2014 DY0 District of Columbia Retirement Board
The mission of the District of Columbia Retirement Board (DCRB) is to invest prudently the assets of the police officers, firefighters, and teachers of the District of Columbia, while providing those employees with retirement services.
Summary of Services
DCRB is an independent agency that has exclusive authority and discretion to manage and control the District’s retirement funds for teachers, police officers, and firefighters (hereinafter referred to as the “Fund”) pursuant to Section 1-711(a) of the District of Columbia Official Code. In 2005, the responsibility of administering the teachers’, police officers’ and firefighters’ retirement programs was transferred to DCRB.
The federal government assumed the District’s unfunded liability for the retirement plans of teachers, police officers, firefighters, and judges under provisions of the National Capital Revitalization and Self-Government Improvement Act of 1997. Under this law, the federal government pays the retirement benefits and death benefits, and a share of disability payments, for members for years of service earned up to the freeze date of June 30, 1997. The District of Columbia government is responsible for all subsequently earned benefits for the members of the retirement plans.
The DCRB Board of Trustees is comprised of 12 voting trustees: 3 appointed by the Mayor, 3 appointed by the District Council, and 6 elected by employee participation groups. The District’s Chief Financial Officer or his designee serves as a non-voting, ex-officio member of the Board.