Until the end of the 90-day period beginning on November 17, 1979, the amounts so deducted and withheld from the annual salary of every teacher, and the amounts of additional voluntary deposits, shall be deposited in the Treasury of the United States to the credit of the Teachers' Retirement and Annuity Fund. As of July 1, 1946, there shall be transferred and credited to such fund the balances of funds held for the retirement of teachers under the provisions of §§ 38-2001.02 and 38-2001.07. The fund thus created shall be held and invested by the Secretary of the Treasury until paid out as hereinafter provided, and the income derived from such investment shall constitute a part of said fund for the purpose of carrying out the provisions of this part, and for payment of administrative expenses incurred by the Mayor of the District of Columbia in placing in effect each annuity adjustment granted under § 38-2023.14. Separate accounts shall be maintained by the Treasury with respect to:
(1) The regular operations of the retirement system, exclusive of those incident to the voluntary deposits; and
(2) The voluntary deposits and the supplementary annuities and refunds resulting from such deposits.
CREDIT(S)
(Aug. 7, 1946, 60 Stat. 876, ch. 779, § 2; July 5, 1966, 80 Stat. 267, Pub. L. 89-494, § 2; Nov. 17, 1979, 93 Stat. 866, Pub. L. 96-122, § 123(b)(1)(B).)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 31-1223.
1973 Ed., § 31-722.
Change in Government
This section originated at a time when local government powers were delegated to a Board of Commissioners of the District of Columbia (see Acts Relating to the Establishment of the District of Columbia and its Various Forms of Governmental Organization in Volume 1). Section 401 of Reorganization Plan No. 3 of 1967 (see Reorganization Plans in Volume 1) transferred all of the functions of the Board of Commissioners under this section to a single Commissioner. The District of Columbia Self-Government and Governmental Reorganization Act, 87 Stat. 818, § 711 (D.C. Code, § 1-207.11), abolished the District of Columbia Council and the Office of Commissioner of the District of Columbia. These branches of government were replaced by the Council of the District of Columbia and the Office of Mayor of the District of Columbia, respectively. Accordingly, and also pursuant to § 714(a) of such Act (D.C. Code, § 1-207.14(a)), appropriate changes in terminology were made in this section.