Leadership & Governance
Boards of Trustees
Each of the three retirement systems has a Board of Trustees, who are comprised of employees and retirees elected by their peers, County officials, and citizens appointed by the Board of Supervisors. These Boards are as follows:
The Fairfax County Police Officers Retirement System was created under authority granted by Chapter 303 of the Acts of Assembly (law of the Commonwealth of Virginia) on March 29, 1944, to provide defined benefit pension plan coverage for sworn full-time law enforcement officers of the Fairfax County Police Department. In 1981 Fairfax County enacted Article 7 of the Fairfax County Code, which adopted and continued Chapter 303 as amended
The Employees' and Uniformed Retirement Systems are based in County Code, as detailed below:
The County's funding policy is described here.
Retirement Systems Provisions
Allocation of Funds
Each of the systems has its own investment portfolio, target allocations, and investment policies. The current allocations by major investment type are summarized on the following pages:
Actuarial Funding Model
The goal of any defined benefit pension plan is to ensure that funds are always available to pay benefits to retirees and beneficiaries, specifically when they are due and for as long as they are to be paid. Actuaries are utilized to analyze the plans' member demographics (salaries, benefit formulas, leave balances, etc.), retiree life characteristics (mortality, longevity, etc.), and economic factors (investment returns, inflation, etc.) to determine how much needs to be contributed by employers and employees to ensure that this funding goal is met currently and into the distant future. A summary of how this works is available on this page.
Actuarial Valuation Reports
Fairfax County relies on its actuary, currently Cheiron, to do this analysis and make funding recommendations to the Boards of Trustees on an annual basis. The most-recent reports from these valuations are available as follows: