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Police Officers, Fire Fighters, and Teachers Retirement Benefit Replacement Plan Act of 1998
On October 1, 1997, the Council of the District of Columbia enacted emergency legislation which ultimately became a permanent measure, DC Law 12-152, the "Police Officers, Fire Fighters and Teachers Retirement Benefit Replacement Plan Act of 1998" (the "Replacement Plan"). The stated purpose of the Replacement Plan was to establish replacement plans for pension benefits accrued after June 30, 1997 for police officers, fire fighters, and teachers, which were in effect frozen by the Revitalization Act as of that date. The Replacement Plan also required full funding of the two retirement plans and continued management on an actuarially sound basis of all retirement funds entrusted to the Retirement Board. |