D.C. Pensions: Plans Consuming Growing Share of District Budget

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Report Type	Reports and Testimonies
Report Date	June 14, 1994
Report No.	T-HEHS-94-192
Subject	Amortization Civil service pensions Cost of living Employee retirement plans Federal employees retirement system Federal/state relations Funds management Government retirement benefits Payments Pensions Proposed legislation DC Judges Retirement Fund DC Police Officers and Fire Fighters Retirement Fund DC Teachers Retirement Fund OASDI Old Age Survivors and Disability Insurance Program Civil service retirement system

Summary:

The District of Columbia's overall financial status is being affected by the increasing demand on city revenues from its underfunded pension plans for police and fire fighters, teachers, and judges. In 1991 the District's contribution to these plans was about eight percent of revenues, and unless remedial action is taken, the contribution could rise to about 15 percent of revenues by 2005. Pension costs are now running more than 50 percent of payroll and will grow to 70 percent after 2004. This testimony provides a brief historical overview of the unfunded liability in the District's pension plans; outlines the plans' current funding provisions; and discusses the effects of H.R. 3728, the District of Columbia Pension Liability Funding Reform Act of 1994, which seeks to eliminate the District's financial liability for these plans, as well as the responsibilities of the federal government, the District, and the plans' participants.

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D.C. Pensions: Plans Consuming Growing Share of District Budget