District Of Columbia § 38-2001.01 - Annuity — Salary deductions.

There shall be deducted and withheld from the annual salary of every teacher in the public schools of the District of Columbia an amount computed to the nearest tenth of a dollar that will be sufficient, with interest thereon at 4 per centum per annum, compounded annually, to purchase, under the provisions of this subchapter, an annuity equal to 1% of his average annual salary received during the 10 years immediately preceding retirement, for each year of his whole term of service rendered after June 30, 1926, payable monthly throughout life, for every such teacher who shall be retired, as herein provided.

The deductions herein provided for shall be based on such annuity table or tables as the Council of the District of Columbia shall direct; provided, however, that said deductions shall in no case exceed 8% of his annual salary; and provided further, that when the annual salary exceeds $2,000 the deductions and benefits shall be made as on an annual salary of $2,000.

The Council of the District of Columbia shall cause to be filed with the Board of Education on September 10th of each year a certificate showing the amount of deduction to be made from the salary of each teacher during the year, said deduction to be made in equal amounts, one to be deducted for each school month. A similar certificate shall be filed not later than the 15th day of each calendar month to cover cases of new entrants. No deduction shall be made from less than an entire month’s salary.