District of Columbia Retirement Reform Act

District of Columbia Retirement Reform Act - Title I: Financing of Retirement Benefits - Establishes the District of Columbia Retirement Board to exercise exclusive authority to manage and control the funds established by this Act. Details provisions relating to the Board's composition, the election and terms of office of Board members, the procedures to be followed by the Board, and the financing of the Board's operators.

Establishes the District of Columbia Policemen and Firemen's Retirement Fund into which shall be deposited: (1) amounts withheld from the salaries of, and deposited by, members of the Metropolitan Police, the Fire Department of the District of Columbia, the United States Park Police, the Executive Protective Service, and the United States Secret Service, pursuant to the Policemen and Firemen's Retirement and Disability Act, (2) amounts appropriated to the Fund pursuant to this Act, and (3) amounts made as return on investment of the assets of the Fund.

Establishes the District of Columbia Teachers' Retirement Fund into which shall be deposited: (1) amounts withheld from the salaries of, and amounts deposited by, each teacher in the public schools of the District of Columbia for such teachers' retirement account, (2) amounts appropriated to the Fund pursuant to this Act, and (3) amounts made as return on investment of the assets of the Fund.

Establishes the District of Columbia Judges Retirement Fund into which shall be deposited: (1) amounts withheld from the salaries of, and amounts deposited by, judges of the District of Columbia Court of Appeals and the Superior Court of the District of Columbia, (2) amounts appropriated to the Fund pursuant to this Act, and (3) amounts made as return on investment of the assets of the Fund.

Requires that the assets of each Fund established by this Act be kept separate from other moneys, but not necessarily kept separate from one another if the Board determines that commingling of such assets is advisable for investment purposes.

Requires the Board to maintain a cash reserve for the Funds sufficient to meet currently annunity and disability benefits outlays.

Prohibits the investment of assets of the funds in obligations issued or guaranteed in whole or in part by the government of the District of Columbia or in obligations secured by real property in the District of Columbia. Directs the Board to engage an enrolled actuary to periodically determine: (1) the amount required to be deposited in each Fund annually in perpetuity in order to meet the cost of annuities and other retirement and disability benefits payable in perpetuity from the Fund less the amount of employee contributions ot the Fund, and (2) the amount received to meet the obligations of each Fund for the next fiscal year less employee contributions for such period.

Directs the Comptroller General to annually audit the accounts and records of the Board.

Sets forth formulae to determine annual Federal amortization payments and annual District of Columbia payments to each Fund.

Authorizes the appropriation of specified sums from the revenues of the United States and from amounts in the United States Treasury credited to the District of Columbia for Federal and District of Columbia contributions to each Fund, respectively.

Directs the Board to publish annual reports with respect to each retirement program and corresponding Fund to which this Act applies. Requires that each such report include: (1) a financial statement containing a statement of Fund assets and liabilities, a statement of changes in net assets available for benefits under the retirement program, and other specified information; (2) an opinion by an independent public accountant as to whether such financial statement is presented in conformity with generally accepted accounting principles; (3) an actuarial statement containing specified information relating to the Fund and retirement program; (4) information relating to the number of employees covered by the retirement program, persons receiving compensation from the Fund, and specified changes to the Funds operation; and (5) a report from each insurance company or similar organization from which program benefits are purchased or which guarantees such benefits.

Directs the Board to prepare summary retirement programs descriptions to be supplied to each participant in, and beneficiary under, each retirement program to which this Act applies.

Requires that annual reports and copies of summary retirement program descriptions, including periodic updates containing material modification, be filed with the Mayor of the District of Columbia, the District of Columbia Council, the Speaker of the House of Representatives, and the President pro tempore of the Senate.

Empowers the Mayor, the Council, or either House of Congress to reject any filing upon making specified findings. Suspends Federal contributions to any Fund with respect to which a filing is rejected or no timely filing has been made pending an acceptable filing. Requires that copies of such reports and descriptions be made available for public inspection.

Authorizes the Board to designate one or more persons to exercise fiduciary responsibilities with respect to Funds established by this Act but places with the Board fiduciary responsibility for the oversight of any person so designated. Lists standards guidelines to be followed by fiduciaries in the discharge of their duties. Specifies circumstances under which a fiduciary shall be liable for a breach of fiduciary duty by another fiduciary. Prohibits a fiduciary from causing the Fund to engage in specified transactions with interested parties or with itself.

Deems void any provision in an agreement instrument which purports to relieve a fiduciary responsibility or liability. Permits the Board, fiduciaries, and groups of retirement program participants to purchase insurance to cover liability or losses arising from a breach of fiduciary duty.

Prohibits any person convicted of specified crimes from serving as an administrator, fiduciary, counsel, or employee of, or as a consultant to, any Fund established by this Act within five years of any such conviction or release from imprisonment, unless the Board of Parole of the United States determines that such person's service with the Fund would not be contrary to the purposes of this Act.

Sets forth criminal penalties for violation of fiduciary obligations. Creates civil causes of action for the benefit of specified plaintiffs to enforce the provisions of this Act. Specifies time limits within which civil actions grounded on breach of fiduciary duty must be brought.

Title II: Changes in Retirement Benefits - Revises the method for determining the salary base period for computation of annuities of participants in the District of Columbia Policemen and Firemen's Retirement Fund.

Sets forth separate procedures and standards for members of the Metropolitan Police and the Fire Department with respect to (1) eligibility for voluntary retirement, (2) eligibility for disability retirement, (3) amount of disability annuities, (4) suspension of disability annuities, (5) physical examination of disability annuitants, and (6) amount of survivors annuities.

Entitles any such member who completes five years of service and who is thereafter separated from service other than through disability retirement or voluntary optional retirement to elect to either (1) receive at the time of separation the amount of deductions from such individual's salary deposited in the Fund, or (2) receive an annuity beginning on the first day of the month during which such individual attains age 55 or on the first day of the month after such individual's separation from service, whichever occurs later.

Authorizes cost-of-living adjustments in annuities payable from the District of Columbia Policemen and Firemen's Retirement Fund.

Eliminates the one percent increase added on to cost-of-living increases in the annuities of District of Columbia Public school teachers and judges.

Revises the means for determining eligibility for each such adjustment.