Erisa Retirement Plan For Teachers In Fairfax
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New teachers starting out in Virginia can retire with full benefits when they reach their normal Social Security retirement age with at least 5 years of experience, or when their age and years of service combine to at least 90 with a minimum of 5 years of experience.
For general questions, contact the Office of Benefit Services at 571-423-3200 .
EARLY RETIREMENT: If you wish to retire early, you must be at least 50 years old and your age and service must equal 75 or more. Your early retirement benefit will be calculated in the same way as your normal retirement benefit.
The Fairfax County Employees' Retirement System was established to help provide you with financial security at retirement. This booklet summarizes your Retirement System (“System”) benefits. You can find more detailed information about the System in the County Code (Chapter 3, Article 2).
You are eligible for normal (full) retirement benefits at: Age 60 with at least five years of service. Any age with at least 30 years of service. Rule of 80 - when the sum of your age plus your years of service equals 80 or more.
You have at least 5 years of creditable service; and • You leave your contributions in the System. You may receive benefits starting on your 65th birthday (or earlier after meeting the age and service requirements for early retirement).
Under normal retirement eligibility requirements, a Fairfax County teacher qualifies for full VRS pension benefits at age 67 with five years of service, or at any age—as long as the sum of her age and years of service is 90 or more (whichever comes first).
Please Note: All full-time teachers and MOST full-time administrators in Fairfax County Public Schools are members of the Virginia Retirement System (VRS) and the Educational Employees Retirement System for Fairfax County (ERFC).
Under ERISA, each fund is subject to additional requirements and obligations once more than 25 percent of the fund's assets under management (AUM) are subject to ERISA (the 25 percent threshold).
A qualified retirement plan refers to employer-sponsored retirement plans that satisfy requirements in the Internal Revenue Code for receiving tax-deferred treatment. Most retirement plans offered by employers qualify including defined contribution plans like 401k plans and defined benefit plans like pensions.