Fundraising Reception for Supervisor Pat Herrity
Thursday, August 1, 2019
Pensions alone currently cost the county 30 cents on top of every payroll dollar – over 65 cents if you include all benefits
The Educational Employees’ Supplementary Retirement System of Fairfax County (ERFC) was established July 1, 1973, to provide an independent retirement plan for Fairfax County Public Schools’ personnel as a supplement to the primary benefits they earn and receive separately from the Virginia Retirement System (VRS) and Social Security.
Currently, at age 55 after 30 years of working for FCPS, a retiring employee’s yearly pension amount paid by the VRS comes to about 50% of that person’s average pay based on his/her 5 highest-paid years. Normally, Social Security benefits would equate to around 25% of a person’s income earned during those 30 years of County employment at “full retirement” age, now 67 for new FCPS hires. The ERFC supplement was designed to make up for losing that 25% by retiring prior to age 67. In essence, retiring FCPS employees receive 75% of their pay at age 55. However, the County now…