After the Virginia General Assembly realized that it had similar problems with the Virginia Retirement System (VRS), the General Assembly commissioned plain-English reports that led the General Assembly to take several steps that have improved the financial condition of VRS.
The MCA’s resolution urges the Board of Supervisors to commission reports like those provided to the General Assembly on VRS, which will provide plain English explanations about what can be done to make the County’s three pension plans financially sustainable. [link to resolution]
In addition to these three pension plans, the County funds pension plan contributions for FCPS employees to two other pension plans (VRS and the FCPS supplementary pension plan known as ERFC). ERFC's financial sustainability was addressed at length in a 2017 MCA resolution [link to 2017 ERFC resolution]. The MCA continues to study ERFC’s financial condition, especially given the new FCPS FY 2025 Budget proposal to expand ERFC benefits for selected employees.
To read the Resolution click
County Pension Plan Stress Test Study Resolution March 2024.