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CLIENT: DC OFFICE OF THE CHIEF FINANCIAL OFFICER, OFFICE OF FINANCE AND TREASURY

Country:  United States

Sector:  State, Local and Federal

Service:  Accounting

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).

 

NAICS

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

CERTIFICATIONS

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

GSA Contract Number: GS-00F-327GA

DC OFFICE

1627 K St, NW, Suite 500

Washington, DC 20006

Tel: 202-609-8830

MD OFFICE

13201 14th Street

Bowie, MD  20715

Tel: 301-379-2196

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