Country: United States
Sector: State, Local and Federal
Year: 2017 - On-going
Project: 457 (b) Deferred Compensation Plan Financial Statements Preparation
Project Description: The Government of the District of Columbia (the “District”) offers for eligible employees a qualified employee Deferred Compensation Plan (“Plan”) that was established under the District’s 457(b) Deferred Compensation Act of 1984, D.C. Law 5-118, and D.C. Code Section 47-3601. The Plan enables eligible employees to make tax deferred contributions towards their retirement. The Plan’s assets are held in trust by the District for the exclusive benefit of Plan members and their beneficiaries. All District employees of an agency under the personnel authority of the District’s Mayor, a subordinate agency as defined in the Comprehensive Merit Personnel Act of 1978, and an agency not under the personnel authority of the Mayor or an independent agency but approved by the Mayor, are eligible to participate in the Plan. There are no age and length of service requirements. Effective January 1, 2009, the blind licensees of the District’s Randolph Sheppard Vending Facility Program became eligible to participate in the Plan. The blind licensees under the Randolph Sheppard Vending Facility Program shall not become an eligible individual until the later of the date (i) such as licensee has been a participant in the program for 13 months or (ii) a year and 1 month after their licensure date.
The District’s Office the Chief Financial Officer, Office of Finance and Treasury (“OFT”) and the District of Columbia Department of Human Resources are joint Plan Administrators. They are jointly responsible for adopting the Plan’s administration rules and regulations and investment policies, and overseeing the duties of the Trustee of the Plan. The Trustee is responsible for the Plan’s record keeping, marketing and enrollment efforts. The financial statements of the Plan are prepared under the accrual basis of accounting. Employee contributions are recognized by the Plan at the time compensation is earned by Plan members and the payments become due from the District government. Investment income is recognized when earned. Deductions are recognized when due and payable 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