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Government of the District of Columbia401(a) and 457(b)Retirement PlansAnnual ReportFOR FISCAL YEAR 2018Muriel BowserJeffrey S. DeWittMayorChief Financial OfficerVentris C. GibsonBruno FernandesDirectorD.C. Departmentof Human ResourcesTreasurer and Deputy CFO
Table of ContentsExecutive Summary . . . . . . . . . . . . . . 1ICMA-RC Fund Information& Benchmark Descriptions . . . . . . . . 2Education Summary . . . . . . . . . . . . . 13401(a) Retirement Plan . . . . . . . . . . 23401(a) Plan Statistics . . . . . . . . . . . . 26457(b) Deferred CompensationPlan . . . . . . . . . . . . . . . . . . . . . . . . . . 35457(b) Plan Statistics . . . . . . . . . . . . 38Life Insurance . . . . . . . . . . . . . . . . . 50Retirement Plan Administration . . . 51District of ColumbiaAdministration Teams . . . . . . . . . . . 52The ICMA-RC Teams . . . . . . . . . . . . 56ICMA-RC: Commitmentto Our Communities . . . . . . . . . . . . 58Contact Information . . . . . . . . . . . . 59AppendixFinancial Statements, Notes,and Report of IndependentCertified Public AccountantsMuriel BowserJeffrey S. DeWittMayorChief Financial Officer
Executive SummaryFiscal year 2018 was largely a good year for investors in U. S. equity markets, up 17.9%, driven by solid corporate earningsand continuing positive economic reports. International equity markets experienced some headwinds: developed marketswere up 2.74% and emerging markets down 0.81%. Fixed income results lagged the Bloomberg Barclays Aggregatereturning -1.22% for the year and non-U. S. fixed income returning -1.57%. As highlighted in this report, fiscal year 2018shows positive returns for 27 of 30 funds in the Plans.Assets in the 401(a) Retirement Plan increased 11.3% from 918.5 million to 1,022.4 billion as asset appreciation andcontributions outpaced withdrawals. The plan had 27,681 participants with an average account balance of 36,926. TheDistrict contributed 69.9 million in fiscal year 2018 compared to 63.9 million for the prior year.Assets in the 457(b) Deferred Compensation Plan (“457(b) Plan”) increased 12.5% from 731.4 million to 822.9 million.The plan had 20,638 participants with an average account balance of 39,868. Participants contributed 76.8 million infiscal year 2018 compared to 68.1 million for the prior year. The employee participation rate for the 457(b) Plan in 2018was 53% vs 49% in 2017 representing a four percent increase, which we still consider to be too low for the program.The report also provides more detailed information regarding the plans’ investment funds and investment performance;reviews of our financial educational programs, lists of relevant plan statistics and outlines the administrative workperformed by our partners in District government and ICMA-RC.The Office of Finance and Treasury regularly reviews the performance of the funds with our independent investmentmanagement consulting firm, Segal Marco Advisors. The operations of the Plans and their assets are examined eachyear by an independent accounting firm. The Plans received an unqualified (clean) opinion from the auditor, F.S. Taylor &Associates, P.C. The audited financial statements are included in this report as an appendix.We continued a robust educational program for participants that included monthly financial literacy seminars andindividual account reviews. During the fiscal year 8,798 employees attend 455 seminars held by ICMA-RC (recordkeeper)and 2,009 employees met one-on-one with an ICMA-RC representative. Our proactive outreach, group educationalseminars, vibrant postcards and e-blasts articles informed and further educated plan participants.We are also proud to share that in recognition of our best practices in education and communication, the District’sretirement program received two awards: the 2018 Communicator Award and the 2018 Gold Stevie Award. TheCommunicator Award was in recognition of “big ideas in marketing and communications” from the American BusinessAwards. The Gold Stevie Award (Best P.R. Government Retirement Video) was from the American Business Awards. Bothawards were received for The District’s “Saving for your Dream” video, which inspires and motivates employees to enroll inthe District’s 457(b) Deferred Compensation Plan by showing them the successful retirement of peers who participated inthe plan at various career stages.We hope you find the information in this report helps you gain a better understanding of the District’s retirement plans,as well as the oversight performed on an ongoing basis by the Office of Finance and Treasury and the D.C. Department ofHuman Resources.401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 20181
