Section 7-1805. BENEFITS

 

1805.1In addition to cash compensation, the Retirement Board may provide a benefits package (to the extent allowed by District of Columbia law) which is competitive in the labor market and provides employees with security against unexpected events and lifestyle protection.

 

1805.2In lieu of benefits that the Retirement Board does not offer, the Retirement Board may provide cash compensation, where possible, to be competitive with relevant markets offering more robust benefit packages.

 

1805.3 In addition to the District of Columbia Government retirement plans that employees of the Retirement Board participate in or may participate in, the Retirement Board may provide a supplemental 401(a) defined contribution retirement plan for eligible employees described as follows: 

 

(a) The Retirement Board may, at its discretion, make nonelective contributions to the plan on behalf of an eligible employee either as a percentage of the employee’s compensation or as a flat dollar amount which percentage or amount need not be uniform among all participating eligible employees;

 

(b) Employees may make voluntary after-tax contributions to the plan;

 

(c) The contributions shall be subject to the limitation on contributions as set forth in Section 415 of the Internal Revenue Code (“Code”), as amended, and all applicable rules and regulations issued thereunder;

 

(d) Those employees eligible to participate in the plan and the date such employees are be eligible to participate in the plan shall be determined by the Retirement Board and such provisions for eligibility shall be set forth in the plan document;

 

(e) Participating employees shall vest in contributions in accordance with a schedule set forth in the plan document;

 

(f) The plan document shall contain the official summary description of the plan and shall include the terms, conditions and provisions of the plan;

 

(g) The plan shall be a governmental plan as defined in Section 414(d) of the Code and shall be tax qualified under Section 401(a) of the Code.

 

1805.4The Retirement Board may fund and provide a short-term disability benefit plan and a long-term disability benefit plan (the “plans”) for all of the Retirement Board’s eligible employees.  These plans are in addition to the short-term and long-term disability insurance programs of the District of Columbia Government in which Board employees may voluntarily participate. The terms of the plans are as follows:

 

(a) The plans shall cover all eligible employees as determined by the Board and set forth in the respective plan document;

 

(b) The Board shall pay all premiums on behalf of eligible employees;

 

(c) The plans’ documents shall contain the official summary description of the respective plans and shall include the terms, conditions and provisions of the plans.

 

1805.5 The Retirement Board may provide a nonqualified deferred compensation plan under Section 457(f) and 409A of the Internal Revenue Code (Code) for key management employees, described as follows:

 

(a) The Retirement Board shall determine those employees eligible to participate in the plan.

 

(b) The plan document shall include the terms, conditions, and provisions of the plan, including the terms of any substantial risk of forfeiture for purposes of Section 457(f) of the Code.

 

(c) The plan shall be a nonqualified deferred compensation plan as defined in Section 457(f) of the Code and shall comply with Section 409A of the Code.

 

 

authority

Section 121(e) and (k) of the District of Columbia Retirement Reform Act (the “Reform Act”), approved November 17, 1979 (Pub. L. 96-122, 93 Stat. 866, D.C. Official Code § 1-711(e), (k) (2011 Repl.)).

source

Notice of Final Rulemaking published at 47 DCR 9900 (December 15, 2000); as amended by Final Rulemaking published at 57 DCR 130 (January 1, 2010); as amended by Final Rulemaking published at 59 DCR 10874 (September 14, 2012); as amended by Final Rulemaking published at 59 DCR 13364 (November 23, 2012).