District Of Columbia § 38-2023.14 - Computation of interest.
Full text of District Of Columbia D.C. Code § 38-2023.14 — Computation of interest., with citation guidance and answers to common questions.
§ 38-2023.14. Computation of interest.
38-2023.14For purposes of determining the amount available to purchase an annuity under subsection (b) of , interest shall be deemed to accrue on deposits at the following rates for the following periods:
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;
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%);
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 .
Interest required on deposits under or , or under , shall be computed as follows:
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 ) 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:
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
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;
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;
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.
Interest required on deposits under shall be computed as follows:
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 ) 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:
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
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;
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
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.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 38-2023.14
What does D.C. Code § 38-2023.14 cover?
Section 38-2023.14 ("Computation of interest.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 38-2023.14?
A common citation format is "D.C. Code § 38-2023.14" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 38-2023.14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.