District Of Columbia Pension Reform Act

Author : United States Congress House Health
Publisher : Forgotten Books
ISBN 13 : 9780332146782
Total Pages : 258 pages
Book Rating : 4.1/5 (467 download)

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Download or read book District of Columbia Pension Liability Funding Reform Act of 1994 (Classic Reprint) written by United States Congress House Health and published by Forgotten Books. This book was released on 2017-11-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from District of Columbia Pension Liability Funding Reform Act of 1994 The Congress established three separate benefit pension plans: a plan for police officers and fire fighters was initiated in 1916; the plan for teachers, 1920, and the plan for judges, 1970. Benefit lev els were established at a time when District employees were Fed eral employees, and thus are the same or comparable pensions as other Federal employees. In 1979, the Congress passed the District of Columbia Retire ment Reform Act and transferred $2 billion in unfunded liability for pension benefits from the Federal Government to the residents of the District of Columbia. That amount has since become almost $5 billion, almost all of it interest on the original $2 billion in un funded liability. The pension benefits required by the Federal Government were provided ou a pay-as-you-go basis with payments covering benefits for that year only. There was apparently never any intent to fully eliminate the unfunded liability according to the gao. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.