ICMA-RC Fund Information & BenchmarkDescriptionsThe following is a summary of the current investment options offered by asset class in the 401(a)and 457(b) Retirement Plans. This summary includes a description of the benchmark for each fund.More detailed information on each investment option, including fund fact sheets, can be found onwww.DCRetire.com. The fund menu consists of 30 investment options ranging from conservativestability of principal funds to a more aggressive global/international fund option and a brokeragewindow. The District monitors all investment options offered on an ongoing basis. This investmentreview evaluates investment performance, fund manager performance, and other factors.Stable Value/Cash ManagementVANTAGEPOINT PLUS FUND R10ICMA-RC’s wholly-owned subsidiary, VantagepointInvestment Advisers, LLC, employs a structured, multiproduct, multimanager approach in managing the Fund.The Fund invests primarily in a diversified and tieredportfolio of stable value investment contracts and fixedincome securities, fixed income mutual funds, and fixedincome commingled trust funds (“fixed income assets”)that back certain stable value investment contracts.In addition, the Fund invests in money market mutualfunds, as well as cash and cash equivalents. The Fund’sportfolio may include different types of investments witha wide variety of negotiated terms and maturities and isdiversified across sectors and issuers. The composition ofthe Fund’s portfolio and its allocations to various stablevalue investments and fixed income investment sectors,across the fund’s multiple tiers, is determined basedon prevailing economic and capital market conditions,relative value analysis, liquidity needs, and other factors.The Fund invests in stable values investment contractsto seek to achieve, over the long run, returns higherthan those of money market funds and short-term bankrates and relatively stable returns compared to shortto-intermediate term fixed income funds. The Fundgenerally will not track shorter-term interest rates asclosely as money market mutual funds, because of itslonger maturity, potential adverse market changes, and2provisions in stable value contracts held by the Fund. Inaddition, while the Fund’s returns are generally expectedto follow interest rate trends over time, they typically willdo so on a lagged basis.B enchmark : The ICE BofA ML US 1-3 Year Treasury Index is anunmanaged index consisting of all public U.S. Treasury obligationshaving maturities from 1 to 2.99 years. Returns are annualized forall periods.VANGUARD FEDERAL MONEY MARKET FUNDThe investment seeks to provide current income whilemaintaining liquidity and a stable share price of 1. Thefund invests primarily in high quality, short-term moneymarket instruments. Under normal circumstances, atleast 80% of the fund’s assets are invested in securitiesissued by the U.S. government and its agencies andinstrumentalities. It maintains a dollar-weighted averagematurity of 60 days or less and a dollar-weighted averagelife of 120 days or less. The fund generally invests 100%of its assets in government securities and thereforewill satisfy the 99.5% requirement for designation as agovernment money market fund.B enchmark : The BofA ML US Treasury Bill 3 Month Index iscomprised of a single U.S. Treasury Bill issue purchased at thebeginning of each month and held for a full month, at which timethat issue is sold and rolled into a newly selected issue. The issueselected each month is that having a maturity date closest to, butnot beyond 90 days from the rebalance date.401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 2018
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONSBondDC PLUS FIXED INCOME FUNDThe portfolio invests 50% of its assets in the Vanguard Total Bond Market Index Fund and 50% of its assetsin the Touchstone Total Return Bond Fund, and derivesits objectives and strategies from these underlyingmutual funds. The Vanguard fund seeks to track theperformance of a broad, market weighted bond indexby employing an indexing investment approach designedto track the performance of the Barclays U.S. AggregateFloat Adjusted Index. Investments are selected using asampling process, and at least 80% of its assets will beinvested in bonds held by that index. The Touchstonefund seeks current income, capital appreciation is asecondary goal. It invests at least 80% of its assets ininvestment grade fixed income securities. It may invest upto 20% of its total assets in non-investment-grade debtsecurities (“junk bonds”).B enchmark : The Bloomberg Barclays U.S. Aggregate Bond Indexconsists of investment-grade U.S. fixed income securities.PIMCO REAL RETURN COLLECTIVE TRUST IIThe objective of the PIMCO Real Return Fund (the“Fund”) is to seek maximum real return (total return lessinflation). The Fund’s Investment Strategy is to invest forboth current income (bond coupons and dividends) andcapital appreciation (bond price movements), consistentwith preservation of capital and prudent investmentmanagement.B enchmark : The Bloomberg Barclays U.S. Treasury InflationLinked Bond Index (Series-L), consists of all U.S. Treasury inflationprotected securities rated investment grade or better, havingat least one year to final maturity and at least 250 million paramount outstanding. The Series-L reference identifies this index asthe former Lehman Brothers U.S. TIPS Index.Guaranteed Lifetime IncomeVT RETIREMENT INCOMEADVANTAGE FUNDTo seek both moderate capital growth and currentincome while providing a guaranteed lifetime incomefeature that protects retirement income against marketdownturns. The Fund invests in a Separate Account undera group variable annuity issued by Prudential Retirement401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 20183
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONSInsurance and Annuity Company (“Prudential”), HartfordConnecticut. The Separate Account, in turn, investsin a mix of collective trust funds with an allocationof approximately 60% equities (both domestic andforeign) and 40% fixed income. ICMA-RC is responsiblefor managing the assets of the Separate Account. TheSeparate Account’s target allocation for the underlyingfunds is as follows: Equity Funds — VT II Vantagepoint Broad MarketIndex: 25%; VT II Vantagepoint Growth & IncomeFund: 20%; VT II Vantagepoint InternationalFund: 15%.Vanguard Target Date InvestmentsThe trusts seek to provide growth of capital andcurrent income consistent with its current targetallocation by investing in a gradually more conservativemix of the following Vanguard funds: Total Stock MarketIndex Fund, Total Bond Market II Index Fund, TotalInternational Bond Index Fund, Short-Term InflationProtected Securities Index Fund, and Total InternationalStock Index Fund.VANGUARD TARGET RETIREMENT INCOME TRUST I Fixed Income Funds — Prudential Core ConservativeIntermediate Bond Fund: 30%; VT II VantagepointInflation Focused Fund: 10%.B enchmark : Fund performance is shown comparing it to a“benchmark” which may be a (i) broad-based securities marketindex (ii) a group of mutual funds with similar investmentobjectives, or (iii) a short term government backed debt obligationsuch as a U.S. Treasury Bill. An index is not available for directinvestment, is unmanaged, and does not reflect the costs ofportfolio management or trading. A fund’s portfolio may differfrom the securities held in an index.4Target Date/Lifecycle/AllocationVanguard Target Retirement Income Trust uses an assetallocation strategy designed for investors currently inretirement. As of 9/30/2018, the Fund’s target mix is asfollows: 37.2% in the Total Bond Market II Index Fund,18.0% in the Total Stock Market Index Plus Fund, 16.8%in the Short-Term Inflation-Protected Securities IndexFund, 16.0% in the Total Int’l Bond Index Fund, and12.0% in the Total Int’l Stock Index Fund.B enchmark : Target Income Composite Index — the TargetDate Composite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 2018
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONSVANGUARD TARGET RETIREMENT 2015 TRUST IVANGUARD TARGET RETIREMENT 2030 TRUST IVanguard Target Retirement 2015 Trust uses an assetallocation strategy designed for investors planning toretire between 2013 and 2017. As of 9/30/2018, theFund’s target mix is as follows: 33.1% in the Total BondMarket II Index Fund, 24.3% in the Total Stock MarketIndex Plus Fund, 16.4% in the Total Int’l Stock IndexFund, 14.1% in the Total Int’l Bond Index Fund, and12.1% in the Short-Term Inflation-Protected SecuritiesIndex Fund.Vanguard Target Retirement 2030 Trust uses an assetallocation strategy designed for investors planning toretire between 2028 and 2032. As of 9/30/2018, theFund’s target mix is as follows: 42.1% in the Total StockMarket Index Plus Fund, 27.9% in the Total Int’l StockIndex Fund, 21.0% in the Total Bond Market II IndexFund, and 9.0% in the Total Int’l Bond Index Fund.B enchmark : Target 2015 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2020 TRUST IVanguard Target Retirement 2020 Trust uses an assetallocation strategy designed for investors planning toretire between 2018 and 