State and local government pension benefits are paid from trust funds to which public employees and their employers contributed while they were working, not from general operating revenues. Trust fund assets are invested and grow over time. The combined value of defined benefit plan assets held by state and local governments as of Q2 2022 decreased to $5.3 trillion, from $5.7 trillion as of Q2 2022 (Federal Reserve Flow of Funds, June 2024). PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.
Assets at Year-End, Fairfax County Schools, 2001-2023
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State and local employees make up around 10-15 percent of the US workforce. About a quarter of public sector workers are covered by a public pension in lieu of Social Security, including nearly half of all teachers and over two-thirds of firefighters and public safety officers. Public employees live in every city and county in the nation; more than 90 percent retire in the same jurisdiction where they worked. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.
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2023 Membership for Fairfax County Schools
Actives
Beneficiaries
Total Membership
22,916
13,747
42,730
Source: Public Plans Database
Costs
The Annual Required Contribution (ARC) is the amount needed to finance benefits accrued each year, plus the cost to amortize unfunded liabilities from past years, minus required employee contributions. It is a projection that matches a yearly payment amount to a particular amortization period, taking into consideration an assortment of assumptions adopted by the plan. In practice, all plans do not calculate the ARC in the same manner. Assumptions used to calculate the ARC reflect actual plan experience, including investment return , actuarial cost, salary growth, total payroll growth and mortality, as well as an adopted amortization method. These assumptions and methods will differ from one plan another, so caution should be taken when comparing ARC between plans. PPD data covers the period from 2001 to the most recently available plan reports, and the historical charts presented in this page mirror the period for which PPD data are available.
Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Fairfax County Schools, 2006-2023
Fiscal Year
Portion of Employer ARC paid
Portion of Employer ARC left unpaid
US Avg Employer ARC
ARC as a Percent of Payroll
2006
3.3
0.0
10.5
3.3
2007
3.3
0.0
11.4
3.3
2008
3.3
0.0
11.9
3.3
2009
3.3
0.0
12.1
3.1
2010
3.1
0.0
14.7
2.9
2011
4.0
0.0
16.7
4.0
2012
4.2
0.0
17.7
4.1
2013
5.3
0.0
19.0
5.3
2014
5.6
0.0
19.7
5.5
2015
5.4
0.0
20.3
5.5
2016
5.6
0.0
20.4
5.5
2017
5.6
0.0
20.5
5.6
2018
6.2
0.1
20.9
6.4
2019
6.3
0.0
21.3
6.3
2020
6.4
0.0
20.5
6.4
2021
6.4
0.0
21.5
6.4
2022
6.7
0.0
21.6
6.7
2023
6.7
0.0
23.0
6.7
Note: The employer's annual required contribution as a percent of payroll is calculated by dividing the dollar amount reported in the schedule of employer contributions by the covered payroll reported in the schedule of funding. The U.S. Average Employer data reflects the average for plans of similar type and social Security coverage to the plan.
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Actuarial Funding
While funded ratios among pension plans vary substantially, in the aggregate, public pension funding levels rose steadily during the 1990s, due largely to strong returns in global equity markets. Since then, sharp market downturns in 2000-02 and 2008-09 negatively affected asset values and increased unfunded pension liabilities and required contributions. A combination of the market downturns, insufficient contributions (for some plans), and increased benefit levels (also for some plans) resulted in a decline in aggregate funding level between 2001 and 2012, and has since remained relatively stable.
Actuarial Funded Ratio for Fairfax County Schools, 2001-2023
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Investments
The major asset allocation classes presented in the PPD are generated from the specific asset classes that plans report. For consistent reporting in the PPD, the individual asset classes reported by plans are categorized as one of eight major asset classes: equity, fixed income, real estate, private equity, hedge funds, commodities, misc. alternative assets, cash, and other. For more details on the PPD allocation data please see documentation.
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Annual Return as of June 30 for Fairfax County Schools, 2001-2023
Fiscal Year
Fairfax County Schools
Assumed return
2001
-0.30
7.50
2002
-4.40
7.50
2003
3.10
7.50
2004
18.00
7.50
2005
11.70
7.50
2006
10.90
7.50
2007
17.70
7.50
2008
-4.40
7.50
2009
-19.20
7.50
2010
17.10
7.50
2011
22.10
7.50
2012
0.40
7.50
2013
11.20
7.50
2014
16.20
7.50
2015
2.00
7.50
2016
-0.30
7.50
2017
12.30
7.25
2018
8.10
7.25
2019
4.70
7.25
2020
4.70
7.25
2021
26.80
7.25
2022
-8.70
7.00
2023
5.10
7.00
Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page. he FYE date for the majority of plans is either June 30th or December 31st. hose with FYE dates that do not fall on either of those two dates are compared with the June 30th plans. he PPD average return includes plans that report gross returns and returns net of fees.
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