Country: United States
Sector: State, Local and Federal
Year: 2017 – On-going
Project: 401 (a) Defined Contribution Pension Plan Financial Statements Preparation
Project Description: The Government of the District of Columbia (the “District”) offers a Defined Contribution Pension Plan (the “Plan”) that was established under D.C Code 1- 626.05(3). All District employees who were first hired on or after October 1, 1987 and have been employed a minimum of one year are eligible to participate in the Plan. The District contributes 5% of eligible employees’ base salary for all employees, except detention officers. Detention officers receive a 5.5% contribution of their base salary. Participants do not make any contributions to the Plan. The District’s Office of the Chief Financial Officer (OCFO), Office of Finance and Treasury (OFT), and D.C. Department of Human Resources are joint Plan Administrators. They are jointly responsible for adopting the Plan’s administration rules and regulations, investment policies, and overseeing the duties of the Plan’s Program Manager. The Plan’s financial statements are prepared under the accrual basis of accounting. District contributions are recognized by the Plan when the payments become due from the District government. Investment income is recognized when earned. Deductions are recognized when due in accordance with the terms of the Plan.
IBS Management & Consultancy Services is under a seven year contract with the OFT to assist the OFT prepare the financial statements of the Plan at year end September 30, starting in 2017, and accompanying notes and Management’s Discussion and Analysis, in accordance with accounting principles generally accepted in the United States of America as prescribed by the Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB).
541611 Admin Mgmt. & Gen. Mgmt. Consulting Services
541990 All Other Professional, Scientific & Technical Services
541211 Certified Public Accountants
541219 Other Accounting Services
541618 Other Mgmt. Consulting Services
541690 Other Scientific & Technical Consulting Services
561110 Office Admin Services
561499 All Other Bus. Support Services
611430 Prof. & Mgmt. Dev. Training
Certified Small Disadvantaged Business (SBA-8a, DC, MD, VA, PA and NJ)
SBA 8(a) - Program Code/Case Number is 307466.
Certified Minority Business Enterprise
CAGE : 6VUR3; DUNS: 078664340
1627 K St, NW, Suite 500
Washington, DC 20006
13201 14th Street
Bowie, MD 20715