Source: https://development.code.dccouncil.us/dc/council/code/sections/1-907.03.html
Timestamp: 2019-04-21 18:55:10+00:00

Document:
D.C. Law Library - § 1–907.03. Calculation of District of Columbia payment to the Funds.
↪ Chapter 9. Police Officers, Fire Fighters, and Teachers Retirement Benefit Replacement Plan.
↪ Subchapter IV. Financing of Retirement Benefits.
↪ § 1–907.03. Calculation of District of Columbia payment to the Funds.
§ 1–907.02. District of Columbia payment to the Funds.
§ 1–907.04. Actuarial statement and opinion.
§ 1–907.03. Calculation of District of Columbia payment to the Funds.
(E) Such additional information as the Retirement Board may need to make the determinations specified in paragraph (4) of this subsection and in subsection (b) of this section.
(2) Unless the actuary engaged by the Retirement Board pursuant to paragraph (1) of this subsection determines that a more frequent valuation is necessary to support the actuary’s opinion, the actuary shall make the determinations described in paragraph (1) of this subsection upon the request of the Retirement Board and at least once every 2 years.
(E) The value of assets used in developing the amortization of unfunded accrued liability payment.
(4) On the basis of the most recent certification submitted by the enrolled actuary under paragraph (3) of this subsection, the Retirement Board shall certify the sum of the normal cost and the unfunded accrued liability payment (“amount of the District payment”) for the next fiscal year for each separate fund comprising the Funds.
(b)(1) On the basis of the most recent determinations made under subsection (a)(4) of this section, the Retirement Board shall, no fewer than 30 days before the date on which the Mayor is required to submit the annual budget for the District of Columbia government to the Council, pursuant to § 1-204.42, certify to the Mayor and the Council the amount of the District payment for each separate fund comprising the Funds.
(2) The Mayor, in preparing each annual budget for the District of Columbia pursuant to § 1-204.42, and the Council, in adopting each annual budget in accordance with § 1-204.46, shall, for each separate fund comprising the Funds, include in the budget no less than the amount of the District payment for each separate fund comprising the Funds certified by the Retirement Board under paragraph (1) of this subsection. The Mayor and the Council may comment and make recommendations concerning any such amount certified by the Retirement Board.
(D) Normal cost with respect to the retirement program.
(2) Whenever any change in benefits under a retirement program pursuant to this subsection is made to either, but not both, the Metropolitan Police Department or the Fire and Emergency Medical Services Department, the Mayor shall engage an enrolled actuary to perform the same study contemporaneously for the employee group for which the change was not made.
(d) The Mayor shall transmit the estimates of the actuary to the Retirement Board, the Secretary of the Treasury, and the Council, and the change in benefits shall not become effective until the end of a 30-day period of review, which shall begin on the date that the 3 required transmittals have been effected.
This section is referenced in § 1-610.76, § 1-903.06, § 1-907.02, § 1-907.05, § 1-909.02, and § 5-704.
D.C. Law 15-354, in subsec. (c), substituted “Prior to the enactment of any law, resolution, regulation, rule, or agreement” for “Prior to the enactment of any law”.
For temporary (90 day) amendment of section, see § 3642 of Fiscal Year 2003 Budget Support Emergency Act of 2002 (D.C. Act 14-453, July 23, 2002, 49 DCR 8026).
For temporary (90 day) amendment of section, see § 1062 of Fiscal Year 2013 Budget Support Emergency Act of 2012 (D.C. Act 19-383, June 19, 2012, 59 DCR 7764).
For temporary (90 day) addition of section, see § 1063 of Fiscal Year 2013 Budget Support Emergency Act of 2012 (D.C. Act 19-383, June 19, 2012, 59 DCR 7764).
For temporary (90 day) amendment of section, see § 1062 of Fiscal Year 2013 Budget Support Congressional Review Emergency Act of 2012 (D.C. Act 19-413, July 25, 2012, 59 DCR 9290).
For temporary (90 day) addition of section, see § 1063 of Fiscal Year 2013 Budget Support Congressional Review Emergency Act of 2012 (D.C. Act 19-413, July 25, 2012, 59 DCR 9290).
Short title of subtitle D of title XXXVII of Law 14-190: Section 3741 of D.C. Law 14-190 provided that subtitle D of title XXXVII of the act may be cited as the Retirement Reform Replacement Actuarial Engagement Amendment Act of 2002.
Application of Law 12-152: See Historical and Statutory Notes following § 1-901.01.

References: § 1
 § 1

§ 1

§ 1

§ 1
 § 1
 § 1
 § 1
 § 1
 § 1
 § 1
 § 1
 § 1
 § 5
 § 3642
 § 1062
 § 1063
 § 1062
 § 1063
 § 1