See the Fairfax County Employees’ Retirement System Active Employee Handbook for more information on how your benefit is calculated. … This Pre-62 Benefit stops at age 62. Individuals may apply for Social Security benefits any time beyond age 62, and that decision will NOT affect his or her Pre-SSB from the County.
Just so, how does Virginia Retirement System work?
You contribute up to 5% of your compensation each month to your member contribution account through a pre-tax salary reduction. Your contributions are tax- deferred until you withdraw them as part of your retirement benefit or as a refund. Your employer makes a separate contribution to VRS for all covered employees.
Likewise, people ask, how many employees does Fairfax County Public Schools have?
How is VRS amount calculated?
VRS Calculation
The VRS amount is limited to an amount that is equal to three months’ salary of each completed year of service. Or in another way of calculation is the salary at the time of retirement multiplied by the rest of the months of service before normal retirement.
Is Virginia Retirement System a lifetime benefit?
The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation. VRS members may also participate in the Virginia Deferred Compensation Plan.
Does Virginia tax your pension?
Virginia Retirement Taxes
Virginia also has relatively low retirement taxes. Social Security retirement benefits are not taxed in Virginia. Other types of retirement income, such as pension income and retirement account withdrawals, are deductible up to $12,000 for seniors.
Is Virginia Retirement System a pension?
About the Virginia Retirement System
VRS ranks as the 18th largest public or private pension fund in the U.S. and the 41st largest in the world, serving more than 742,000 active and inactive members, retirees and beneficiaries. … Approximately 837 employers have elected to participate in VRS.
What does erfc stand for?
Erfc is the complementary error function, commonly denoted , is an entire function defined by. (1) (2) It is implemented in the Wolfram Language as Erfc[z].
What is the difference between ERF and erfc?
As nouns the difference between erfc and erf
is that erfc is (math) complementary error function, ie 1 – erf(x ) while erf is inheritance; patrimony or erf can be a small inherited house-and-garden lot in a village or settlement or erf can be (math) error function.
What is the inverse of erfc?
The inverse complementary error function erfcinv(x) is defined as erfcinv ( erfc ( x ) ) = x .