Annual Report Required by District of Columbia Retirement Reform Act, as Amended
GGD-84-64: Published: Mar 30, 1984. Publicly Released: Mar 30, 1984.
- Full Report:
In accordance with the District of Columbia Retirement Reform Act, GAO reviewed a report prepared by an actuarial firm on the disability retirement rate of District police officers and fire fighters to determine whether a reduction is required in the fiscal year 1985 payment which the federal government makes to the District's police and fire fighters retirement fund.
GAO reviewed the actuarial report and other relevant data and concluded that no reduction is required in the fiscal year 1985 federal contribution to the retirement fund. However, GAO found that the disability retirement rate reported was not based on the actual numbers of members on board as of January 1, 1983, as required, because of a lack of information. The disability retirement rate used was an estimate derived by applying historical attrition rates to the number of members on board in March 1982. GAO could not determine the precise disability retirement rate for 1983 because the data were still not known. However, using its estimate, GAO determined that the disability retirement rate for 1983 could not have exceeded the rate which would mandate a reduction in the fiscal year 1985 federal payment to the retirement fund.
Recommendation for Executive Action
Status: Closed - Implemented
Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Recommendation: The District of Columbia Retirement Board should ensure that future determinations are based on actual data as of each January 1 and that the enrolled actuary's report includes the information used in determining the disability retirement rate for the applicable year.
Agency Affected: District of Columbia: Retirement Board