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USLF Multistate Elder and Retirement Law Handbook - Guide

Elder Form For Pension In Fairfax

Category:

Family Law - Elder Law

State:

Multi-State

County:

Fairfax

Control #:

US-001HB

Format:

Instant download

Description

This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.

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FAQ

Note, the full retirement age for Social Security is increasing to age 67. You may retire with a reduced benefit as early as age 60 with at least five years of service.

The Fairfax County Uniformed Retirement System was established on July 1, 1974, as a public employee retirement system providing defined benefit pension plan coverage for select public safety employees.

On your 65th birthday or thereafter if you have at least five years of eligibility service, OR • Plans A & B - on your 50th birthday if you have 30 years or more of eligibility service or at any time thereafter when your age plus years of eligibility service total 80 or more.

Under normal retirement eligibility requirements, a Fairfax County teacher qualifies for full VRS pension benefits at age 67 with five years of service, or at any age—as long as the sum of her age and years of service is 90 or more (whichever comes first).

Currently, the earliest you can voluntarily release your LGPS pension is age 55. The government is planning to increase this to age 57 from 5 April 2028. However, if you were paying into your LGPS pension before 4 November 2021, it is likely you will still be able to take your pension from age 55 if you choose to.

Deferred Compensation Plan Plan design features include a wide range of investment options with differing levels of risk and return, financial planning services, and self-directed brokerage arrangements. For tax year 2023, the maximum annual contribution limit is 80% of your gross wages or $22,500, whichever is less.

Fairfax County Government offers employees a robust package of benefits. Depending on employment status, this may include a choice of medical plans including prescription and vision coverage, optional dental coverage, life and long term disability insurance, pre-tax savings plans, and more.

Box 13 on the Form W-2 PDF you receive from your employer should contain a check in the “Retirement plan” box if you are covered. If you are still not certain, check with your (or your spouse's) employer. The limits on the amount you can deduct don't affect the amount you can contribute.

The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public sector employees through sound financial stewardship and superior customer service.

More info

Click below to open the menu of forms available to new, active, and retired employees. The Application Process for Retirement from Fairfax County involves completion of a "Retirement Packet".ERFC is a Defined Benefit Retirement Plan that supplements the primary benefits you'll earn from the Virginia Retirement System (VRS) and Social Security. FCPS offers health benefits to eligible retirees. The city provided Supplemental Retirement Plans cover (1) full-time career general employees and (2) police and firefighters. So, call today at (703) 385-9229. Or fill out the form with your question or comment. Just fill out the form and one of our senior living experts will be in touch within 24 hours. You'll need access to your ERFCDirect account to complete the retirement process. Close to everything you love but far from ordinary, The Virginian makes it easy to feel at home.

Elder Form For Pension In Fairfax

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FAQ

What is the legal retirement age in Virginia?

Does Fairfax County have a pension plan?

What is the retirement age in Fairfax County?

What is the retirement age for Fairfax County teachers?

What is the early retirement age for local government?

What is the Fairfax County deferred compensation plan?

What are the benefits of working for the Fairfax County Government?

How do I know if my employer has a pension plan?

Does the state of Virginia offer a pension?

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