National Capital Revitalization and Self-Government Improvement Act of 1997 The Revitalization Act amended the Reform Act, significantly reducing the District's liability and its administrative responsibility to a certain eligible participants and beneficiaries of the Police Officers' and Firefighters' Retirement Fund and the Teachers' Retirement Fund ("covered District employees"). The Revitalization Act saved the District $250 million or more per year in total retirement plan contributions. In fiscal year 1999, as a result of the Revitalization Act, the District's required contribution was reduced to $57.3 million for the two Funds (Police Officers' and Fire Fighters'; and Teachers'). The Revitalization Act created a separate Judicial Retirement Fund for Judges of the District of Columbia courts, requiring the Federal government to take full responsibility (all assets and obligations) for continuation and administration of that retirement program. The Revitalization Act required the Board to transfer accumulated assets from the retirement Funds with a value of approximately $3.4 billion to the US Department of the Treasury ("Treasury"), acting on behalf of the Federal government. After many months of negotiations between the District, the Board and the Treasury, the transfer was accomplished on May 1, 1999. The Revitalization Act also required the District government to enact a replacement retirement plan for covered District employees whose plans were frozen as of June 30, 1997. In response, the Council enacted the "Police Officers, Fire Fighters, and Teachers Retirement Benefit Replacement Plan Act of 1998" (the "Replacement Plan"), effective September 18, 1998. DC Code § 1-901.01 et. seq. (2001 Ed.).