Management and Budget

Fairfax County, Virginia

CONTACT INFORMATION: Our office is open 8:00 AM - 4:30 PM M-F

703-324-2391
TTY 711

12000 Government Center Parkway Suite 561
Fairfax, VA 22035-0074

Christina Jackson,
Director

Retirement System Review Questions and Answers

The information below is provided in response to questions by the Fairfax County Board of Supervisors during the retirement system review.

 

Number Question
1 How do the retirement systems benchmark investment performance?
2 Provide a comparison of employee and employer contribution rates in the region.
3 Provide a history of the ratio of active employees to retirees, including a projection of the ratio for future years.
4 Compare the investment performance of the retirement systems to the 3 largest lifestyle funds.
5 What percentage of retirees that receive the Pre-Social Security supplement have other jobs during retirement? If data is not available for the County retiree population, provide an estimate using Census data.
6 Recirculate the Q&As on the pre-Social Security supplement.
7 Have any other jurisdictions offered a local hybrid or defined contribution plan? If so, how are they meeting the two-thirds requirement?
8 Provide the assumptions used in the actuarial valuations.
9 How much savings would be realized each year from Package A and Package B?
10 Provide the analysis behind the decision to lower the discount rate from 7.5% to 7.25%.
11 For Package A and Package B, provide a breakout of the total General Fund savings for each potential change included in the package.
12 What would be the impact of using funding available as part of the Carryover Review to increase employer contributions to the retirement systems.
13 Provide a description of the asset allocation approach used in the retirement systems, focusing on changes made since the great recession.
14 Provide a longer history of the increases in budgeted General Fund employer contributions to retirement systems, categorized by the drivers shown on slide 8 of the May 22, 2018, presentation to the Personnel Committee.
15 Circulate a proposed timeline for implementation of retirement ordinance changes effective for new employees hired on or after July 1, 2019.
16 Could flexibility be provided in the retirement systems to allow employees to choose the amount that they would like to contribute to the system with a corresponding impact to their retirement benefit?
17 Circulate the questions asked in employee surveys.

 

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