - - - - 37 143,555 16 146,491 - - - - 

55 - 59 - - - - 7 131,651 30 144,299 1 127,987 - - 60 - 64 - - - - 1 161,936 7 131,857 4 134,986 1 127,987 

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

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

All Ages - $ - - $ - 58 139,111 $ 56 $ 5 142,740 $ 1 133,586 $ 

127,987 

37
Basis for the Valuation

Age-Service Grid

Firefighters

Active Population

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

Age 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 - - - - 4 132,123 13 135,589 - - - - 

50 - 54 - - - - 21 124,473 21 143,738 2 133,330 - - 

55 - 59 - - - - 21 120,501 13 157,062 3 173,103 - - 

60 - 64 - - - - 7 114,581 3 109,205 6 134,882 - - 65 - 69 - - - - - - - - 1 106,798 - - 

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

All Ages - $ - - $ - 53 122,170 $ 50 $ 12 143,012 $ - 141,838 $ - 

38
Basis for the Valuation

Age-Service Grid

Teachers

Active Population

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

Age 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 - - - - 2 135,590 - - - - - - 

50 - 54 - - - - 42 127,368 8 132,056 - - - - 

55 - 59 - - - - 21 128,685 28 131,913 12 127,248 - - 

60 - 64 - - - - 9 127,015 10 135,618 15 132,719 - - 65 - 69 - - - - 4 151,828 13 133,407 9 127,877 7 131,113 

70+ - - - - 2 127,499 3 126,872 8 130,677 2 131,003 

All Ages - $ - - $ - 80 129,106 $ 62 $ 44 132,598 $ 9 129,865 $ 

131,088 

39
Basis for the Valuation

Age-Service Grid

Judges

Active Population

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

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. 

Group

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

35 - 39 - - 1 246,600 - - - - - - - - - - - - 

40 - 44 1 232,600 6 237,267 - - - - - - - - - - - - 

45 - 49 3 232,600 3 232,600 1 232,600 - - - - - - - - - - 

50 - 54 2 239,600 3 232,600 1 232,600 5 235,400 1 232,600 - - - - - - 

55 - 59 1 232,600 2 232,600 1 232,600 4 232,600 1 232,600 - - - - - - 

60 - 64 - - - - 4 232,600 5 238,200 1 232,600 6 235,017 1 233,100 - - 

65 - 69 - - - - - - 2 232,600 2 232,600 1 232,600 - - - - 

70+ - - - - - - - - 2 232,600 - - 1 232,600 - - 

All Ages 7 $234,600 15 $235,400 7 $232,600 16 $235,225 7 $232,600 7 $234,671 2 $232,850 - - 

40
Basis for the Valuation

Federal Allocation by Plan

Police Officers and Firefighters', and Teachers' Plans

Active Plan Members Police Officers Firefighters Teachers

Number 120 115 195

Average Age 54.48 55.19 59.94

Average Service 30.90 30.28 31.99

Average Pay $ 140,482 $ 133,284 $ 130,479

41

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 1,579 2,405 398 864 991 3,242

