Defined Benefit Plan And Erisa In Fairfax
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FAQ
Box 13 on the Form W-2 PDF you receive from your employer should contain a check in the “Retirement plan” box if you are covered. If you are still not certain, check with your (or your spouse's) employer. The limits on the amount you can deduct don't affect the amount you can contribute.
The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public sector employees through sound financial stewardship and superior customer service.
Fairfax County Government offers employees a robust package of benefits. Depending on employment status, this may include a choice of medical plans including prescription and vision coverage, optional dental coverage, life and long term disability insurance, pre-tax savings plans, and more.
On your 65th birthday or thereafter if you have at least five years of eligibility service, OR • Plans A & B - on your 50th birthday if you have 30 years or more of eligibility service or at any time thereafter when your age plus years of eligibility service total 80 or more.
The Fairfax County Uniformed Retirement System was established on July 1, 1974, as a public employee retirement system providing defined benefit pension plan coverage for select public safety employees.
Deferred Compensation Plan Plan design features include a wide range of investment options with differing levels of risk and return, financial planning services, and self-directed brokerage arrangements. For tax year 2023, the maximum annual contribution limit is 80% of your gross wages or $22,500, whichever is less.
Setting up a defined benefit plan can be done using an IRS pre-approved plan document issued by an actuary or plan administrator. You should file Form 5500 annually. In addition, Schedule SB should be signed by the actuary and attached to the Form 5500 filing.
