WASHINGTON — Fairfax County may cut pension and retirement benefits for employees hired after July 1, 2019.
Next month’s public hearing that the Board of Supervisors authorized will consider the following:
- Raising the minimum retirement age for civilian employees, and, for uniformed and civilian employees;
- Expanding the period considered for an employee’s final average compensation from three to five years;
- Eliminating a pre-Social Security supplement;
- Ending a 3 percent increase in retirement annuity.
Over the long term, the estimated cost to the county would drop by 1.35 percent to 2.3 percent of an employee’s pay if all of the changes are implemented.
Of the three plans that could see changes, the police retirement benefits are the most generous relative to salary today. They’d continue to remain so.
The savings would not be reflected in county budgets for more than a decade because the supervisors have promised to continue contributing to the pension plans until they are fully funded.
Like many other pension plans across the region and country, the plans are currently projected to have unfunded liabilities.
The tentative hearing for the hearing Nov. 20.
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