Average Age 78.34 62.57 81.77 63.74 88.01 76.04

Average Federal Benefit $ 65,032 $ 39,407 $ 78,226 $ 44,526 $ 55,454 $ 37,951 

Average Total Benefit $ 65,032 $ 91,895 $ 78,226 $ 100,363 $ 55,454 $ 64,305 

Normal Retirees - Deferred Federal Benefit

Number N/A 2 N/A 0 N/A 0

Average Age N/A 51.08 N/A N/A N/A N/A

Average Federal Benefit N/A $ 10,506 N/A N/A N/A N/A 

Average Total Benefit N/A $ 37,254 N/A N/A N/A N/A 

Beneficiaries - Current Federal Benefit1

Number 1,165 196 394 63 233 169

Average Age 78.83 59.93 81.76 61.53 84.54 75.24

Average Federal Benefit $ 39,406 $ 27,754 $ 40,179 $ 28,549 $ 27,138 $ 15,964 

Average Total Benefit $ 39,406 $ 41,739 $ 40,179 $ 48,923 $ 27,138 $ 23,432 

Disabled Retirees - Current Federal Benefit

Number 447 193 158 53 108 68

Average Age 77.25 62.88 80.15 66.37 82.63 72.82

Average Federal Benefit $ 52,062 $ 24,720 $ 62,929 $ 37,609 $ 35,589 $ 19,953 

Average Total Benefit $ 52,062 $ 52,304 $ 62,929 $ 60,455 $ 35,589 $ 43,842 

Disabled Retirees - Deferred Federal Benefit

Number N/A 37 N/A 8 N/A 7

Average Age N/A 53.33 N/A 53.31 N/A 58.68

Average Federal Benefit N/A $ 8,697 N/A $ 9,026 N/A $ 5,506 

Average Total Benefit N/A $ 46,669 N/A $ 51,881 N/A $ 48,060 

Terminated Vested - Deferred Federal Benefit

Number 20 8 212

Average Age 57.07 55.86 63.27

Average Federal Benefit $ 14,344 $ 12,974 $ 5,860 

1

 Includes child beneficiaries.
Basis for the Valuation

Plan Member Counts

Judges' Plan

Active Plan Members

Number 61 

Average Age 56.51 

Average Service 10.24 

Average Pay $ 234 ,452

Number Eligible to Retire 26 

Inactive Plan Members

Normal Retirees

Number 87 

Average Age 77.08

Average Benefit $ 179 ,448

Spouse Beneficiaries

Number 14 

Average Age 85.74

Average Benefit $ 98,097

Disabled Retirees

Number 2 

Average Age 65.83

Average Benefit $ 140 ,710

Child Beneficiaries

Number 1 

Average Age 57.38

Average Benefit $ 9,048

42
Basis for the Valuation

Inactive Benefit Information

Inactive Police Officers - Current Benefits

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

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-49 - - 7 1,200 73,325 

50-54 - - 264 16,607 93,442 

55-59 - - 730 24,331 90,410 

60-64 1 6,420 626 32,891 89,113 

65-69 33 51,531 387 53,536 92,792 

70-74 366 57,361 272 75,768 96,246 

75-79 675 65,094 104 88,842 99,107 

80-84 321 70,246 15 97,569 109,614

85-89 150 71,106 - - -

90-94 27 76,411 - - -

95-100 6 128,094 - - -

100 and over - - - - -

Total 1,579 $ 65,032 2,405 $ 39,407 $ 91,895 

43

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

Under 35 4 $ 48,429 21 $ 3,907 $ 13,845

35-39 - - 1 1,908 4,932 

40-44 1 36,684 1 1,812 4,956 

45-59 - - 1 16,860 44,028 

50-54 6 31,676 22 17,382 42,859 

55-59 9 33,763 22 22,904 41,236 

60-64 43 42,889 37 25,503 43,927 

65-69 93 37,230 39 36,560 48,774 

70-74 206 38,556 31 37,860 46,631 

75-79 280 39,574 18 44,157 49,288 

80-84 235 39,025 2 35,688 40,854 

85-89 179 40,403 1 41,568 44,088 

90-94 66 41,016 - - -

95-100 37 39,741 - - -

100 and over 6 45,526 - - -

Total 1,165 $ 39,406 196 $ 27,754 $ 41,739 
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 1 25,752 1 444 76,836 

55-59 7 26,297 70 11,904 43,931 

60-64 22 30,017 63 18,590 48,305 

65-69 39 42,737 40 38,335 61,829 

70-74 105 53,220 15 66,792 75,984 

75-79 116 52,600 3 63,060 75,140 

80-84 84 54,923 1 41,616 61,068 

85-89 43 58,544 - - -

90-94 20 60,404 - - -

95-100 9 70,891 - - -

100 and over 1 67,896 - - -

Total 447 $ 52,062 193 $ 24,720 $ 52,304 

Inactive Police Officers - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ -

35-39 - -

40-44 - -

45-49 - -

50-54 7 12 ,021

55-59 9 11 ,001

60-64 4 25 ,929

65-69 - -

70-74 - -

75-79 - -

80-84 - -

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 20 $ 14,344

44
Basis for the Valuation

Inactive Benefit Information

Inactive Police Officers - Deferred Benefits

Partial Partial 

Normal Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 1 6,408 46,932 

50-54 1 14,604 27,576 

55-59 - - -

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 2 $ 10,506 $ 37,254

45

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 1 4,416 44,868 

50-54 33 8,813 46,216 

55-59 3 8,856 52,244 

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 37 $ 8,697 $ 46,669
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 - - 106 18 ,263 96 ,028