2022. As of 9/30/2018, theFund’s target mix is as follows: 32.3% in the Total StockMarket Index Plus Fund, 28.8% in the Total Bond MarketII Index Fund, 21.3% in the Total Int’l Stock Index Fund,12.3% in the Total Int’l Bond Index Fund, and 5.3% inthe Short-Term Inflation-Protected Securities Index Fund.B enchmark : Target 2020 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2025 TRUST IVanguard Target Retirement 2025 Trust uses an assetallocation strategy designed for investors planning toretire between 2023 and 2027. As of 9/30/2018, theFund’s target mix is as follows: 37.9% in the Total StockMarket Index Plus Fund, 26.1% in the Total Bond MarketII Index Fund, 24.9% in the Total Int’l Stock Index Fund,and 11.1% in the Total Int’l Bond Index Fund.B enchmark : Target 2025 Composite Index — the TargetDate Composite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.B enchmark : Target 2030 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2035 TRUST IVanguard Target Retirement 2035 Trust uses an assetallocation strategy designed for investors planning toretire between 2033 and 2037. As of 9/30/2018, theFund’s target mix is as follows: 46.6% in the Total StockMarket Index Plus Fund, 30.8% in the Total Int’l StockIndex Fund, 15.8% in the Total Bond Market II IndexFund, and 6.8% in the Total Int’l Bond Index Fund.B enchmark : Target 2035 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2040 TRUST IVanguard Target Retirement 2040 Trust uses an assetallocation strategy designed for investors planning toretire between 2038 and 2042. As of 9/30/2018, theFund’s target mix is as follows: 50.8% in the Total StockMarket Index Plus Fund, 33.9% in the Total Int’l StockIndex Fund, 10.7% in the Total Bond Market II IndexFund, and 4.6% in the Total Int’l Bond Index Fund.B enchmark : Target 2040 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 20185
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONSIndex Fund, 7.1% in the Total Bond Market II Index Fund,and 2.9% in the Total Int’l Bond Index Fund.B enchmark : Target 2050 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2055 TRUST IVanguard Target Retirement 2055 Trust uses an assetallocation strategy designed for investors planning toretire between 2053 and 2057. As of 9/30/2018, theFund’s target mix is as follows: 54.3% in the Total StockMarket Index Plus Fund, 35.7% in the Total Int’l StockIndex Fund, 7.1% in the Total Bond Market II Index Fund,and 2.9% in the Total Int’l Bond Index Fund.B enchmark : Target 2055 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2060 TRUST IVANGUARD TARGET RETIREMENT 2045 TRUST IVanguard Target Retirement 2045 Trust uses an assetallocation strategy designed for investors planning toretire between 2043 and 2047. As of 9/30/2018, theFund’s target mix is as follows: 54.2% in the Total StockMarket Index Plus Fund, 35.8% in the Total Int’l StockIndex Fund, 7.1% in the Total Bond Market II Index Fund,and 2.9% in the Total Int’l Bond Index Fund.B enchmark : Target 2045 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2050 TRUST IVanguard Target Retirement 2050 Trust uses an assetallocation strategy designed for investors planning toretire between 2048 and 2052. As of 9/30/2018, theFund’s target mix is as follows: 54.3% in the Total StockMarket Index Plus Fund, 35.7% in the Total Int’l Stock6Vanguard Target Retirement 2060 Trust uses an assetallocation strategy designed for investors planning toretire between 2058 and 2062. As of 9/30/2018, theFund’s target mix is as follows: 54.3% in the Total StockMarket Index Plus Fund, 35.7% in the Total Int’l StockIndex Fund, 7.1% in the Total Bond Market II Index Fund,and 2.9% in the Total Int’l Bond Index Fund.B enchmark : Target 2060 Composite Index — the Target DateComposite Indexes represent the performance of the targetdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.VANGUARD TARGET RETIREMENT 2065 TRUST IVanguard Target Retirement 2065 Trust uses an assetallocation strategy designed for investors planning toretire between 2063 and 2067. As of 9/30/2018, theFund’s target mix is as follows: 54.2% in the Total StockMarket Index Plus Fund, 35.8% in the Total Int’l StockIndex Fund, 7.0% in the Total Bond Market II Index Fund,and 3.0% in the Total Int’l Bond Index Fund.B enchmark : Target 2065 Composite Index — the Target DateComposite Indexes represent the performance of the target401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 2018
