Who We Are
The District of Columbia Retirement Board (DCRB) is an independent agency of the District of Columbia Government. DCRB has the exclusive authority and discretion to manage and control the District of Columbia Police Officers and Fire Fighters’ Retirement Fund and the District of Columbia Teachers’ Retirement Fund (the Funds). DCRB is also the benefits administrator for the District of Columbia Police Officers and Firefighters’ Retirement Plan and the District of Columbia Teachers’ Retirement Plan (the Plans).
The mission of DCRB is to prudently invest the assets of the District of Columbia Police Officers and Fire Fighters’ Retirement Fund and the District of Columbia Teachers’ Retirement Fund for the exclusive benefit of the members of the District of Columbia Police Officers and Firefighters’ Retirement Plan and the District of Columbia Teachers’ Retirement Plan and to provide Plan members with total retirement services.
What We Do
As authorized by DC Code, DCRB pools the Funds into a single investment portfolio. DCRB allocates the investment returns and expenses, and the administrative expenses of the Board, between the two District Funds in proportion to their respective net asset value.
DCRB maintains financial records of contributions, purchases of service, benefit payments, refunds, investment earnings, investment expenses and administrative expenses.
DCRB was created by the U.S. Congress in 1979 under the Retirement Reform Act (Reform Act). The Reform Act established DCRB’s structure, legal responsibilities and composition. The 12 member Board of Trustees consists of six individuals elected by their participant groups (two each by active and retired police officers, firefighters, and teachers), three appointed by the Mayor, and three appointed by the City Council. The DC Chief Financial Officer, or his or her designee, sits on the Board of Trustees as an ex-officio, non-voting Trustee.
In 1997, the Funds were split under the “National Capital Revitalization and Self-Government Improvement Act of 1997” (the “Revitalization Act”). The Federal Government assumed financial responsibility for retirement benefits earned as of June 30, 1997 (Federal Benefit Payments), and the District Government assumed financial responsibility for retirement benefits earned after June 30, 1997 (District Benefit Payments). The District established retirement plans for benefits accrued after June 30, 1997 under the Police Officers, Fire Fighters and Teachers Retirement Benefit Replacement Plan Act of 1998 (the Replacement Plan Act). District Benefit Payments under the Replacement Plan Act are paid from the Funds managed by DCRB.
In October 2005, DCRB assumed responsibility from other District agencies for benefits administration, including administering Federal Benefit Payments on behalf of the Federal government.