55-59 - - 161 20 ,496 94 ,305

60-64 - - 227 33 ,551 95 ,496

65-69 1 53 ,388 214 52 ,888 100,869

70-74 32 59 ,195 103 79 ,651 107,744

75-79 122 72 ,817 45 112,013 129,886

80-84 149 82 ,096 8 132,000 143,163

85-89 68 82 ,646 - - -

90-94 25 95 ,436 - - -

95-100 1 64 ,596 - - -

100 and over - - - - -

Total 398 $ 78,226 864 $ 44,526 $ 100,363

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

Under 35 - $ - 5 $ 21,778 $ 54,958

35-39 - - 2 14 ,466 32 ,196

40-44 - - 1 1 ,416 5 ,004

45-59 1 34 ,968 - - -

50-54 - - 6 12 ,836 70 ,416

55-59 2 34 ,014 7 16 ,848 39 ,050

60-64 8 33 ,218 9 21 ,619 44 ,287

65-69 18 36 ,733 13 34 ,163 48 ,460

70-74 39 37 ,958 12 40 ,484 52 ,566

75-79 83 39 ,051 7 43 ,221 49 ,185

80-84 116 39 ,361 1 37 ,356 38 ,472

85-89 67 40 ,344 - - -

90-94 39 43 ,867 - - -

95-100 19 51 ,438 - - -

100 and over 2 60 ,996 - - -

Total 394 $ 40,179 63 $ 28 ,549 $ 48 ,923

46
Basis for the Valuation

Inactive Benefit Information

Inactive Firefighters - Current Benefits

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

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-59 - - - - -

50-54 - - - - -

55-59 - - 11 7 ,886 37 ,828

60-64 3 26 ,488 8 18 ,150 56 ,216

65-69 11 50 ,774 16 36 ,077 59 ,381

70-74 23 58 ,551 17 63 ,158 75 ,068

75-79 34 62 ,706 1 110,400 112,020

80-84 52 70 ,710 - - -

85-89 19 58 ,781 - - -

90-94 14 64 ,714 - - -

95-100 1 59 ,844 - - -

100 and over 1 66 ,564 - - -

Total 158 $ 62,929 53 $ 37,609 $ 60 ,455

Inactive Firefighters - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ -

35-39 - -

40-44 - -

45-59 - -

50-54 6 14 ,314

55-59 - -

60-64 1 12 ,384

65-69 1 5 ,520

70-74 - -

75-79 - -

80-84 - -

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 8 $ 12,974

47
Basis for the Valuation

Inactive Benefit Information

Inactive Firefighters - Deferred Benefits

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 - - -

50-54 7 10 ,152 50 ,755

55-59 1 1 ,140 59 ,760

60-64 - - -

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 8 $ 9 ,026 $ 51,881

48
Basis for the Valuation

Inactive Benefit Information

Inactive Teachers - Current Benefits

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

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-49 - - - - -

50-54 - - 2 5 ,394 55 ,260

55-59 - - 33 15 ,332 72 ,908

60-64 1 7 ,008 138 16 ,040 65 ,470

65-69 3 21 ,288 361 22 ,529 64 ,688

70-74 10 13 ,117 755 32 ,939 65 ,497

75-79 74 34 ,697 1,098 43 ,317 64 ,717

80-84 211 56 ,683 634 46 ,782 63 ,079

85-89 332 60 ,390 190 44 ,523 57 ,944

90-94 243 55 ,904 27 51 ,967 66 ,149

95-100 88 54 ,219 4 54 ,921 69 ,393

100 and over 29 62 ,753 - - -

Total 991 $ 55,454 3,242 $ 37 ,951 $ 64 ,305

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

Under 35 - $ - 2 $ 3 ,516 $ 9 ,180

35-39 - - - - -

40-44 1 12 ,612 - - -

45-59 - - 2 9 ,048 19 ,290

50-54 3 9 ,860 - - -

55-59 2 6 ,486 2 9 ,264 17 ,154

60-64 4 15 ,705 12 9 ,401 22 ,236

65-69 3 29 ,828 17 14 ,063 23 ,030

70-74 9 25 ,131 40 15 ,928 25 ,210

75-79 35 25 ,365 44 18 ,436 24 ,777

80-84 55 26 ,573 32 16 ,073 21 ,141

85-89 49 30 ,417 10 19 ,280 24 ,895

90-94 53 28 ,358 6 17 ,568 23 ,390

95-100 15 26 ,379 2 20 ,772 23 ,028

100 and over 4 37 ,776 - - -

Total 233 $ 27,138 169 $ 15,964 $ 23 ,432

49
Basis for the Valuation

Inactive Benefit Information

Inactive Teachers - Current Benefits

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

Under 35 - $ - - $ - $ -

35-39 - - - - -

40-44 - - - - -

45-59 - - - - -

50-54 - - - - -

55-59 - - - - -

60-64 4 28 ,134 6 12 ,402 46 ,366

65-69 3 27 ,332 14 14 ,080 43 ,564

70-74 4 35 ,586 21 21 ,110 44 ,278

75-79 29 34 ,837 24 22 ,405 42 ,776

80-84 26 33 ,759 3 34 ,752 45 ,572

85-89 24 37 ,257 - - -

90-94 13 37 ,410 - - -

95-100 3 42 ,884 - - -

100 and over 2 54 ,780 - - -

Total 108 $ 35,589 68 $ 19,953 $ 43 ,842

Inactive Teachers - Deferred Benefits

Average Terminated Count Federal Vested Benefit

Under 35 - $ -

35-39 - -

40-44 - -

45-59 3 1 ,456

50-54 36 3 ,223

55-59 47 5 ,063

60-64 50 6 ,611

65-69 20 8 ,691

70-74 32 5 ,222

75-79 20 8 ,801

80-84 4 9 ,108

85-89 - -

90-94 - -

95-100 - -

100 and over - -

Total 212 $ 5 ,860

50
Basis for the Valuation

Inactive Benefit Information

Inactive Teachers - Deferred Benefits

Partial Partial 

Disabled Partial Federal Federal 

Retirees Federal Count Average Average Total 

Benefit Benefit

Under 35 - $ - $ -

35-39 - - -

40-44 - - -

45-59 - - -

50-54 1 6 ,180 46 ,608

55-59 2 1 ,992 41 ,658

60-64 4 7 ,095 51 ,624

65-69 - - -

70-74 - - -

75-79 - - -

80-84 - - -

85-89 - - -

90-94 - - -

95-100 - - -

100 and over - - -

Total 7 $ 5,506 $ 48,060

51
Basis for the Valuation

Inactive Benefit Information

Inactive Judges

Normal Average Average Count Beneficiaries Count Retirees Benefit Benefit

Under 35 - $ - Under 35 - $ -

35-39 - - 35-39 - -

40-44 - - 40-44 - -

45-49 - - 45-59 - -

50-54 - - 50-54 - -

55-59 2 92,048 55-59 1 9,048 

60-64 2 176,246 60-64 - -

65-69 10 183,505 65-69 - -

70-74 21 176,272 70-74 - -

75-79 28 180,711 75-79 3 123,135

80-84 11 186,575 80-84 3 90,575 

85-89 8 199,042 85-89 5 91,374 

90-94 4 173,850 90-94 2 85,211 

95-100 1 138,689 95-100 1 104,932

100 and over - - 100 and over - -

