New Format for Your Newsletter
Our paperless initiative calls for us to implement effective ways to communicate with our members while reducing paper usage. Your fall Retirement Review has a new design and we think you’ll find it easier to receive, navigate and access information. This edition has been created and delivered using the FCPS communications system, the same method used to connect with FCPS students, staff and parents.
 Happy New Year!
It’s hard to believe that 2019 is right around the corner, but it will be here before we know it! A few reminders regarding your 2018 1099-R form, which will be mailed to you no later than January 31, 2019:
Make sure we have your current home address—we want you to receive your 1099-R without delay. If you plan to move in the next few months, remember to contact us with new address information as soon as possible. You can update your address through your ERFCDirect account. Click “Personal Information” from the menu on your home page. If you prefer, download the retiree address change form ERFC-29B from our website and mail the original signed form to our office. We cannot accept member personal information changes via phone, fax or email.
You will be able to electronically access your 1099 through your ERFCDirect account after January 31, 2019. Click “1099-R” on the left side of your home page.
Questions? Call 703-426-3900, 844-758-3793 or email ERFC.
Chairperson Kimberly Adams, Vice Chair Daryl Richards, Treasurer Leigh Burden
Board of Trustees Elects FY19 Officers
At its first meeting of the new fiscal year, the ERFC Board voted Kimberly Adams, elected Trustee, to serve as Chairperson; Daryl Richards, elected Trustee, Vice Chairperson; and Leigh Burden, Treasurer. Trustees also include Marty Smith, Kathie Pfeffer-Hahn and Michael Burke. All Trustees are also serving on the Investment Committee. Find Board member bios and meeting dates on our website.
Retirement Out of Reach for Most Americans?
The National Institute on Retirement Security (NIRS) recently released a report finding that four out of five working Americans have less than one year’s income saved in retirement accounts. In fact, U.S. Census Bureau data indicate that the median retirement account balance among all workers is $0.00.
The research also shows that 57 percent, or more than 100 million working-age people do not own any retirement account assets in an employer-sponsored 401(k)-type plan, IRA or pension. Additionally, 77 percent of Americans are falling short of conservative retirement savings targets for their age, based on working until age 67, even when including their entire net worth. View the full report at www.nirsonline.org.
Share Your Talents with Others
In the words of Dr. Seuss’ Lorax, “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.”
Consider sharing your time with the Retired and Senior Volunteer Program or “RSVP,” one of the largest volunteer networks in the nation for people 55 and over. Serving in a variety of volunteer activities within your community, you can use the skills and talents you’ve developed over the years, or learn new ones!
RSVP volunteer activities are broad-ranged and include lending support to non-profit organizations, mentoring and tutoring disadvantaged youth, managing events, helping neighbors with taxes, assisting victims of natural disasters, serving in local or national parks, and many others. There are local RSVP organizations throughout the country so you may find a local chapter near you.
Studies show that volunteering helps us live longer and more meaningful lives. Not only will you become more connected with your community, you’ll have the opportunity to meet and socialize with others who share the same passion for service!
For more information on the Northern Virginia chapter, go to http://www.volunteerfairfax.org/individuals/rsvp-about-us.php
To find a chapter outside of Northern Virginia, go to https://www.nationalservice.gov/programs/senior-corps/senior-corps-programs/rsvp
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Best Place to Retire in Virginia is Right in Our Backyard!
Fairfax County came out on top in a recent study to determine the 10 best places to retire in Virginia. Financial planning website SmartAsset studied factors important to retirees in Virginia like healthcare access, overall tax burden and availability of outdoor recreational activities.
The availability of good healthcare is always an important factor when deciding where to retire, and Fairfax County has more than 13 medical centers per 1,000 people. There are also many renowned healthcare facilities accessible to Fairfax County residents in the Washington, D.C., metro area.
Virginia does not tax Social Security benefits, and allows retirees to deduct some pension and other retirement income from state taxable income. Fairfax County retirees also benefit from a 16.7% mid-range tax burden that falls well below major cities.
Fairfax County’s retirees enjoy an abundance of outdoor leisure activities including national parks like Great Falls and the Mason Neck Wildlife Refuge, in addition to county rec centers and biking/hiking trails. Residents can bring their grandkids to more than 800 playgrounds in the county, and then spend the evening taking in a concert under the stars at Wolf Trap National Park for the Performing Arts.
To see the full study results, go to: https://smartasset.com/retirement/best-places-to-retire-in-virginia.
The Word on What You've Heard
I’ve heard that I can return to work with FCPS after I have retired? Is this true?
Yes. Employees who retire from one of the FCPS-sponsored retirement systems as a result of their FCPS employment, and who elect to immediately receive a retirement annuity, must be separated from employment for six or more months prior to being rehired in a full- or part-time position. If you would like to return as a substitute, you must take a bonafide 30-day break in service based on your contract. For example, if you are a teacher who retires effective July 1, you can return to employment in October, after 30 school days have passed. For more information, see Regulation 4774.5 on the FCPS website.
I’ve heard that when I change my contact information with ERFC, it will be updated in all my FCPS benefit and retirement accounts. Is this true?
No. When you update your address, phone or other contact information either through ERFCDirect or by completing a change of address form, your ERFC account information will be updated and we will notify the FCPS Office of Benefit Services. If you have health coverage through FCPS, HR will inform your provider. You must contact VRS and Social Security separately.
I’ve heard that if a retiree dies, the surviving spouse will be able to continue FCPS health care coverage. Is this true?
Yes. A surviving spouse may continue health care coverage through FCPS if they were covered at the time of the retiree’s death. If the surviving spouse was not covered at retirement, they cannot elect coverage upon the death of the retiree. Health coverage will end, however, if the surviving spouse remarries.
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