Last updated on July 17, 2019
Listed below are current legislative items affecting the District of Columbia Retirement Board (DCRB). For more information on each piece of legislation, click through the underlined title of each item to view the legislation in the District’s Legislative Information Management System (LIMS).
- B23-0060 Pension Exclusion Restoration and Expansion Act of 2019: The bill proposes to exclude from taxable income certain pension, military retired pay, or annuity income received from the District of Columbia or the federal government by persons who are 62 years of age.
- PR23-0073 District of Columbia Retirement Board Michael J. Warren Reappointment Resolution of 2019: The proposed resolution reappoints Michael J. Warren to the District of Columbia Retirement Board for a four-year term, to expire January 27, 2023. effective immediately upon publication of the proposed resolution in the District of Columbia Register.
- IRS Notice 2019-18 Retiree Lump-Sum Windows: Treasury Department and IRS will not amend minimum required distribution (RMD) regulations to prohibit a retiree lump-sum window in a defined benefit plan or that including such a window would cause a plan to violate Code section 401(a)(9). The IRS will continue to evaluate whether such retiree lump-sum windows satisfy other Code sections – including 401(a)(4) (nondiscrimination rules), 411 (non-forfeiture requirement), 415 (benefit limitations), 417 (spousal protections), and 436 (funding-based benefit restrictions). The IRS will not issue future private letter rulings on retiree lump-sum windows.
- Setting Every Community up for Retirement Enhancement Act of 2019 (SECURE Act) and Retirement Enhancement and Savings Act of 2019 (RESA): The bill is considered by reform advocates to be the most comprehensive retirement security legislation since the Pension Protection Act of 2006 and necessary to help address the retirement plan coverage and savings gap impacting millions of American workers. The SECURE Act and RESA primarily focus on the defined contribution plan space with measures intended to continue to expand opportunities to save for retirement; increase access to lifetime income products; and help savers make more-informed decisions about their finances with enhancements such as repealing of the maximum age for traditional IRA contributions (age 70½) and increasing the required minimum distribution (RMD) age from 70½ to 72 for defined contribution plans and IRAs.