Total 87 $ 179,448 Total 15 $ 92,160

Disabled Average Terminated Average Count Count Retirees Benefit Vested Benefit

Under 35 - $ - Under 35 - $ -

35-39 - - 35-39 - -

40-44 - - 40-44 - -

45-59 - - 45-59 - -

50-54 - - 50-54 - -

55-59 - - 55-59 - -

60-64 1 119,403 60-64 - -

65-69 1 162,016 65-69 - -

70-74 - - 70-74 - -

75-79 - - 75-79 - -

80-84 - - 80-84 - -

85-89 - - 85-89 - -

90-94 - - 90-94 - -

95-100 - - 95-100 - -

100 and over - - 100 and over - -

Total 2 $ 140,710 Total - $ - 

52
APPENDIX A

Actuarial Assumptions and Methods

Methods

Liability Valuation Method

The funding method is the Individual Entry Age Normal Method for the Judges' Plan and Projected Unit Credit 

Method for the Police Officers and Firefighters' and Teachers' Plans. The individual entry age normal method 

allocates the actuarial present value of the projected benefits of each individual on a level basis over the 

service of the individual between participation age and projected exit age. The projected unit credit method 

recognizes the portion of the present value of the projected benefits earned as of the valuation date. Since 

there are no remaining participants earning new benefit accruals in the Police Officers and Firefighters' and 

Teachers' Plans, ODCP believes that it is prudent to accelerate the recognition of the benefit accruals, as 

opposed to deferring the value of benefits already earned.

Under the Entry Age Normal Method, the present value of future benefits is equal to the value of the 

projected benefit payable at retirement discounted back to the plan member's current age. Discounts include 

such items as interest and mortality. The difference between the present value of future benefits and the 

present value of future normal cost contributions represents the actuarial liability at the plan member's 

current age.

Under the Projected Unit Credit Method (Benefit Accrual Method), the accrued liability is determined by 

calculating a benefit based on service earned to the valuation date with compensation projected to the 

expected retirement date (or other event), then discounting those amounts to the valuation date. The 

actuarial accrued liability for participants currently receiving payments is calculated as the actuarial present 

value of future benefits expected to be paid. 

For the purposes of determining the actuarial gains and losses during the year, liabilities as of 

October 1, 2023 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 2023 spot rates implied by the 2022 spot rate 

yield curve. These spot rates used in gain/loss analysis were calculated by converting the 2022 spot rates to 

forward rates, removing the forward rate for FY 2023, and then converting the forward rates back to spot 

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

Implied 2023 Spot 2022 Valuation Spot Forward Rate Fiscal Year Rates used for Rate Assumption (rounded) (Gain)/Loss only

FY 2023 0.87% 0.87% N/A

FY 2024 1.01% 1.15% 1.15%

FY 2025 1.20% 1.58% 1.37%

FY 2026 1.39% 1.96% 1.56%

Example: 1.56% adjusted FY 2026 spot rate = (1.0115 x 1.0158 x 1.0196)^(1/3) - 1

Asset Valuation Method

Net assets available for benefits, projected to September 30, 2023 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. 

For the Police Officers and Firefighters', and Teachers' Plans, the outstanding amortization bases are 

recalculated each year using the new spot rates. For the Judges' Plan, the outstanding amortization bases 

are recalculated each year at the new funding effective interest rate (EIR).

The asset (Gain)/Loss is determined using the same interest rates as the liability (Gain)/Loss.

Mortality Adjustment from Census Date to Valuation Date

The census data is adjusted from the date it is provided to the valuation date. A factor is applied to the 

liabilities calculated using the census data to account for the estimated inactives mortality between the census 

date and the valuation date. 

Procedures

Financial and Census data were submitted by the Department of the Treasury. Information provided was 

reviewed for internal consistency and there is no reason to doubt its substantial accuracy.

No benefits of materiality were excluded from the valuation of the liabilities.

The Department of the Treasury provided us with data on actives who, as of the valuation date, had 

completed the plan's eligibility requirements.

Models

Actuarial Standard of Practice No. 56 – Modeling requires disclosure of certain information regarding the 

actuary’s use of models when issuing actuarial reports for work performed on or after October 1, 2020. For 

this valuation, the liability calculations were determined using industry-leading defined benefit valuation 

software developed and maintained by a third-party vendor. The model was designed specifically for the 

measurement of defined benefit pension and postretirement medical plan liabilities and the actuary has 

updated the applicable parameters for the specific plan provisions and assumptions selected for this valuation. 

The discount rate was determined using a model that calculates a supportable weighted-average discount 

rate with inputs of the selected yield curve and projected plan cash flows.

Method Changes Since Last Year

None.

