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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:  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).

 

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

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