H.R.4657 - District of Columbia Retirement Protection Improvement Act of 2004108th Congress (2003-2004)
|Sponsor:||Rep. Davis, Tom [R-VA-11] (Introduced 06/23/2004)|
|Committees:||House - Government Reform|
|Latest Action:||12/23/2004 Became Public Law No: 108-489.|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4657 — 108th Congress (2003-2004)All Bill Information (Except Text)
Public Law (12/23/2004)
(This measure has not been amended since it was passed by the House on September 28, 2004. The summary of that version is repeated here.)
District of Columbia Retirement Protection Improvement Act of 2004 - (Sec. 2) Amends the Balanced Budget Act of 1997 to establish in the Treasury the District of Columbia Teachers, Police Officers, and Firefighters Federal Pension Fund (D.C. Federal Pension Fund) consisting of transfers of all: (1) District of Columbia Federal Pension Liability Trust Fund obligations to make Federal benefit payments; and (2) assets of such Trust Fund and the Federal Supplemental District of Columbia Pension Fund.
Specifies the use of the D.C. Federal Pension Fund, including but not limited to: (1) making Federal benefit payments; and (2) financing Federal obligations for future benefits.
Transfers as of October 1, 2004: (1) all obligations to make Federal benefit payments from the Trust Fund to the D.C. Federal Pension Fund; and (2) all assets of the Trust Fund and all assets of the Federal Supplemental Fund to the D.C. Federal Pension Fund.
Requires the Secretary of the Treasury to make annual Federal payments into the D.C. Federal Pension Fund from the general fund of the Treasury.
Provides for the administration of the D.C. Federal Pension Fund by a Pension Fund Trustee selected by the Secretary.
Requires the Secretary to enter into a contract with the Pension Fund Trustree to provide for the auditing of the D.C. Federal Pension Fund's assets, the making of such Federal benefit payments, and such other matters as the Secretary deems appropriate.
Authorizes the Pension Fund Trustee, with the Secretary's approval, to enter into one or more subcontracts with the District government or any person to provide services to the Pension Fund Trustee in connection with its performance of the contract.
Permits the Secretary to determine, in the interest of economy and efficiency, with respect to any function otherwise to be performed by the Pension Fund Trustee, that such function shall be performed by the Secretary.
Applies the same specified Federal law to the D.C. Federal Pension Fund that applied to the Trust Fund before October 1, 2004.
Terminates the Trust Fund and the Federal Supplemental Fund upon transfer of all their assets and obligations to the D.C. Federal Pension Fund.
(Sec. 3) Sets forth procedures for resolving denied benefit claims with respect to the District of Columbia Judicial Retirement and Survivors Annuity Fund.
Treats misappropriation of the D.C. Federal Pension Fund as a Federal crime.
(Sec. 4) Amends the District of Columbia Home Rule Act to provide that the Chief Financial Officer shall not administer the retirement system for police officers, fire fighters, and teachers.