54
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

Interest Rates The June 30, 2023 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 1.30% 25-26 2.89% 50-51 3.13% 75-76 3.21%

1-2 1.39% 26-27 2.90% 51-52 3.13% 76-77 3.22%

2-3 1.55% 27-28 2.92% 52-53 3.14% 77-78 3.22%

3-4 1.72% 28-29 2.93% 53-54 3.14% 78-79 3.22%

4-5 1.86% 29-30 2.94% 54-55 3.15% 79-80 3.22%

5-6 1.97% 30-31 2.96% 55-56 3.15% 80-81 3.22%

6-7 2.06% 31-32 2.97% 56-57 3.16% 81-82 3.23%

7-8 2.14% 32-33 2.98% 57-58 3.16% 82-83 3.23%

8-9 2.20% 33-34 2.99% 58-59 3.16% 83-84 3.23%

9-10 2.26% 34-35 3.01% 59-60 3.17% 84-85 3.23%

10-11 2.32% 35-36 3.02% 60-61 3.17% 85-86 3.23%

11-12 2.37% 36-37 3.03% 61-62 3.17% 86-87 3.24%

12-13 2.43% 37-38 3.04% 62-63 3.18% 87-88 3.24%

13-14 2.49% 38-39 3.05% 63-64 3.18% 88-89 3.24%

14-15 2.54% 39-40 3.05% 64-65 3.18% 89-90 3.24%

15-16 2.60% 40-41 3.06% 65-66 3.19% 90-91 3.24%

16-17 2.64% 41-42 3.07% 66-67 3.19% 91-92 3.25%

17-18 2.69% 42-43 3.08% 67-68 3.19% 92-93 3.25%

18-19 2.73% 43-44 3.08% 68-69 3.20% 93-94 3.25%

19-20 2.77% 44-45 3.09% 69-70 3.20% 94-95 3.25%

20-21 2.80% 45-46 3.10% 70-71 3.20% 95-96 3.25%

21-22 2.82% 46-47 3.11% 71-72 3.20% 96-97 3.25%

22-23 2.84% 47-48 3.11% 72-73 3.21% 97-98 3.25%

23-24 2.86% 48-49 3.12% 73-74 3.21% 98-99 3.26%

24-25 2.87% 49-50 3.12% 74-75 3.21% 99-100 3.26%

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 2.58% 2.57% 2.44% 2.74%

Interest Rates for 

(Gain)/Loss

The same interest rates were used for purposes of rolling forward plan assets and rolling 

forward plan liabilities for determining gains and losses. For Judges, the 2022 EIR 

(2.61%) was used for this purpose. For Police, Fire and Teachers, the first spot rate from 

the 2022 spot rate curve (0.87%) was used for this purpose.

Economic 

Assumptions Police Fire Teachers Judges

COLA1 2.63% 2.63% 2.60% 2.58%

Wage Inflation2 2.75% 2.55% 2.10% 1.67%

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.

2

The wage inflation assumption for Fire was set to 3.50% in FY 2024 to reflect the most recent 

contract negotiation.

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 5 years of 

service and 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 

Member Base 

Mortality

● Police Officers and Firefighters: Pub-2010 Public Safety Employee, Above-Median

Income

● Teachers: Pub-2010 Teacher Employee, Above-Median Income

● Judges: Pub-2010 General Employee, Above-Median Income

Retired Plan 

Member Base 

Mortality

● Police Officers and Firefighters: Credibility Adjusted Pub-2010 Public Safety Healthy

Retiree, Above-Median Income

● 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 - 

Surviving Spouse 

Member Base 

Mortality

● Police Officers and Firefighters: Credibility Adjusted Pub-2010 Contingent Survivor,

Above-Median Income

● Teachers: Credibility Adjusted Pub-2010 Contingent Survivor, Above-Median Income

● Judges: Pub-2010 General Contingent Survivor, Above-Median Income

Beneficiary - NonDisabled Child 

Member Base 

Mortality

● Police Officers and Firefighters: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010

General Healthy Employee, Above-Median Income

● Teachers: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010 General Healthy

Employee, Above-Median Income

Disabled Plan 

Member Base 

Mortality

● Police Officers and Firefighters: Credibility Adjusted Pub-2010 Public Safety Disabled

Retiree, Full Data Set

● Teachers: Pub-2010 Teacher Disabled Retiree, Full Data Set

● Judges: Pub-2010 General Disabled Retiree, Full Data Set

Beneficiary - 

Disabled Child 

Member Base 

Mortality

● Police Officers and Firefighters: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010

General Disabled Retiree, Full Data Set

● Teachers: Age 0-17, Pub-2010 Juvenile; Age 18+, Pub-2010 General Disabled Retiree,

Full Data Set

Longevity 

Improvement 

Projection Scale

Mortality tables are adjusted using generational projection from 2010 using Scale MP2021.

