Your Pension Benefits are Growing and Safe; We’ve Built a Solid Foundation for Your Retirement Future
ERFC Continues to Improve Sustainability
Over the last 10-year period, the ERFC investment portfolio has returned an average of 8.4%1 after all fees and ranked in the top 24 percentile of funds amongst Public Defined Benefit Funds between $1-$5 billion in assets.
Over the last year, we’ve been laser focused on further increasing sustainability. We concluded two major RFPs that resulted in over $1 million in net present value savings for the fund. ERFC hired Aon as its actuarial consultant, replacing GRS, and also hired Segal Marco Advisors to serve as the general investment consultant to the fund, replacing NEPC.
Retirement income adequacy is a recurring concern as more organizations shift from defined benefit pensions to defined contribution plans. The ERFC Ambassador Program continues to grow and educate employees about the value and sustainability of their FCPS pension—assisting ERFC in building a better foundation for member engagement at all career stages.
Since 2016, the Ambassador Program has grown from 40 to 140 volunteers representing FCPS schools and administrative centers throughout the county. Our efforts continue to increase pension literacy through new communications channels so that active employee members realize the value of guaranteed financial stability in retirement.
1 As of December 31, 2018. All investment returns are stated net of management fees.
FCPS Superintendent Speaks at NIRS Conference
The 2019 National Institute on Retirement Security (NIRS) Annual Conference was held in February in Washington, D.C., and featured our own Dr. Scott Brabrand, FCPS Superintendent. Dr. Brabrand was a panelist for a session on “Workforce Implications of Retirement Benefits.”
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 Retiree Organizations Attend Annual Seminar
For the first time since we began hosting our Annual Retirement Seminar, we welcomed retiree organizations to join our financial vendors exhibiting during the program.
The Fairfax County Retired Educators (FCRE) and FEA-Retired, the Fairfax Education Association’s retiree council, joined us for a busy morning meeting with current ERFC members of all ages. They were able to share the missions of their respective organizations, as well as the programs and benefits they offer to their retiree members.
The January seminar is our largest retirement information event with more than 300 active members in attendance. Annual presenters include representatives from ERFC, VRS, FCPS HR Benefits and the Social Security Administration.
Are You Ready to RSVP?
America’s largest volunteer network for people age 55 and older is always looking to match volunteer talents and experience with community needs. RSVP volunteers serve Fairfax County, Arlington County and the City of Alexandria, and time commitments range from one- to 40-hours per week.
RSVP Northern Virginia volunteers connect with their community neighbors in need of valuable assistance and can select the opportunities that fit their interests and talents.
One-hour information sessions in the Northern Virginia area will be held on Friday, May 10 at 10:30 a.m. in Fairfax, and on Thursday, May 16 at 3:30 p.m. in Alexandria. For more information, call 703-403-5360 or visit RSVP Northern Virginia.
You can also find chapters outside of Northern Virginia. Click here for more information.
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Social Security/Medicare Benefits Update
Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans increased 2.8 percent in 2019, the Social Security Administration announced. The Social Security Act ties the annual cost-of-living adjustment (COLA) to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
The Centers for Medicare & Medicaid Services (CMS) recently completed a year-long, large-scale effort to provide new Medicare cards without Social Security numbers to more than 61 million Medicare recipients. The new cards support the agency’s work to protect personal identity and reduce fraud and abuse.
The cards feature a unique, randomly assigned Medicare number known as a Medicare Beneficiary Identifier (MBI). The MBI is a combination of letters and numbers that helps protect against personal identity theft and fraud.
If you have not received your new card:
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Sign in to your Medicare online account to get your number or print your official card; your new number will appear in your account.
- Call 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048. There may be something that needs to be corrected, like your mailing address.
- You can still use your old card to get health care services until January 1, 2020.
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Conveniently Access your Retirement Account Information
If you have not yet registered for ERFCDirect, go to our website and click “First-time user? Register now" to create online access to your account information. Registration is easy and once you are logged in to your account, you have the ability to check your payment history, update your withholding or direct deposit information, verify your contact information and access your 1099-R. Forgot your username or password? Give us a call during business hours at 703-426-3900, 844-758-3793, or email us and we’ll be happy to assist you.
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Upcoming ERFC Board Meetings
ERFC is governed by a seven-member Board of appointed, elected and recommended Trustees. ERFC Board Meetings and Investment Committee meetings are held in the ERFC board room on a monthly and quarterly basis. There are three Board of Trustees’ meetings and one Investment Committee meeting scheduled for the remainder of FY 2019.
Board of Trustees’ Meetings
May 16, 2019
June 13, 2019
July 18, 2019
Investment Committee Meetings
May 16, 2019
Free Ferry Rides Offer Leisurely Water Escapes
and Spectacular Views
If lighthouses, picturesque harbors, oceangoing vessels and migratory seabirds catch your attention, hop on a ferry and take a free ride!
Here’s a few free trips to consider for your summer travels…
North Carolina
Take your car and island hop aboard the Cape Hatteras–Ocracoke Ferry, which takes you on a 40- to 45-minute scenic ride along the Outer Banks of N.C. The free excursion runs from either side every 30 minutes from 8 a.m. to 8 p.m. during the summer months. If you want to avoid summer crowds, plan your trip on weekends or Mondays. Locals say the best time to head to Hatteras is in the morning and the best time to head to Ocracoke is in the evening. Check the NCDOT Ferry Schedule for more details.
New York
Take a break from the big city without your car and check out the skyline from the Manhattan–Staten Island Ferry. The free ferry ride runs 24/7 every 15-20 minutes Monday through Friday during rush hours, and every 30 minutes on weekends. Enjoy the cruise past the Statue of Liberty and Ellis Island; the views are breathtaking!
Thinking about visiting either Miss Liberty or Ellis Island? You’ll need to purchase tickets and take the Statue of Liberty & Ellis Island Ferry.
Virginia
Land on Jamestown Island just the way the first colonists did—via boat on the James River. The Jamestown-Scotland Ferry began carrying Model-T Fords and passengers on a 60-foot vessel in 1925 and now there are four historically named vessels in the fleet: Pocahontas, Surry, Williamsburg and Powhatan. The 15- to 20-minute ride is free and runs 24/7. Visit Jamestown Settlement, Glass House Point and the Old Church Tower. Take in the colonial capital and experience life in 17th-century Virginia!
The Word on What You've Heard...
I've heard that my ERFC retirement benefit goes away when I reach full Social Security age.
No. If you are a member of the Legacy plan, your benefit may decrease at Social Security age (and only if you chose the standard payment option) but it does not go away. If you are a member of the 2001 plan, your benefit remains level throughout your retirement.
I've heard that if my survivor predeceases me, you will adjust my monthly benefit payment back to the unreduced basic benefit amount.
Yes. However, you must notify us in writing that your survivor has died and provide a certified death certificate so that we can make the payment adjustment. The change in your benefit payment option would become effective the first day of the month following ERFC’s receipt of your written election to cancel your Option A or B survivor option. Important note: your benefit will be recalculated based upon when you notify us, not when your survivor died.
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