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONSdate fund’s asset class benchmarks according to their respectiveweightings in each fund. Please visit DCRetire.com to view theunderlying composite index compositions.PIMCO ALL ASSET FUNDThe investment seeks maximum real return, consistentwith preservation of real capital and prudent investmentmanagement. The fund is a “fund of funds,” whichis a term used to describe mutual funds that pursuetheir investment objective by investing in other funds.It seeks to achieve its investment objective by investingsubstantially all of its assets in the least expensive classof shares of any actively managed or smart beta funds(including mutual funds or exchange-traded funds) of theTrust, or PIMCO ETF Trust or PIMCO Equity Series, eachan affiliated open-end investment company, except otherfunds of funds. It is non-diversified.B enchmark : The Bloomberg Barclays U.S. 1-10 Year TreasuryInflation Notes Index is the 1-10 Year maturity component of theunmanaged U.S. Treasury Inflation Notes Index and consists ofInflation-Protection securities issued by the U.S. Treasury.U.S. StockDC PLUS LARGE CAP VALUEThe portfolio invests 85% of its assets in the T. RowePrice Equity Income Portfolio, collective investment fund,and 15% of its assets in the Edgar Lomax Value Fund,and derives its objectives and strategies from theseunderlying investments. The T. Rowe Price Equity IncomePortfolio seeks a high level of dividend income and longterm growth of capital primarily through investments instocks. Under normal market conditions, it invests at least80% of its net assets (plus borrowings for investmentpurposes) in common stocks, with an emphasis on largecapitalization stocks that have a strong track record ofpaying dividends or that are believed to be undervalued.The Edgar Lomax Value Fund seeks long-term capitalgrowth while providing some income by investingprimarily in large, well-recognized companies which thefund’s adviser believes are undervalued. It invests at least85% of its total assets in equity securities.B enchmark : The Russell 1000 Value Index measures theperformance of the large-cap value segment of the U.S. equityuniverse. It includes those Russell 1000 Index companies withlower price-to-book ratios and lower expected growth values.AMERICAN FUNDS FUNDAMENTALThe investment seeks long-term growth of capital andincome. The fund invests primarily in common stocks ofcompanies that appear to offer superior opportunitiesfor capital growth and most of which have a history ofpaying dividends. It may invest significantly in securitiesof issuers domiciled outside the United States. Theinvestment adviser uses a system of multiple portfoliomanagers in managing the fund’s assets.B enchmark : The S&P 500 Index consists of 500 companiesrepresenting larger capitalization stocks traded in the U.S.401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 20187
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONSVANGUARD INSTITUTIONAL INDEX INST’L PLUSThe investment seeks to track the performance of abenchmark index that measures the investment return oflarge capitalization stocks. The fund employs an indexinginvestment approach designed to track the performanceof the Standard & Poor’s 500 Index, a widely recognizedbenchmark of U.S. stock market performance that isdominated by the stocks of large U.S. companies. Theadvisor attempts to replicate the target index by investingall, or substantially all, of its assets in the stocks thatmake up the index, holding each stock in approximatelythe same proportion as its weighting in the index.B enchmark : The S&P 500 Index consists of 500 companiesrepresenting larger capitalization stocks traded in the U.S.DFA U.S. CORE EQUITY I PORTFOLIOThe investment seeks to achieve long-term capitalappreciation. The fund purchases a broad and diversegroup of securities of U.S. companies with a greateremphasis on small capitalization and value companies ascompared to their representation in the U.S. Universe.The Advisor generally defines the U.S. Universe as amarket capitalization weighted portfolio of U.S. operatingcompanies listed on the New York Stock Exchange(“NYSE”), NYSE MKT LLC, Nasdaq Global Market ,Nasdaq Capital Market , or such other securitiesexchanges deemed appropriate by the Advisor.B enchmark : The Russell 3000 Index includes, and measuresthe performance of, the largest 3,000 U.S. publicly tradedcompanies based on market capitalization, representing asubstantial portion of the investable U.S. equity market.DC PLUS LARGE CAP GROWTHThe portfolio invests 70% of its assets in the AmericanFunds The Growth Fund of America and 30% of itsassets in the Vanguard Growth Index Fund, and derivesits objectives and strategies from these underlying mutualfunds. The Growth