Mortality 

Adjustment from 

Census Date to 

Valuation Date

The liabilities are adjusted to account for mortality during the 5 month period between the 

census collection date of May 1, 2023 and the valuation date of October 1, 2023. The 

liabilities for inactive plan members in the Police Officers and Firefighters' Plan are 

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- Police- Age Fire Teachers Judges Male Female

50 55% 65% 55% 0% 0%

51 30% 40% 30% 0% 0%

52 30% 40% 30% 0% 0%

53 30% 40% 30% 0% 0%

54 30% 40% 30% 0% 0%

55 30% 40% 30% 25% 0%

56 30% 40% 30% 25% 0%

57 30% 40% 30% 25% 0%

58 30% 40% 30% 25% 10%

59 30% 40% 40% 25% 10%

60 100% 100% 100% 40% 10%

61 100% 100% 100% 25% 10%

62 100% 100% 100% 30% 10%

63 100% 100% 100% 25% 10%

64 100% 100% 100% 25% 10%

65 100% 100% 100% 30% 10%

66 100% 100% 100% 30% 10%

67 100% 100% 100% 30% 10%

68 100% 100% 100% 30% 10%

69 100% 100% 100% 30% 10%

70 100% 100% 100% 100% 100%

71+ 100% 100% 100% 100% 100%

Return of 

Employee 

Contributions

In valuing return of contribution benefits for employees assumed to die without a spouse 

or to terminate and elect a refund of their contribution balance, the employee 

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 

Contributions

Retired Judges may elect to contribute 3.5% or 7.0% of their retirement benefit to 

provide 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 

Payment Election

● Police Officers and Firefighters: 70% of plan members are assumed to receive a

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 

Projections for 

Judges

All active judges were assumed to be replaced upon termination from the plan. The 

replacement is based on a 50/50 blend of a new age 45 judge and a new age 55 judge, 

assuming 50% male and 50% female. The starting salary is assumed to be $232,600 for 

all new entrants. 

59

Data This actuarial valuation has been prepared based upon plan member data provided by the 

Department of the Treasury. We have reviewed the data for reasonableness, but have not 

independently audited the data. We have no reason to believe the data is not complete 

and accurate, and know of no further information that is essential to the preparation of 

the actuarial valuation.
APPENDIX A

Actuarial Assumptions and Methods

Assumptions

Changes from Prior 

Report

Interest Rate

The interest rate assumption was changed to reflect average quarterly Treasury yield 

rates for the 10-year period ending on June 30, 2023. The June 30, 2022 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 2.61%.

Duration Return Duration Return Duration Return Duration Return

0-1 0.87% 25-26 2.82% 50-51 3.08% 75-76 3.17%

1-2 1.01% 26-27 2.84% 51-52 3.09% 76-77 3.17%

2-3 1.20% 27-28 2.86% 52-53 3.09% 77-78 3.18%

3-4 1.39% 28-29 2.88% 53-54 3.10% 78-79 3.18%

4-5 1.56% 29-30 2.89% 54-55 3.10% 79-80 3.18%

5-6 1.71% 30-31 2.91% 55-56 3.11% 80-81 3.18%

6-7 1.83% 31-32 2.92% 56-57 3.11% 81-82 3.18%

7-8 1.94% 32-33 2.93% 57-58 3.12% 82-83 3.19%

8-9 2.03% 33-34 2.95% 58-59 3.12% 83-84 3.19%

9-10 2.11% 34-35 2.96% 59-60 3.12% 84-85 3.19%

10-11 2.19% 35-36 2.97% 60-61 3.13% 85-86 3.19%

11-12 2.26% 36-37 2.98% 61-62 3.13% 86-87 3.19%

12-13 2.32% 37-38 2.99% 62-63 3.13% 87-88 3.20%

13-14 2.38% 38-39 3.00% 63-64 3.14% 88-89 3.20%

14-15 2.44% 39-40 3.01% 64-65 3.14% 89-90 3.20%

15-16 2.49% 40-41 3.02% 65-66 3.14% 90-91 3.20%

16-17 2.54% 41-42 3.02% 66-67 3.15% 91-92 3.20%

17-18 2.58% 42-43 3.03% 67-68 3.15% 92-93 3.20%

18-19 2.62% 43-44 3.04% 68-69 3.15% 93-94 3.21%

19-20 2.66% 44-45 3.05% 69-70 3.16% 94-95 3.21%

20-21 2.69% 45-46 3.05% 70-71 3.16% 95-96 3.21%

21-22 2.73% 46-47 3.06% 71-72 3.16% 96-97 3.21%

22-23 2.75% 47-48 3.07% 72-73 3.16% 97-98 3.21%

23-24 2.78% 48-49 3.07% 73-74 3.17% 98-99 3.21%

24-25 2.80% 49-50 3.08% 74-75 3.17% 99-100 3.21%

COLA/Wage Inflation

Police Fire Teachers Judges

Prior Year

COLA 2.15% 2.15% 2.14% 1.88%

Wage Inflation 2.15% 2.20% 2.30% 1.26%

60
APPENDIX B

Rationale

Methods

Funding 

Method

SFFAS 5 permits the use of a funding method other than the Aggregate Entry Age 

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 

Application

To calculate the present value of plan members’ benefits for the Police Officers 

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 

Economic 

Assumptions

The underlying interest rate, inflation, Cost-of-Living Adjustment (based on 10-year 

averages), and wage inflation assumptions (based on the 10-year average of actual 

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 

(Gain)/Loss

The use of EIR for the Judges' Plan produced the same Present Value of Benefits as is 

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 

Table

The base mortality tables were adjusted to reflect actual plan experience during the 

most recent experience study conducted in 2019.

Longevity 

Improvement 

Projection Scale

The MP-2021 projection scale reflects the most recently developed mortality 

improvement outlook from the Society of Actuaries.

