See the Fairfax County Employees‘ Retirement System Active Employee Handbook for more information on how your benefit is calculated. … 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.
Beside above, does Fairfax County participate in VRS?
Virginia Retirement System (VRS) | Fairfax County Public Schools. Watch Now!
The Virginia Retirement System (VRS) and the Educational Employees’ Supplementary Retirement System of Fairfax County (ERFC) for full-time educational, administrative, and operational employees.
Also question is, what is Virginia Retirement Age?
If you are in Plan 1, you are eligible for an unreduced retirement benefit at age 65 with at least five years of service or as early as age 50 with at least 30 years of service. You may retire with a reduced benefit as early as age 55 with at least five years of service or age 50 with at least 10 years of service.
How is VRS amount calculated?
The VRS amount is limited to an amount which is equal to three months’ salary of each completed years of service. Or in another way of calculation is salary at the time of retirement multiplied by the rest of the months of service before normal retirement. VRS amount up to Rs. 5 lakhs is exempted from tax.
What is ERFC retirement?
ERFC is a defined-benefit retirement plan known as a pension, in which a specific amount is guaranteed for each participant for life after retirement. … ERFC retirement benefit supplements the primary benefits you will earn from the Virginia Retirement System (VRS) and Social Security.
When can Fairfax County teachers retire?
When can I retire from Fairfax County Public Schools?
ERFC 2001 members are fully “vested” or eligible to receive a retirement benefit after 5 years in eligible FCPS employment. You are eligible to retire at any age with 30 years of service or at age 60 with a minimum of 5 years of service.
How many employees does Fairfax County Public Schools have?
Can I retire and collect Social Security at 55?
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Is Virginia good for retirement?
According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. Property taxes in Virginia are modest, and sales taxes are low.