Fairfax County ERS Basics

  • Established 1955
  • Currently open to new hires
  • Plan covers local employees
  • Plan members covered by Social Security
  • Single employer

Assets, Participants, and Benefits

Assets at Year-End, Fairfax County ERS, 2001-2019

Fiscal Year Net Assets (billions)
2001 1.81
2002 1.72
2003 1.78
2004 2.07
2005 2.31
2006 2.46
2007 2.78
2008 2.76
2009 2.04
2010 2.47
2011 2.98
2012 3.17
2013 3.35
2014 3.77
2015 3.69
2016 3.59
2017 3.75
2018 3.94
2019 4.10

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2019

Fiscal Year Fairfax County ERS US State and Local Pensions
2001 3.5 2.5
2002 3.4 2.4
2003 3.2 2.3
2004 3.1 2.2
2005 2.9 2.1
2006 2.8 2.1
2007 2.7 2.0
2008 2.6 2.0
2009 2.5 1.9
2010 2.0 1.8
2011 1.9 1.7
2012 2.0 1.6
2013 1.9 1.5
2014 1.8 1.5
2015 1.7 1.5
2016 1.7 1.4
2017 1.6 1.4
2018 1.5 1.3
2019 1.5 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Fairfax County ERS, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 6.3 0.0 5.0 6.3
2002 6.1 0.0 4.8 6.1
2003 6.0 0.8 5.7 6.9
2004 6.2 3.2 7.3 9.4
2005 8.3 3.7 9.0 12.0
2006 8.5 4.4 9.3 12.8
2007 9.9 4.2 10.0 14.1
2008 10.3 4.4 10.4 14.6
2009 10.4 4.7 10.2 15.1
2010 10.2 4.6 10.5 14.7
2011 15.1 4.0 12.5 19.1
2012 17.9 4.2 12.9 22.1
2013 19.5 4.6 13.9 24.1
2014 19.3 0.0 14.5 19.3
2015 20.2 0.0 14.9 20.2
2016 22.0 0.0 14.8 22.0
2017 22.9 0.0 15.1 22.9
2018 25.3 0.0 18.1 25.3
2019 27.1 0.0 18.7 27.1

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Fairfax County ERS, 2001-2019

Fiscal Year Fairfax County ERS National Data
2001 97.3 106.5
2002 90.4 101.1
2003 84.6 94.2
2004 84.2 93.1
2005 82.3 91.1
2006 82.0 90.5
2007 82.7 91.2
2008 82.7 90.2
2009 73.6 83.2
2010 69.9 81.5
2011 70.7 80.4
2012 71.6 78.9
2013 72.9 78.7
2014 75.3 79.0
2015 74.2 78.2
2016 70.2 76.3
2017 69.9 76.4
2018 70.5 76.5
2019 70.8 76.3

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

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Investments

Asset Allocation for Fairfax County ERS, 2019

Category Percent
Equities 23.3
Fixed Income 27.9
Private Equity 0.0
Real Estate 10.3
Cash 4.1
Other 0.0
Commodities 0.0
Hedge Fund 34.4
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.0
Fixed Income 22.8
Private Equity 9.2
Real Estate 8.8
Cash 1.9
Other 0.0
Commodities 1.9
Hedge Fund 7.0
Misc. Alternatives 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Fairfax County ERS, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 null null null null null null null null null
2002 51.2 38.9 0.0 9.9 0.0 0.0 0.0 0.0 0.0
2003 61.4 28.0 0.0 10.6 0.0 0.0 0.0 0.0 0.0
2004 55.5 33.8 0.0 10.7 0.0 0.0 0.0 0.0 0.0
2005 52.0 37.8 0.0 10.2 0.0 0.0 0.0 0.0 0.0
2006 44.0 45.5 0.0 10.5 0.0 0.0 0.0 0.0 0.0
2007 48.2 27.6 0.0 9.9 0.0 0.0 0.0 0.0 14.4
2008 null null null null null null null null null
2009 27.6 42.0 0.0 8.6 0.0 0.0 5.7 16.1 0.0
2010 22.6 48.3 0.0 7.2 3.6 12.1 6.1 0.0 0.0
2011 24.6 46.1 0.0 8.0 3.5 10.8 7.0 0.0 0.0
2012 24.3 46.9 0.0 8.0 5.0 0.0 5.4 10.4 0.0
2013 28.9 41.7 0.0 8.4 6.7 0.0 2.4 11.9 0.0
2014 31.8 45.3 0.0 8.6 0.0 0.0 2.5 11.8 0.0
2015 29.4 47.6 0.0 7.5 0.0 0.0 2.3 13.2 0.0
2016 27.8 28.2 0.0 8.8 3.7 0.0 2.0 29.5 0.0
2017 27.2 26.6 0.0 10.9 5.0 0.0 0.0 30.3 0.0
2018 24.0 26.9 0.0 10.4 4.3 0.0 0.0 34.5 0.0
2019 23.3 27.9 0.0 10.3 4.1 0.0 0.0 34.4 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Fairfax County ERS, 2001-2019

Fiscal Year Fairfax County ERS Assumed return
2001 -0.20 7.50
2002 -3.90 7.50
2003 5.88 7.50
2004 18.40 7.50
2005 13.60 7.50
2006 9.40 7.50
2007 15.20 7.50
2008 0.83 7.50
2009 -23.30 7.50
2010 25.70 7.50
2011 24.10 7.50
2012 8.90 7.50
2013 8.10 7.50
2014 15.20 7.50
2015 0.80 7.50
2016 0.00 7.25
2017 7.50 7.25
2018 7.30 7.25
2019 6.30 7.25

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Fairfax County ERS
2001-2019

Fiscal Year Cash Flow Assets
2001 -15.2 1,812.0
2002 -20.0 1,716.9
2003 -26.3 1,780.1
2004 -32.3 2,067.5
2005 -31.5 2,307.3
2006 -50.5 2,461.0
2007 -36.4 2,783.3
2008 -42.4 2,763.9
2009 -71.3 2,039.1
2010 -76.1 2,469.1
2011 -61.7 2,984.9
2012 -58.6 3,172.7
2013 -64.1 3,353.9
2014 -78.1 3,766.1
2015 -89.0 3,693.4
2016 -86.6 3,590.1
2017 -84.2 3,749.4
2018 -77.9 3,940.9
2019 -82.8 4,101.6

Source: Public Plans Database

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Cash Flow as a Percentage of Assets
Fairfax County ERS
2001-2019

Fiscal Year Fairfax County ERS National Average
2001 -0.8 -2.3
2002 -1.2 -2.3
2003 -1.5 -2.6
2004 -1.6 -1.7
2005 -1.4 -1.9
2006 -2.1 -1.9
2007 -1.3 -1.7
2008 -1.5 -1.9
2009 -3.5 -2.7
2010 -3.1 -2.9
2011 -2.1 -2.8
2012 -1.8 -3.1
2013 -1.9 -3.0
2014 -2.1 -2.7
2015 -2.4 -2.8
2016 -2.4 -3.0
2017 -2.2 -2.9
2018 -2.0 -2.4
2019 -2.0 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

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2019 Financial Reports