Mortality 

Adjustment from 

Census Date to 

Valuation Date

The adjustment to the liability to account for assumed mortality experience during the 

gap between the census collection date and the valuation date is based on the most 

recent experience study conducted in 2019. 

Disability Rates Rates of disablement for included actives are based upon expectations of plan 

experience and the most recent experience study conducted in 2019.

Withdrawal Rates The withdrawal rate assumption was removed as part of the 2019 experience study 

due to the small number of active participants remaining in the plan.

Retirement Rates Rates of retirement for included actives are based upon broad retirement patterns and 

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

2019.

Expenses The 15-Year Fund projections for all plans use expense projections provided by the 

Department of the Treasury. Due to the active nature of the Judges' Plan, employee 

contributions have a further increase factor to account for increases in pay rate for 

actives.

62
APPENDIX B

Rationale

Assumptions

Spousal Age The marriage assumptions are based on expectations of plan experience and the most 

recent experience study conducted in 2019.

Effective Form of 

Payment Election

The benefit form election assumptions are based on expectations of plan experience 

and the most recent experience study conducted in 2019.

Open Group 

Projections

Open group projections presume there are no future actuarial gains or losses from 

assets or liabilities.

Benefits Not 

Valued

The refund of unexpended employee contributions was not valued for the Police 

Officers 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 

Participation

All police officers and firefighters of the District of Columbia automatically become plan 

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 

Service

A plan member receives service for each full year and additional months of employment 

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 

Annual Earnings

For those hired before February 15, 1980, basic pay for the highest 12 consecutive 

months. For those hired on or after February 15, 1980, basic pay for the highest 36 

consecutive months divided by three.

Longevity Pay - 

Police Officers

Plan members who complete 25 years of active service prior to retirement are entitled to 

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 

benefit

Straight Life Annuity (no eligible spouse survivor); Joint-and-Survivor Annuity (eligible 

spouse survivor)

Optional form of 

benefit

Optional Additional Survivor 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 

Adjustments

Former employees (not beneficiaries) who retired prior to February 15, 1980, receive 

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 

Retirement Date

For plan members hired before November 10, 1996:

● 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 

Retirement Benefit

For plan members hired before November 10, 1996:

● 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 

Benefit

Optional Retirement Benefit beginning at age 55. 

65
APPENDIX C

Plan Provisions Summary 

Police Officers and Firefighters' Plan

Disability Benefits

Service-Related 

Disability Benefit 

Eligibility

Plan members who are disabled as a result of an illness or injury in the line of duty are 

eligible for this benefit. If disabled after June 30, 1997 and not eligible for an optional 

retirement benefit, the Federal portion of this benefit is payable beginning at age 55.

Service-Related 

Disability Benefit

For plan members hired before February 15, 1980, 2.5% of Average Pay times total years 

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-ServiceRelated Disability 

Benefit Eligibility

Eligible with 5 years of departmental service and a physical or mental disability that 

prevents the plan member from performing his/her job. If disabled after June 30, 1997 

and not eligible for an optional retirement benefit, the Federal portion of this benefit is 

payable beginning at age 55.

Non-ServiceRelated Disability 

Benefit

For plan members hired before February 15, 1980, 2.0% of Average Pay times total years 

of service, subject to a minimum benefit of 40% 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 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 

Benefit

Lump sum of $50,000 payable for death occurring in the line of duty, provided the death 

is not the result of willful misconduct or by intention to bring about his/her own death.

Survivor Benefit 

(Spouse Only) - 

Death Outside Line 

of Duty after 

12/29/93

Eligible upon death and, if retired, married for at least one year or have a child by the 

marriage. The benefit will be 40% of the greater of Average Pay and the salary for class 

1, step 6 of the D.C. Police and Firemen’s Salary Act in effect at the date of death, 

adjusted for cost-of-living increases if death occurs after retirement. The benefit cannot 

exceed the rate of pay for the position occupied at death (or retirement if death occurs 

after retirement.)

Survivor Benefit 

(Spouse Only) - 

Death In Line of 

Duty after 

12/29/93

Eligible upon death in the line of duty. The benefit will be 100% of final pay. The Federal 

portion of this benefit is 40% of average pay per June 30, 1997 plan provisions.

Survivor Benefit - 

Spouse and 

Dependent 

Children

Eligibility for the spouse is the same as Spouse Only benefit; for the children, unmarried 

and under 18 (22 if full-time student), or any child dependent because of a disability 

incurred before age 18.

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;

● $5,028 ($4,572 if hired on or after November 1, 1996) - Federal portion is $1,548;

or

● $15,084 ($13,716 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 - 

Dependent 

Children Only

Eligibility is same as the Dependent Children benefit above. The benefit will be 75% of 

Average Pay divided by the number of eligible children, adjusted for cost-of-living 

increases.

Refund of 

Contributions

Refund contributions if death before retirement and no eligible spouse or children. All plan 

member contributions will be refunded to a named, or statutorily-designated if none 

named, beneficiary.

Changes Since 

Prior Valuation

None of which we are aware.

