(a) For purposes of determining the amount available to purchase an annuity under subsection (b) of § 38-2021.01, interest shall be deemed to accrue on deposits at the following rates for the following periods:

(1) Prior to the end of the 90-day period beginning on November 17, 1979, interest shall accrue at the rate of 3% per annum compounded as of December 31st of each year;

(2) For the period beginning at the end of the 90-day period beginning on November 17, 1979, and ending on September 30, 1981, interest shall accrue at a rate which (as determined by the District of Columbia Retirement Board) is equal to the average rate of interest on interest-bearing obligations of the United States forming a part of the public debt (adjusted to the nearest 1/8 of 1%);

(3) After October 1, 1981, interest shall accrue at an annual rate which (as determined by the District of Columbia Retirement Board) is equal to the average annual rate of return on investment (adjusted to the nearest 1/8 of 1%) for the District of Columbia Teachers’ Retirement Fund established by § 1-713.

(b) Interest required on deposits under § 38-2021.01a(b) or § 38-2021.08, or under § 38-2061.02, shall be computed as follows:

(1) Interest shall be paid at a rate which (as determined by the District of Columbia Retirement Board) is equal to the average rate of return on investment (adjusted to the nearest 1/8 of 1%) for the District of Columbia Teachers’ Retirement Fund (established by § 1-713) for the period beginning on the 1st day of the 1st month which begins after the midpoint of the period with respect to which the deposit is made and ending on the last day of the month which precedes the month during which the deposit is made if he makes a lump-sum payment or during which he makes the 1st payment if he makes installment deposits, except that:

(A) For so much of any such period which occurs between the end of the 90-day period beginning on November 17, 1979, and October 1, 1980, the average rate of interest on interest-bearing obligations of the United States forming a part of the public debt (adjusted to the nearest 1/8 of 1%) shall be used in determining the interest rate to be paid on deposits; and

(B) For so much of any such period which occurs prior to the end of the 90-day period beginning on November 17, 1979, the rate of 3% a year, compounded annually, shall be used in determining the interest rate to be paid on deposits;

(2) Interest shall be payable for the period beginning on the first day of the first month which begins after the midpoint of the period with respect to which the deposit is made and ending on the last day of the month which precedes the month during which the deposit is made;

(3) If a teacher elects to make his deposit in installments, each payment shall include interest on that portion of the refund which is then being redeposited.

(c) Interest required on deposits under § 38-2021.09(a) shall be computed as follows:

(1) Interest shall be paid at a rate which (as determined by the District of Columbia Retirement Board) is equal to the average rate of return on investment (adjusted to the nearest 1/8 of 1%) for the District of Columbia Teachers’ Retirement Fund (established by § 1-713) for the period beginning on the first day of the first month which begins after the end of the service period with respect to which the deposit is made and ending on the last day of the month which precedes the month during which the deposit is made if he makes a lump-sum payment or during which he makes the 1st payment if he makes installment deposits, except that:

(A) For so much of any such period which occurs between the end of the 90-day period beginning on November 17, 1979, and October 1, 1980, the average rate of interest on interest-bearing obligations of the United States forming a part of the public debt (adjusted to the nearest 1/8 of 1%) shall be used in determining the interest rate to be paid on deposits; and

(B) For so much of any such period which occurs prior to the end of the 90-day period beginning on November 17, 1979, the rate of 3% a year, compounded annually, shall be used in determining the interest rate to be paid on deposits;

(2) Interest shall be payable for the period beginning on the first day of the first month which begins after the end of the service period with respect to which the deposit is made and ending on the last day of the month which precedes the month during which the deposit is made; and

(3) If a teacher elects to make his deposit in installments, each payment shall include interest on that portion of the refund which is then being redeposited.

(Nov. 17, 1979, 93 Stat. 866, Pub. L. 96-122, § 253(a)(6); Apr. 13, 2005, D.C. Law 15-354, § 3(f), 52 DCR 2638.)

1981 Ed., § 31-1244.

1973 Ed., § 31-739e.

This section is referenced in § 38-2021.01a, § 38-2021.02, and § 38-2061.02.

D.C. Law 15-354 substituted “District of Columbia Retirement Board” for “Mayor of the District of Columbia”.