One City One Hire is an innovative economic development strategy that serves as a catalyst to jump-start the Mayor's pledge to put all unemployed District residents--in every Ward of the city--back to work.
Civil Service Retirement CSRS for Employees Hired Before October 1, 1987
Employees the District of Columbia government first hires before October 1, 1987, are subject to the provisions of the CSRS that the US Office of Personnel Management administers.
Under each plan, you may choose to retire when you reach:
|Optional Retirement||Voluntary Early Retirement|
|Age 55 and 30 years of service||50 and 20 years of service|
|Age 60 and 20 years of service||Any age and 25 years of service|
|Age 62 and 5 years of service||62 and 5 years of service|
The pension of an employee who chooses Voluntary Early Retirement will be reduced by 2 percent for each year under age 55.
401a Defined Contribution Pension Plan for Exployees Hired on or After October 1, 1987
Defined Contribution Pension Plan - 401(a)
The District government's primary retirement plan for eligible employees first hired on or after October 1, 1987, is a "defined contribution" plan, with benefits based on 100 percent employer-provided contributions plus earnings over the course of the participant's working years. The District funds this plan; there is no employee contribution. The current employer-paid contribution is 5 percent of the base salary (5 .5 percent for Corrections Officers). Employees must have one year of continuous service to participate, and they are fully vested in the Defined Contribution Pension Plan after five years of continuous service.
Investment options are available through ING.
457b Deferred Compensation Plan
All District government employees are eligible to participate in the Deferred Compensation Program, an optional savings program that allows employees to tax-defer income and invest for the future. The portion of salary an employee contributes reduces the amount of taxable income in each paycheck.
The Internal Revenue Service determines the annual maximum amount that can be deferred.
You may also be eligible for increased annual contributions:
- during the three years prior to the year you attain Normal Retirement Age under a special 457 catch-up provision or
- when you reach age 50 or older by the end of the calendar year.
For additional information on the special 457(b) catch-up provision or the increased contribution limits for workers who attain age 50, please refer to the brochure "How Much Can I Contribute?" [PDF].
Under DCPLUS, you are permitted to designate a person(s) who will receive payment of benefits in the event of your death. To ensure that death benefits under the plans are paid to the individual(s) of your choice, you should periodically review your plan beneficiary designation and determine whether any changes are appropriate. This is especially true if you have a life change event (e.g. marriage, birth of a child, divorce, or death). It is important to note that with respect to the beneficiary(ies) you have designated - If you have a change in status, your designation is not automatically updated. For example, if your spouse is your beneficiary, that designation is not void as a result of your divorce. Your ex-spouse would remain your plan beneficiary until you make a change to your designation. The beneficiary you designate under DCPLUS is separate from any designation you may have made under the District’s pension plan or other programs in which you participate. If you do not designate a beneficiary under DCPLUS, in the event of your death, benefits will be paid to your estate. You have two convenient ways to update your beneficiary elections. You may either complete the Beneficiary Designation Form [PDF], and return it to the address provided at the top of the form. Or, you may update your beneficiary elections by logging in to your account and selecting the "Beneficiary Information" link located under the "My Account" menu option; see a preview [PDF].
The 457(b) Deferred Compensation Plan is available through ING Financial Advisors and is open to all employees who can contribute the minimum of $20 per pay period. Employees can choose from a wide variety of fixed or variable investment options. For more information, please call (800) 584-6001 or visit ING Financial Advisors.