Source: http://dccode.elaws.us/code?no=1-722
Timestamp: 2019-11-21 21:06:32
Document Index: 71776989

Matched Legal Cases: ['§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 3632', '§ 1', '§ 1', '§ 5', '§ 47', '§ 1', '§ 715', '§ 1', '§ 1', '§ 101', '§ 501']

§ 1-722. Determination of federal and District of Columbia payments to the Funds.
Subchapter III. Financing of Retirement Benefits.
(A) At the times specified in paragraph (2) of this subsection, the actuary shall determine the level percentage of payroll, expressed as a percentage (hereinafter in this chapter referred to as the "net normal cost percentage"), which shall be the percentage such that the amount equal to the product of such percentage and the present value of future compensation for participants in the retirement program, if paid annually into the Fund from the date of hire of each participant in the retirement program until the date of such participant's death, retirement, or other withdrawal from employment covered by the retirement program, is equal to the amount of the difference between (i) the present value of the future benefits payable from the Fund to such group, and (ii) the present value of all future employee contributions to the Fund;
(B) At the times specified in paragraph (2) of this subsection, the actuary shall determine the amount (hereinafter in this chapter referred to as the "accrued actuarial liability") that is the difference between (i) the present value (as of the date of the determination) of the future benefits payable from the Fund, and (ii) the sum of the present value of all future employee contributions to the Fund, and the product of the net normal cost percentage and the present value of future compensation for participants in the retirement program;
(ii) The amount (hereinafter in this chapter referred to as the "future federal obligation") that is the amount of the present value of the sum of the amounts authorized by § 1-724(a) to be appropriated to the Fund for fiscal years beginning on or after the date of the determination; and
(iii) The amount (hereinafter in this chapter referred to as the "net pay-as-you-go cost") that is the difference between the amount of the obligation of the Fund during the next fiscal year for the payment of benefits payable from the Fund during such year, and the amount of employee contributions to the Fund for such year;
(vii) The amount equal to the difference between the accrued actuarial liability as of January 2, 1975 (in future value as of the end of the fiscal year for which the determination is made), and the sum of the future federal obligation, the current value of previous federal contributions, and (in the case of the District of Columbia Teachers' Retirement Fund and the District of Columbia Judges' Retirement Fund) the current value of any assets in the predecessor to such Fund as of January 2, 1975, which amount is the difference between the amount that the federal government would pay to the Fund if the federal government had assumed the funding responsibility for all accrued unfunded liabilities as of January 2, 1975, and the amount actually to be paid by the federal government.
(B) For the purposes of sub-subparagraph (vi) of subparagraph (A) of this paragraph, the term "current value of the assets in the Fund" shall be deemed to include (i) the present value of any payments to be made to the Fund by the District in accordance with subsection (b)(1)(C)(i) of this section, and (ii) the present value of the amount of any reduction in the amount of future District payments to the Fund determined in accordance with subsection (b)(1)(D) of this section.
(E) The amount of a District payment determined under subparagraph (C) of this paragraph may not exceed the amount determined under subparagraph (A)(iii) of this paragraph by more than 10 percent of the net pay-as-you-go cost, in the case of a payment to the District of Columbia Police Officers and Fire Fighters' Retirement Fund, or by more than 30 percent of the net pay-as-you-go cost, in the case of a payment to the District of Columbia Teachers' Retirement Fund or to the District of Columbia Judges' Retirement Fund.
(e) Whenever the amount authorized to be appropriated to the District of Columbia Police Officers and Fire Fighters' Retirement Fund for any fiscal year under § 1-724(a)(1) is reduced under § 1-725(c), the District shall, beginning with the next fiscal year, pay a level amortization payment to such Fund for a period not to exceed 10 years such that the present value (determined as of the beginning of the fiscal year for which such authorization is reduced) of the sum of such level amortization payments equals the amount of such reduction. Such payments shall be made in addition to any other payment to such Fund required to be made by the District and shall be disregarded in calculating the unfunded actuarial liability under subsection (b)(1)(A) of this section.
1981 Ed., § 1-722.
1973 Ed., § 1-1822.
For temporary (90 day) amendment of section, see § 3632 of Fiscal Year 2003 Budget Support Emergency Act of 2002 (D.C. Act 14-453, July 23, 2002, 49 DCR 8026).
For legislative history of D.C. Law 9-134, see Historical and Statutory Notes following § 1-711.
For legislative history of D.C. Law 9-145, see Historical and Statutory Notes following § 1-711.
Law 10-135, the "Full Funding of Pension Liability Retirement Reform Amendment Act of 1994," was introduced in Council and assigned Bill No. 10-515, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on March 1, 1994, and April 12, 1994, respectively. Signed by the Mayor on May 4, 1994, it was assigned Act No. 10-239 and transmitted to both Houses of Congress for its review. D.C. Law 10-135 became effective on June 30, 1994.
"The date of enactment of this chapter," referred to in (a)(2)(A), is November 17, 1979.
Section 47-118 [1981 Ed.], referred to in subsection (f) of this section, was repealed by § 5(b) of the Act of September 13, 1982, Pub. L. 97-258. Present provisions similar to repealed § 47-118 [1981 Ed.] are codified as § 1-207.36 and 31 U.S.C. § 715.
Mayor authorized to issue actuarial study: Section 3 of D.C. Law 8-145 provided that to carry out the purposes of this act, the Mayor shall, pursuant to § 1-722(d)(1), appoint an enrolled actuary to perform the required actuarial study. The cost of the actuarial study shall be borne by the District of Columbia Police Officers' and Fire Fighters' Retirement Fund. The actuarial study shall be completed by June 10, 1990.
Mayor authorized to hire actuary: Section 143(b) of Pub. L. 104-194, 110 Stat. 2376, the District of Columbia Appropriations Act, 1997, provided that the Mayor, within 30 days after the enactment of this act, shall engage an enrolled actuary, to be paid by the District of Columbia Retirement Board, and shall comply with the requirements of §§ 1-722(d) and 1-724(d).
Full Funding of Pension Liability Retirement Reform Amendment Act of 1994: Section 401 of D.C. Law 10-135 provided that notwithstanding any other law, title 1 §§ 101 (b)(1) and (2), and titles II and III, shall apply to any action or transaction taken or undertaken with respect to the Police Officers and Fire Fighters' Retirement Fund, the Teachers' Retirement Fund and the Judges' Retirement Fund on and after October 1, 1995.
Pursuant to the effective date language in § 501 of D.C. Law 10-135, the amendments made by that act have not been given effect.