DC Disclosing More Details About Retirement Plan

The District of Columbia government is providing more information to workers about how the administrative expenses of their retirement plans are paid for.

A letter detailing the expenses was sent last week to workers who participate in the district's deferred-compensation plan. It follows an article by The Associated Press that detailed how the government is taking money out of the plan for expenses without telling participants. Some of that money is going to the accounting firm founded by Jeffrey Thompson, who's at the center of a federal corruption probe.

The District's Office of the Chief Financial Officer says it has met all legal requirements for disclosure. But the letter says the office is working to improve transparency and will now post annual reports about the retirement plan on its website.

Copyright AP - Associated Press
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