FCPS retirement Plans

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.

With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Right, but they have to deal with FCPS parents, and FCPS administration, and the FCPS school board for 30 years. The rest of us are out in 15 or so.

Who?

I'm at 15 and it is highly unlikely that I will make it to 30. In fact, it won't happen. There is too much of the world to see and Nova sucks. I'm finishing my BCBA and my ph.d and will leave on reduced retirement.

Thanks for the reply. I wasn’t sure if you were a teacher. My plan all along has been to get to age 55 with 33 years, but now I’m thinking I’m going to try to give it 2 more years and see if I can afford to stop at 30. I just don’t like feeling like I’m in the middle of a political tug-of-war.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.

With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Right, but they have to deal with FCPS parents, and FCPS administration, and the FCPS school board for 30 years. The rest of us are out in 15 or so.

Who?

I'm at 15 and it is highly unlikely that I will make it to 30. In fact, it won't happen. There is too much of the world to see and Nova sucks. I'm finishing my BCBA and my ph.d and will leave on reduced retirement.

Thanks for the reply. I wasn’t sure if you were a teacher. My plan all along has been to get to age 55 with 33 years, but now I’m thinking I’m going to try to give it 2 more years and see if I can afford to stop at 30. I just don’t like feeling like I’m in the middle of a political tug-of-war.

I should clarify that I kind of jumped in on the statement about people getting out in 15 or so and am not the person that originally made it. I work for FCPS and I can draw retirement at 57 with a reduced benefit. I plan on teaching college-level remotely to supplement my retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.

With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Teachers are not paid during these "vacations." Just to clarify for those who think they do.

[Anonymous]

I retired under the old plan. I do have an excellent pension, which is partly why I stuck it out for 30 years. I also did not make enough money to have more than one child, to buy anything past a townhouse, and worked many side jobs. I also paid for my own graduate degree while teaching full-time, and paid for most of my own recertification classes, which I also took mostly while working full-time. I earned every penny of this pension. I worked very very long hours as a teacher, often under difficult conditions with special ed students full-time. I deserve my pension. The county got its money’s worth with my service.

[Anonymous]

My DH and I are both teachers. I am at the top of the pay scale with a MA+ 30. I’ll be eligible for full retirement benefits in about 10 years, but the only salary increases I’ll receive in the next 10 years are market scale adjustments if we get them.

[Anonymous]

I've got 3 years to go to get to 30 years in. I'll be 55. When I retire, I plan on working for a few years in DC or MD to pay down the house/pay for kid's college. The legacy plan is a good, old-school pension. Yes, we worked hard for a long time & yes, we deserve it. But the promise of a good payoff kept me in the profession for a long time & kept me wanting to improve my craft... I'm a much better teacher now than 20 years ago. I feel bad for my younger colleagues who do not have this benefit. Most of them will leave well before they hit my age.

[Anonymous]

Anyone hired in the last 8 or so years has much less retirement benefits. I think in 2013 it switched to a hybrid (401k teacher equivalent plan)

[Anonymous]

Not an FCPS employee and assumed that it was 15 years to vest in the retirement plan. This is based on my mother in law who works for LCPS. So it’s much longer than that?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.


With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Except that 75% of “inadequate for the work represented” is still inadequate. Why do you think so few teachers make it to 30 years?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.


With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Except that 75% of “inadequate for the work represented” is still inadequate. Why do you think so few teachers make it to 30 years?

Over 40% of teachers leave in the first 5 years. Making it to 30? Probably less than 20%.

[Anonymous]

Anonymous wrote:Not an FCPS employee and assumed that it was 15 years to vest in the retirement plan. This is based on my mother in law who works for LCPS. So it’s much longer than that?

VRS is definitely 5% . I think the Fairfax plan is also 5.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.


With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Except that 75% of “inadequate for the work represented” is still inadequate. Why do you think so few teachers make it to 30 years?

Over 40% of teachers leave in the first 5 years. Making it to 30? Probably less than 20%.

