Section 7-1400. EMPLOYEE AGREEMENT TO DEFER COMPENSATION

 

1400.1Any employee of the District of Columbia government (except an employee of an agency not under the personnel authority of the Mayor or an independent agency as defined in the Comprehensive Merit Personnel Act of 1978, D.C. Law 2-139, §1-601 et seq., D.C. Code, 1981 ed.) shall be eligible to participate in the employee deferred compensation program (the "Plan").

 

1400.2The Deputy Mayor for Financial Management may enter into an agreement with any agency not under the personnel authority of the Mayor or any independent agency for the purpose of extending to employees of such agency eligibility to participate in the Plan.

 

1400.3Any eligible employee may elect to become a participant in the Plan by entering into a Joinder Agreement with the District. The Joinder Agreement shall incorporate the Plan Document by reference and set forth the following:

 

(a)The amount of compensation to be deferred;

 

(b)The investment election requested by the participant;

 

(c)The payment option elected by the participant; and

 

(d)The beneficiary designated by the participant.

 

1400.4The "Plan Document" incorporated into the Joinder Agreement between the Deputy Mayor for Financial Management and a participant shall contain the official information about the Plan and shall include the following terms, conditions, and provisions:

 

(a)The purpose of the Plan;

 

(b)The definitions;

 

(c)The administration;

 

(d)The participation in the Plan;

 

(e)The limitations on deferrals;

 

(f)The investments and account values;

 

(g)The benefits;

 

(h)The Nonassignability;

 

(i)The amendment or termination of Plan;

 

(j)The applicable law; and

 

(k)The miscellaneous provisions.

 

1400.5The Deputy Mayor for Financial Management shall select the investment elections available to participants, which shall include, but not be limited to, group fixed or variable annuity contracts. The Plan administrator(s) shall invest funds held by the Plan administrator(s) pursuant to Joinder Agreements in accordance with the requests made by each participant at the time of enrollment or change in enrollment.

 

1400.6At the time of entering into or amending a Joinder Agreement, a participant shall agree to defer a minimum of twenty dollars ($20.00) per biweekly payroll period or forty-three dollars ($43.00) per monthly payroll period or such greater amount as may be required under the investment election selected in the Joinder Agreement.

 

1400.7The maximum that may be deferred under the Plan for the taxable year of the participant shall not exceed the amounts permitted by §457(b) of the Internal Revenue Code of 1954.