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Retirement Plans For Nonprofits In Fairfax
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Multi-State
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Fairfax
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US-001HB
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You become vested for your VRS defined benefit when you have at least five years (60 months) of service credit. Once you are vested, you are eligible for a monthly retirement benefit if you meet the age and service requirements for your plan.
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.
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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.
Virginia is rated as the third best state to retire to by Wallethub—just behind Florida and Colorado. It earned high marks for quality health care and senior safety that's enabled by strong laws around elder abuse.
A 403(b) plan is available to non-governmental non-profit entities. This plan type is exempt from certain compliance testing and has fewer investment options than a 401(k).
The VRS Plan 1 is a defined benefit plan that provides a lifetime monthly benefit during retirement based on your age, total service credit and average final compensation. Average final compensation is the average of your 36 consecutive months of highest creditable compensation as a covered employee.
403(b) 403(b) plans are similar to 401(k)s in the respect that they are both qualified tax-advantaged retirement vehicles offered by employers. However, 403(b) plans differ in that they are only available to certain government employees (schools and hospitals) and non-profit organizations.
Nonprofits have a wide array of retirement plan options to support their employees' financial futures, from 403(b) and 457(b) plans to SEP IRAs and SIMPLE IRAs. These plans offer various benefits, from pre-tax savings and employer contributions to simplified administration tailored for smaller organizations.
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MotivateMe is an incentive rewards program for Fairfax County Government retirees who subscribe to an eligible county health plan. Call us at , Monday through Friday between 8 a.m.Virginia Retirement System for Members and Retirees. The City of Fairfax offers two grant options for human services nonprofits. Nonprofits must choose one grant type. Many federal employees living in Fairfax County may have both a defined contribution plan via a TSP, 457 or 403(b) and a federal pension. The city provides real estate tax relief and rent relief on a year-to-year basis to residents who are age 65 and older and for persons with disabilities. Give Together is perfect for families and youth to engage in service projects and learn about the significant work of local nonprofits. Our certified financial planners at Plotkin Financial Advisors specialize in retirement planning for federal employees. Retirement plans may also help an organization attract and retain better qualified employees.