I love my job but I definitely question if I will make it to 30 years! The amount of decisions that are made without teachers is just frustrating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on what plan you have. I was hired in 1999, so I'm on the legacy plan. My pension will be closer to 70% of my highest 3 year average. There is a formula they use that takes into account the years of service, so it's not a straight % calculation but that is a good ballpark number. I contribute about 3p% to 403b, 457b and the 2 pensions so my take home should be about the same since those deductions will no longer be taken out. You can go back to work in the county after a year and double dip.

+1. DP
And just to reiterate, so everyone understands, FCPS has the ERFC which is a supplemental plan in addition to the state’s VRS. For those under the Legacy Plan, it will provide about 25% and VRS 50%.

To receive full unreduced benefits with VRS one follows the rule of 80 (age plus service). For example, I’ll be eligible at age 52 with 30 years. For new hires the rule is 90. For full, unreduced ERFC benefits I need to be at least age 55.

Wow.


With those kind of retirement benefits plus summer vacations, Christmas vacation, spring break and multiple long weekends, fcps teachers are actually getting compensated very generously.

Except that 75% of “inadequate for the work represented” is still inadequate. Why do you think so few teachers make it to 30 years?

Over 40% of teachers leave in the first 5 years. Making it to 30? Probably less than 20%.

New hires most likely have to go more than 30 under the rule of 90. I started 29 years ago and if I have to work 33 years for full benefits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not an FCPS employee and assumed that it was 15 years to vest in the retirement plan. This is based on my mother in law who works for LCPS. So it’s much longer than that?

VRS is definitely 5% . I think the Fairfax plan is also 5.

This post will be too long, but will address a number of things I see.

You "vest" after 5 years, meaning you can get some type of benefit. Overall, it is very small if you leave after 5 years. It is confusing to explain or understand as anyone who was hire before 2010 (I think that is right) is in VRS plan1, anyone from then until 2013 is in VRS plan 2, and anyone after is in the VRS hybrid. ERFC has not changed, I think. Bus drivers are not in ERFC, or were not before at least, they were in whatever county employee plan exists - I think it is FCERS. The pension for those of us hired earlier is much better. It is still not bad, but nothing like the defined benefit plan, imho, that we received.

When I started teaching more than 30 years ago, my salary was just under $20,000. Even then you were not buying a house on that salary. I think I paid my dues in 34+ years to earn the pension, but these pensions are pretty much gone everywhere because people live longer and are no longer affordable to the state, company, et al.

And yes, we have paid into these retirement systems (5% of gross salary to VRS and 3% to ERFC) our entire career and many also choose to pay into a 403b or 457 (which they should). And yes, we pay into SS and Medicare. The ERFC benefits basically evaporate once you hit Social Security age (which I believe is the point). There are options (as someone mentioned) of signing up for a level lifetime amount, which pays a lot less if you retire at 55 with full benefits, but does not reduce when you hit (or choose) Social Security benefits time so if you live a long life, you make out better. I have never complained about my salary (at least not out loud). The pension was a factor in staying in the public schools and not going private or venturing out in another direction. That can be a blessing or curse.

Some teachers I know/knew really needed to get out after 20 years or so and hung on to get "there." Others always thrived and decided not to take more short money for the long money of getting to 30 years. There is a big drop-off if you retire early, even one year early, so most who make it to 20 want to get to 30, as the retirement is not much better at 28 years than it was at 20 (at least in plan 1 and ERFC).

Sorry for the long post; it is not simple. It is a hard job (whether some here believe it or not), and you will not get rich. You can live a comfortable life, provide for your family, have incredibly fulfilling (yet also sometimes exasperating) moments and relationships with students and families. Nothing better than when I get wedding invitation's and messages from former students. I could point out the irritations, but why, we all have them.

The pay is lower than I think it should be, but is okay. The old pension is excellent, then new is okay (and most in the world have none). The work is rewarding, frustrating, exciting, frustrating, inspiring, frustrating.... The politics nowadays is definitely frustrating and can be disheartening.

All in all, a good career if you love it, or even like it. The students deserve teachers/staff who want to be there and give it their all.

[Anonymous]

To the PP.
Good description. I will add that one has to be at least 55 years old to get full benefits from ERFC. Even with 30+ years the benefits are reduced of you are short of age 55.