Source: http://dccode.elaws.us/code?no=1-741
Timestamp: 2019-11-22 10:08:47
Document Index: 129887609

Matched Legal Cases: ['§ 1', '§ 1', '§ 181', '§ 2', '§ 2', '§ 401', '§ 2', '§ 1', '§ 1']

§ 1-741. Fiduciary responsibilities.
(a)(1) The Board, each member of the Board, and each person defined in § 1- 702(20) shall discharge responsibilities with respect to a Fund as a fiduciary with respect to the Fund. The Board may designate one or more other persons who exercise responsibilities with respect to a Fund to exercise such responsibilities as a fiduciary with respect to such Fund. The Board shall retain such fiduciary responsibility for the exercise of careful, skillful, prudent, and diligent oversight of any person so designated as would be exercised by a prudent individual acting in a like capacity and familiar with such matters under like circumstances.
(e) A transfer of real or personal property by a party in interest to a Fund shall be treated as a sale or exchange if the property is subject to a mortgage or similar lien which the Fund assumes or if it is subject to a mortgage or similar lien which a party in interest placed on the property within the 10- year period ending on the date of the transfer.
(2) The investment of all or part of a Fund's assets in deposits which bear a reasonable interest rate in a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such Fund and if such investment is expressly authorized by regulations of the Board or by a fiduciary (other than such bank or institution or affiliate thereof) who is expressly empowered by the Board to make such investment;
(h-1) Unless the Council disapproves the proposed exemption submitted under subsection (h) of this section by resolution within 30 days of receipt by the Council, the exemption shall be deemed approved. If a resolution of disapproval has been introduced by at least one member of the Council within the 5-day period (excluding Saturdays, Sundays, and holidays) following its receipt, the period of Council review shall be extended by an additional 15 days (excluding Saturdays, Sundays, and holidays) from the date of its receipt. If the resolution of disapproval has not been approved within the 15- day extended period, the proposed exemption shall be deemed approved.
(2) At the time a transaction that would otherwise be prohibited by subsection (c) or (d) of this section is entered into, and at the time of any subsequent renewal which requires the approval of the bank or insurance company, the terms of the transaction are not less favorable to the pooled separate account or collective investment fund than the terms generally available in an arm's length transaction between unrelated parties.
(Nov. 17, 1979, 93 Stat. 866, Pub. L. 96-122, § 181; Feb. 24, 1987, D.C. Law 6-163, § 2, 33 DCR 6698; Mar. 24, 1990, D.C. Law 8-97, § 2(e), 37 DCR 1046; Sept. 10, 1992, D.C. Law 9-145, § 401(c), 39 DCR 4895; Oct. 29, 1993, 107 Stat. 1349, Pub. L. 103-127, 139(a); Apr. 8, 2005, D.C. Law 15- 300, § 2(d), 52 DCR 1504.)
1981 Ed., § 1-741.
1973 Ed., § 1-1841.
D.C. Law 15-300 rewrote subsec. (h) and added subsec. (h-1). Prior to amendment, subsec. (h) read as follows:
"(h) The Board may from time to time submit to the Council for its approval by resolution proposed exemptions from all or part of the restrictions imposed by subsections (c) and (d) of this section. The Board shall only request exemptions that have been granted by the United States Secretary of Labor. Prior to the submission to the Council of any proposed exemption, the Board shall hold a public hearing on the proposed exemption. Notice of the time, place, and subject matter of the public hearing shall be published in the D.C. Register at least 15 days in advance of its scheduled date in order to afford interested persons an opportunity to present their views. Prior to or simultaneous with the submission of a proposed exemption to the Council, the proposed exemption shall be published by the Board in the D.C. Register. Any proposed exemption submitted to the Council shall be accompanied by a synopsis of the results of the public hearing held by the Board in connection with the proposed exemption, and written findings by the Board that the proposed exemption is:
"(1) Administratively feasible;
"(2) In the best interests of the funds and of their participants and beneficiaries; and
"(3) Protective of the rights of participants and beneficiaries of these funds."
Law 6-160 was introduced in Council and assigned Bill No. 6-488. The Bill was adopted on first and second readings on June 24, 1986 and July 8, 1986, respectively. Signed by the Mayor on July 16, 1986, it was assigned Act No. 6- 205 and transmitted to both Houses of Congress for its review.
Law 6-163 was introduced in Council and assigned Bill No. 6-417, which was referred to the Committee on Government Operations. The Bill was adopted on first and second readings on July 8, 1986 and September 23, 1986, respectively. Signed by the Mayor on October 9, 1986, it was assigned Act No. 6-209 and transmitted to both Houses of Congress for its review.
Resolution 15-288, the "District of Columbia Retirement Board Restricted Transaction Exemption Approval Resolution of 2003", was approved effective November 4, 2003.
Approval of rules to establish administrative class exemptions: Pursuant to Resolution 8-293, the "District of Columbia Retirement Board Administrative Class Exemptions Approval Resolution of 1990", effective November 30, 1990, the Council approved the proposed rules to establish administrative class exemptions from prohibited transactions in order to permit the District of Columbia Retirement Board to participate in certain commercially reasonable and noncontroversial financial transactions.
Independent audit of Retirement Board: Section 135 of Public Law 103-334, 108 Stat. 2586, the District of Columbia Appropriations Act, 1995, provided that the District of Columbia Retirement Board shall enter into an agreement with an independent firm meeting certain qualifications to prepare and submit to the Retirement Board a written set of findings and recommendations not later than 6 months after the date of enactment of this Act regarding the appropriateness and adequacy of the Retirement Board's fiduciary, management, and investment practices and procedures, and provided for expenditure of funds.