67
APPENDIX C

Plan Provisions Summary

Teachers' Plan

Plan Year October 1 - September 30

Eligibility for 

Participation

Permanent, temporary, and probationary teachers for the District of Columbia public day 

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 

Annual Earnings

Highest 36 consecutive months of pay, divided by three.

Optional forms of 

benefit

Reduced Annuity with a Maximum Survivor Annuity (to Spouse)

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 

Adjustments

All plan members receive an increase on April 1 each year based on the annual change in 

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 

Retirement Date

For plan member hired before 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;

● 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 

Retirement Benefit

For plan member hired before November 1, 1996:

● 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 

Retirement Date

Retired involuntarily for reasons other than misconduct or delinquency with:

● 25 years of total service, including 5 years of school service; or

● Age 50 with 20 years of total service, including 5 years of school service.

Involuntary 

Retirement 

Amount

Voluntary Retirement Benefit is reduced by 1/6% per month (2% per year) for each full 

month that the date of retirement precedes age 55.

Vesting 5 years of school service.

Deferred Vested 

Benefit

The benefit amount is calculated as a Voluntary Retirement Benefit beginning at age 62, 

based on service earned as of the termination of employment.

69
APPENDIX C

Plan Provisions Summary

Teachers' Plan

Disability Benefits

Disability Benefit 

Eligibility

5 years of school service and a physical or mental disability that prevents the plan 

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 

Benefit - No 

Survivor

Teachers who die before retirement and before completing 18 months of school service or 

who die without an eligible spouse, child, or parent, will receive a lump sum death benefit. 

The benefit will be a refund of plan member contributions without interest.

Survivor Benefit - 

Spouse Only

Teachers who die before retirement and were married for at least two years or have a 

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 - 

Spouse and 

Dependent 

Children

Eligibility for the spouse is the same as Spouse Only benefit; for the children, unmarried 

and under 18 (22 if a full-time student); or any child dependent because of a disability 

incurred before age 18. Death does not have to occur before retirement for the children’s 

benefits. The benefit will be:

Spouse benefit as described above, plus a benefit per child (payable until the children are 

no longer eligible) equal to the smallest of:

● 60% of Average Pay divided by the number of eligible children;

● $8,580 (if hired before January 1, 1980), $8,268 (if hired between

January 1, 1980 and October 31, 1996), or $7,476 (if hired on or after

November 1, 1996) per child; or

● $25,740 (if hired before January 1, 1980), $24,804 (if hired between

January 1, 1980 and October 31, 1996), or $22,428 (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 - 

Dependent 

Children Only

Eligibility is the same as for the children’s benefit when there is a surviving spouse.

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;

● $10,500 (if hired before January 1, 1980), $10,092 (if hired between

January 1, 1980 and October 31, 1996), or $9,048 (if hired on or after

November 1, 1996) per child; or

● $31,500 (if hired before January 1, 1980), $30,276 (if hired between

January 1, 1980 and October 31, 1996), or $27,144 (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 - 

Surviving Parents 

Only

Eligible if death before retirement and no eligible spouse or children, and parents receive 

at least one-half of their total income from the plan member. The benefit will be the same 

as the Surviving Spouse benefit.

Changes Since 

Prior Valuation

None of which we are aware.

71
APPENDIX C

Plan Provisions Summary 

Judges' Plan

Plan Year October 1 - September 30

Eligibility for 

Participation

All Judges of the District of Columbia Court of Appeals or the Superior Court are members 

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 

Adjustments

All pensioners will receive cost-of-living increases in line with those applicable to retirees 

in the Civil Service Retirement System. Cost-of-living adjustments are paid on January 1.

Retirement 

Benefits

Regular 

Retirement 

Date

Earlier of:

● Age 50 with 20 years of Judicial Service; or

● Age 60 with 10 years of Judicial Service.

Regular 

Retirement 

Benefit

Basic salary at retirement times the ratio of Judicial Service to 30, plus

An additional benefit for any Credited Service (non Judicial) as follows:

● 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 

Retirement 

Date

Mandatory retirement is at age 74. 

Early 

Retirement 

Eligibility

Age 55 with 10 years of Judicial Service.

Early 

Retirement 

Benefit

1/12% per month prior to age 60 reduction in Judicial Service benefit.

Deferred 

Vested Benefit

The deferred vested benefit is the same as the Early Retirement Benefit beginning at age 

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

the date of employment termination.

Disability Benefits

Disability 

Benefit 

Eligibility

A plan member is eligible for disability retirement after 5 years of Judicial and Credited 

Service and becoming physically or mentally disabled to an extent that interferes with 

proper performance of judicial duties. No service requirement applies to involuntary 

disability retirement.

Disability 

Benefit

Regular Retirement Benefit, subject to a minimum of 50% of basic salary (if an 

involuntary disability retirement).

Death Benefits

Survivor 

Benefit 

Eligibility

Judges who contribute an additional 3.5% of salary during their working career and during 

retirement will provide a survivor benefit to their surviving spouse and/or children. 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 

Benefit

Spouse 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

● $7,538.64 ($9,048.00 if no spouse benefits apply) as of 12/01/2022,

increased annually

● $22,615.92 ($27,144.00 if no spouse benefits apply) divided by the number of

children as of 12/01/2022, increased annually.

Changes Since 

Prior Valuation

None of which we are aware.

73