District of Columbia Statutes
§ 1-715 — Management of Retirement Funds.
District of Columbia·Title 1 Government Organization.·Ch. 7 District of Columbia Employees Retirement Program Management.·Subch. II Establishment of Retirement Board and Retirement Funds.
(1)The District of Columbia Retirement Board shall be the custodian of the assets of each Fund established by this chapter and shall manage and invest such assets in accordance with this chapter. Except as provided in paragraph (2) of this subsection, all assets in the possession or control of the Board shall be held in trust pursuant to a written trust instrument by 1 or more trustees appointed by the Board in its fiduciary capacity. Upon acceptance of the appointment, the trustee or trustees shall have authority and discretion to manage and control the assets assigned to it by the Board except to the extent that authority to manage, acquire, or dispose of assets of the Fund is retained by the Board or is delegated by the Board to 1 or more investment counsels pursuant to § 1-711(g)(1)
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Legislative History
Nov. 17, 1979, 93 Stat. 866, Pub. L. 96-122, § 125; Mar. 24, 1990, D.C. Law 8-97, § 2(c), 37 DCR 1046; Apr. 13, 2005, D.C. Law 15-354, § 3(a), 52 DCR 2638
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