GBSI - Retirement / Tax Deferred Accounts
Learn about our retirement plans and 403(b) and 457 providers.
The Educational Employees’ Supplementary Retirement System of Fairfax County (ERFC)
ERFC is your secondary FCPS retirement pension plan that supplements the primary benefits you’ll earn from the Virginia Retirement System (VRS) and Social Security. That’s right. You get TWO pensions!
As a full-time teacher, educational personnel, instructional assistant, administrator, administrative support, or technical staff, you’re automatically enrolled in ERFC when you join FCPS. That means:
- You contribute a mandatory 3% of your full-time paycheck monthly to ERFC.
- And FCPS makes a monthly contribution of 6.48% to ERFC on your behalf.
- When you stay with FCPS at least five years in a full-time position that contributes to ERFC, you’ll be vested. Then, when you’re eligible to retire, you’ll collect both ERFC and VRS monthly pensions for life—on top of your Social Security benefit!
- After you receive your first full paycheck in October, you can create your ERFCDirect account to access information and name your beneficiaries.
Learn more on the ERFC New Hires webpage.
And don't forget to check out our Intro to ERFC video!
Virginia Retirement System (VRS)
VRS is your primary retirement plan, sponsored by the Commonwealth of Virginia. Most new hires will be enrolled in the VRS Hybrid Retirement Plan. Other plans – Plan 1 and Plan 2 - may apply for new hires with previous VRS service or those hired before January 1, 2014.
- HYBRID PLAN MEMBERS
- FCPS automatically deducts 4% of your pay as your member contribution to the defined benefit component and 1% as your contribution to the defined contribution component. FCPS matches 1% of your defined contribution component. VRS allows you to contribute up to an additional 4% of your pay to the defined contribution component, and FCPS will match up to 2.5% of your additional contribution. VRS provides you a lifetime benefit through its defined benefit component and tax-deferred savings through the defined contribution plan.
- The Defined Contribution Component of the Hybrid Retirement Plan is handled by MissionSquare Retirement. Go to the Hybrid Retirement Plan website and set up your “DCP Account Access”. You will use this account to make a voluntary contribution (up to 4%) and update your beneficiaries and other personal information.
- FCPS automatically deducts 4% of your pay as your member contribution to the defined benefit component and 1% as your contribution to the defined contribution component. FCPS matches 1% of your defined contribution component. VRS allows you to contribute up to an additional 4% of your pay to the defined contribution component, and FCPS will match up to 2.5% of your additional contribution. VRS provides you a lifetime benefit through its defined benefit component and tax-deferred savings through the defined contribution plan.
- PLAN 1 & PLAN 2 MEMBERS
- FCPS automatically deducts 5% of your pay as your member contribution into your defined benefit. Your retirement benefit is based on your age, service credit and average final compensation at retirement using a formula. Visit the VRS website for additional details about your specific plan.
ALL VRS members should register for their “myVRS” account following receipt of your first FCPS paycheck by going to myvrs.varetire.org. Through myVRS, you will be able to determine your VRS plan and account balance and view your service and contributions history with the defined benefit plan. VRS members should make beneficiary designations as soon as possible on myVRS under the “Manage My Benefits” tab and selecting “Manage Beneficiaries” .
- As an approved provider of the FCPS 403(b) and the exclusive provider of the FCPS 457(b), we focus on helping you replace for life the income made while working as a FCPS teacher. We believe the journey to retirement should be as amazing as the destination. We provide you with the education and tailored advice (where applicable) necessary to help you prepare for retirement. Participation in one or both of these plans can provide you with retirement income in addition to your VRS and FCPS Defined Benefit Plans (Pension Plans). Reaching your retirement goals may depend almost entirely on the saving and investment decisions you make now.
- Visit our microsite for FCPS new teachers
- Schedule a virtual meeting with an Empower professional.
- Enroll in the 403B or the 457 plan here.
When you think about your retirement, what do you imagine? Are you spending time with your family, picking up a new hobby, traveling, or all the above? Wherever you see yourself, Corebridge Financial is here to help turn your dreams into reality. As an approved provider of the FCPS 403(b) plan, we’re dedicated to helping FCPS employees plan for and prioritize their retirement futures. To learn more, visit www.corebridgefinancial.com/rs/fcps.
Getting Started
No two people are the same, so that’s why we offer flexible choices – all at no cost to you. Whether you want to manage your retirement account on your own or need guidance, we’re here.
- Enroll in the 403(b) plan (access code: 151703006).
- Schedule an appointment with a Corebridge Financial professional.
- View the available investments in the plan.
- Visit www.corebridgefinancial.com/rs/fcps to learn about our financial tools and solutions, including Retirement Pathfinder®, FutureFIT® University, and the FutureFIT® Financial Wellness Webinar Series.
Watch this short video to see our interactive retirement planning tool, Retirement Pathfinder, in action.
