D.C. Mun. Regs. tit. 6, r. 6-B2620

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 6-B2620 - DISTRICT OF COLUMBIA DEFERRED COMPENSATION PLAN ADMINISTRATION

2620.1

The 457(b) Plan is jointly administered by the D.C. Department of Human Resources (DCHR) and the D.C. Office of the Chief Financial Officer, Office of Finance and Treasury (CFO).

2620.2

The 457(b) Plan Administrator provides for the administration of the plan, which includes but is no t limited to:

(a) Enrollment of eligible employees as participants;

(b) The maintenance of accounts and other records;

(c) Periodic reports to participants; and

(d) The distribution of benefits to Participants.

2620.3

The 457(b) Plan Administrator shall serve as an agent of the District for purposes of providing direction to the custodian of any custodial account from time to time as to the investment of the funds held in the custodial account, and the transfer of assets to or from the custodial account.

2620.4

Each Participant's account shall be charged with its proportionate share of any expenses paid from the 457(b) Plan and shall also include any functional subaccounts as may be established by the Administrator from time to time. To the extent that the Administrator determines that a functional subaccount no longer needs to be maintained, such functional subaccount may be combined with another functional subaccount. The functional subaccounts are as follows:

(1) Basic Contribution Account or

(2) Rollover Contribution Account.

D.C. Mun. Regs. tit. 6, r. 6-B2620

Emergency Rulemaking published at 52 DCR 1596 (February 18, 2005) [EXPIRED]; as amended by Final Rulemaking published at 53 DCR 3266 (April 21, 2006); amended by Final Rulemaking published at 67 DCR 4743 (5/1/2020)