Fund of America seeks growthof capital by primarily investing in common stocks, andseeks to invest in companies that appear to offer superioropportunities for growth of capital. It may invest up to25% of its assets in securities of issuers domiciled outsidethe United States. The Vanguard Growth Index Fundemploys an indexing investment approach designed totrack the performance of the CRSP US Large Cap GrowthIndex, a broadly diversified index predominantly made8up of growth stocks of large U.S. companies. The fundattempts to replicate the target index by investing all, orsubstantially all, of its assets in the stocks that make upthe index, holding each stock in approximately the sameproportion as its weighting in the index.B enchmark : The Russell 1000 Growth Index measures theperformance of the large-cap growth segment of the U.S. equityuniverse. It includes those Russell 1000 Index companies withhigher price-to-book ratios and higher forecasted growth values.ARIEL INSTITUTIONALThe investment seeks long-term capital appreciation. Thefund invests in small/mid cap undervalued companiesthat show strong potential for growth. It investsprimarily in equity securities of U.S. companies, andthe fund generally will invest in companies with marketcapitalizations between 1 billion and 7.5 billion,measured at the time of initial purchase.B enchmark : The Russell 2500 Value Index measures theperformance of those Russell 2500 companies with lower price-tobook ratios and lower forecasted growth values.VANGUARD SMALL-CAP INDEX INSTLThe investment seeks to track the performance of abenchmark index that measures the investment return ofsmall capitalization stocks. The fund employs an indexinginvestment approach designed to track the performanceof the CRSP US Small Cap Index, a broadly diversifiedindex of stocks of small U.S. companies. The advisorattempts to replicate the target index by investing all, orsubstantially all, of its assets in the stocks that make upthe index, holding each stock in approximately the sameproportion as its weighting in the index.B enchmark : The Spliced Small Cap Index represents theperformance of stocks of small U.S. companies. It tracks theperformance of the MSCI US Small Cap 1750 Index throughJanuary 30, 2013, and the CRSP US Small Cap Index thereafter.BROWN CAP MGMT SMALL CO INSTLThe investment seeks long-term capital appreciation;current income is a secondary consideration in selectingportfolio investments. The fund invests at least 80%of its net assets (plus any borrowings for investmentpurposes) in the equity securities of those companieswith total operating revenues of 250 million or less atthe time of the initial investment. It typically invests in401(a) and 457(b) Retirement Plans Annual Report For Fiscal Year 2018
ICMA-RC FUND INFORMATION & BENCHMARK DESCRIPTIONScommon stocks. The advisor seeks to build a portfolioof exceptional small companies with the wherewithal tobecome exceptional large companies. The fund typicallyholds a portfolio of between 40 to 65 securities whichthe advisor believes have the potential for growth.B enchmark : The Russell 2000 Growth Index measures theperformance of those Russell 2000 companies with higher priceto-book ratios and higher forecasted growth values.International/Global StockAMERICAN FUNDS NEW PERSPECTIVE FUND The investment seeks long-term growth of capital;future income is a secondary objective. The fundseeks to take advantage of investment opportunitiesgenerated by changes in international trade patternsand economic and political relationships by investing incommon stocks of companies located around the world.In pursuing its primary investment objective, it investsprimarily in common stocks that the investment adviserbelieves have the potential for growth. In pursuing itssecondary objective, the fund invests in common stocksof companies with the potential to pay dividends inthe future.B enchmark : The MSCI All Country World Index (Net) is afree float-adjusted market capitalization weighted index that isdesigned to measure the equity market performance of largeand mid cap segments of developed and emerging markets.The net version of this index reinvests dividends after thededuction of withholding taxes, using a tax rate applicable tonon-resident in
contributions outpaced withdrawals . The plan had 27,681 participants with an average account balance of 36,926 . The District contributed 69 .9 million in fiscal year 2018 compared to 63 .9 million for the prior year . Assets in the 457(b) Deferred Compensation Plan ("457(b) Plan") increased 12 .5% from 731 .4 million to 822 .9 million .
