Section 6-B2601. PURPOSE OF THE PLAN

 

2601.1This Pension Plan shall be known as the District of Columbia Defined Contribution Pension Plan (the "Plan") and is designed to comply with the requirements of §§ 401(a) and 501(a) of the Internal Revenue Code of 1986, and the District of Columbia Government Comprehensive Merit Personnel Act of 1978 Employee Benefits Amendment Act of 1987 (the "Act") (D.C. Law 7-27, D.C. Code § 1-627.2 et seq. (1988 Supplement)).

 

2601.2The purpose of this Plan is to provide a retirement benefit to employees first employed after September 30, 1987, who would otherwise have been covered under the Civil Service Retirement System, whereby the District, as the employer, shall contribute to a trust which meets the requirements of Internal Revenue Code (IRC) §§ 401(a) and 501(a), a designated amount equal to not less than seven percent (7%) of the base salary of each employee who is a participant in the Plan (except for detention officers for whom the District shall contribute not less than seven and one- half percent (71/2%) of base salary) until one (1) of three (3) specified events occurs which permits all or part of the contributions, together with any income earned thereon, and less any administrative expenses, to be paid to the participant, former participant, or beneficiary, as the case may be.

 

2601.3This Plan also shall constitute the defined contribution pension plan for the District of Columbia Courts or any other independent agency, if the courts or any agency duly accepts the Plan, with the approval of the Mayor.

 

source

Final Rulemaking published at 37 DCR 954 (February 2, 1990).