District of Columbia Code Division I. Government of District. § 1-909.04. Reports and disclosure to participants and beneficiaries.
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(a) The Retirement Board shall furnish the Mayor and the Council, upon request, any documents relating to the retirement program or the Funds, including trust agreements, contracts, or other instruments under which the Funds are operated.
(b) A copy of the summary plan description and all modifications and changes referred to in § 1-909.03(a) shall be provided to a participant within 90 days after he becomes a participant, or to a beneficiary within 90 days after he first receives benefits. The Retirement Board shall furnish to each participant, and to each beneficiary receiving benefits under the Retirement Program, every 5th year an updated summary plan description described in § 1-909.03 that integrates all Retirement Program amendments made within the 5-year period, except where no amendments have been made to a retirement program during the 5-year period, this sentence shall not apply. Notwithstanding the foregoing sentence, the Retirement Board shall furnish to each participant, and to each beneficiary receiving benefits under the Retirement Program, the summary plan description described in § 1-909.03 every 10th year. If there is a modification or change described in § 1-909.03(a), a summary plan description of the modification or change shall be furnished to each participant and to each beneficiary who is receiving benefits under the Retirement Program not later than 210 days after the end of the fiscal year in which the change is adopted.
(c) Within 210 days after the close of the fiscal year, the Retirement Board shall furnish to each participant, and to each beneficiary receiving benefits under the Retirement Program, a statement that fairly summarizes the annual report. The statement shall contain a disclosure of the financial and actuarial status of the applicable retirement plan.
(d) The Board shall permit any accountant or actuary retained by the Mayor or the Council to inspect whatever books and records of the Funds as are necessary to conduct the District's annual audit, or if the Mayor or the Council rejects the annual report or the summary plan description upon a finding that the document is incomplete for purposes of this chapter, or upon a determination that there is any material qualification by an accountant or actuary contained in an opinion submitted as part of the annual report.
(e) The Council may require that the Retirement Board furnish to each participant and to each beneficiary receiving benefits under an individual retirement program a statement of the rights of participants and beneficiaries under this chapter.
Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 1-909.04. Reports and disclosure to participants and beneficiaries. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-1-909-04.html
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