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).
DCRB Mission Statement
To serve the interests of the District’s Police Officers, Firefighters, Teachers and their Survivors and Beneficiaries by prudently investing Fund assets and delivering accurate and timely benefit payments with excellent member service.
DCRB Vision Statement
Striving to be the leading pension system in the U.S., by prudent investing and excelling in the member service experience.
DCRB Core Values
- Accountable: we will be accountable for our decisions and take responsibility for the associated results.
- Collaborative: we seek out colleague and stakeholder input when striving to reach goals and expectations.
- Respectful: when interacting with all members, customers, stakeholders, and colleagues, we exhibit courtesy, empathy, and consideration.
- Responsive: we strive to provide information and services in a timely manner.
- Trustworthy: we will provide our members with the best source of benefits information and prudent investment decisions, and always act with integrity.
- Service Excellence: we are attentive to the needs of our members and consistently meet or exceed their expectations.
DCRB's Five Strategic Goals
- Safeguard the integrity of the Fund.
- Expand and improve benefits administration capabilities, to assure that benefits are paid to our members accurately and timely.
- Prudently invest Fund assets to provide long-term, sustainable, risk-adjusted returns.
- Refine DCRB’s organizational structure to meet changing agency responsibilities and needs.
- Foster member and stakeholder trust through enhanced communications and collaborative outreach.
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.