FCPS retirement Plans

[Anonymous]

Does FCPS still give you a pension after 20-30 years of service that half your income + your 403B and your SSN?

I’m not sure if he was joking or not my friend who was my former PE “retired” from FCPS and it’s now teaching a school in Maryland and this is what called double dipping…
I noticed we have to pay into our retirement, but I don’t see anywhere that we will get 50% of the highest income after 20-30 years of service once we retire.
I work as a bus driver but we have the same retirement package.

[Anonymous]

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.

[Anonymous]

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 30% 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.

[Anonymous]

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 30% 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.

You cannot double dip with the VA portion. If you are still in the state, you cannot work AND collect the state portion. OP’s friend was able to double dip by working in MD. They were both out of the county AND the state.

[Anonymous]

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.

[Anonymous]

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.

[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.

This is a very transitory area. The majority of people won't make it that long.

[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.

Well openings are at an all time high, feel free to apply.

[Anonymous]

We know a handful of teachers that have made it the 30+ years. And yes they are making more retired than when working.

[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.

Well since they’re compensated so well and teaching is so easy, I trust I’ll be seeing you at Great Beginnings in a few weeks!

[Anonymous]

Anonymous wrote:We know a handful of teachers that have made it the 30+ years. And yes they are making more retired than when working.

Awesome! I can't wait.

[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.

It does get reduced once you hit SS age unless you choose “level lifetime”. Also, it’s not like teachers aren’t paying into the retirement plans while working. You also have to budget for things like a healthcare cost increase. It’s still a good plan, particularly if you are in the Legacy group, but I haven’t heard of anyone actually making more at retirement than when they were working.

[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.

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.

[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.

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?

[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.

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.