TheWeekInCongress.com

Week Ending December 10, 2004

HR 4657 District of Columbia Retirement Protection Improvement Act of 2004

BRIEF

    The bill would establish in the Treasury the District of Columbia Teachers, Police Officers, and Firefighters Federal Pension Fund and authorizes transfers from two other funds to the new one. The fund would be for the purpose of making Federal benefit payments and financing Federal obligations for future benefits for DC teachers, police and firefighters.

   The bill would also provide for resolving denied benefit claims and would recognize misappropriation of the Fund as a Federal crime.

   Rep Eleanor H. Norton (D-DC-DEL) explained, “Originally two separate retirement funds, the Supplemental Fund and the Trust Fund, were created. Unlike the Trust Fund, the assets of the Supplemental Fund had to be invested in public debt securities. This provision was dropped 2 years later as part of an appropriations act, thereby eliminating the primary reason for having two separate funds. So instead of administering two similar funds, the passage of this legislation promotes greater efficiency in the management of D.C. pensions. It also extends to retired judges the same rights of review of benefits denial that currently apply to those in the D.C. Police Officers' and Firefighters' Retirement Plan.”

Sponsor: Rep. Tom Davis (R-VA-11^th)

Vote: Passed House by voice vote (Sept. 28, 2004); Passed Senate by Unanimous Consent (Dec. 8, 2004); Signed by President Bush as Public Law 108-489 (Dec 23, 2004).

Cost to the taxpayers:  No discernible cost. ## All Rights Reserved. No reproduction or distribution without written permission from TheWeekInCongress.com.