Funded Ratio
97.6%
actuarial assets / liabilities
Plan
Fairfax County Employees' Retirement System
State
Virginia
Funded Ratio
97.6%
Assets
$4.65B
Members
28,325
Health Grade: B — Adequately funded — meeting most funding benchmarks
FY2023 data Grade B Public Plans Database
Fairfax County Employees' Retirement System
Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Fairfax County Employees' Retirement System — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.
B
Financial Health Grade
Adequately funded — meeting most funding benchmarks
Unfunded Liability
$113M
actuarial shortfall
Total Members
28,325
active + retired + vested
1-Year Return
9.8%
net investment return
1.4pp vs 5-yr avg
5-Year Avg Return
8.3%
annualized, net of fees
ARC Payment
30.3%
of actuarially required contribution
How Fairfax County Employees' Retirement System Funded Ratio Compares
Plan Funded Ratio 97.6%
National avg
A ratio of 97.6% compared against the national public-pension average of 73.5%.
Healthy Threshold
Plans above 80% are generally considered adequately funded by NASRA standards.
Participant Composition
The active-to-retiree ratio is a leading indicator of long-term plan sustainability — plans with more retirees than active contributors face mounting cash-flow pressure as benefit payments outpace incoming contributions.
Investment Policy Mix
Public pension plans report their asset allocation in Form 5500 Schedule H Part I disclosures. Equity-heavy mixes capture market upside but introduce volatility; fixed-income tilts protect funded status during downturns at the cost of long-run return.
Historical Funded Ratio
| Year | Funded Ratio |
|---|---|
| 2024 | 97.6% |
| 2023 | 97.6% |
| 2022 | 98.0% |
| 2021 | 99.2% |
| 2020 | 93.9% |
| 2019 | 92.2% |
| 2018 | 91.1% |
| 2017 | 88.0% |
| 2016 | 84.2% |
| 2015 | 86.9% |
| 2014 | 80.9% |
| 2013 | 78.8% |
| 2012 | 78.1% |
| 2011 | 80.3% |
| 2010 | 81.5% |
| 2009 | 90.0% |
| 2008 | 95.1% |
| 2007 | 91.9% |
| 2006 | 91.5% |
| 2005 | 93.6% |
What the Data Says About Fairfax County Employees' Retirement System
Fairfax County Employees' Retirement System reports a funded ratio of 97.6% as of fiscal year 2023, earning a financial health grade of B in the Public Plans Database. The plan holds $4.65B in market assets against an unfunded liability of $113M. As a Municipal plan operating under Virginia sponsorship, it covers 28,325 members (13,783 active contributors, 11,807 retirees drawing benefits). These figures aggregate from Form 5500 filings submitted to the Department of Labor and actuarial valuations reported through NASRA.
A funded ratio above 80% signals that Fairfax County Employees' Retirement System has substantial assets to meet projected obligations, placing it above the national public-pension average of roughly 72–75%. Employer contributions covered 30.3% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 8.3%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.
For Virginia taxpayers and plan members, the $113M unfunded gap represents the actuarial shortfall that must eventually be closed through a combination of contributions, investment returns, or benefit modifications. Unlike private-sector pensions governed by ERISA and backstopped by the PBGC, public plans like Fairfax County Employees' Retirement System rely on the full faith and credit of Virginia — meaning funding shortfalls flow through to state and local budgets rather than a federal insurance program. This information summarizes official Public Plans Database disclosures and is provided for research and educational purposes only. It is not financial, legal, or retirement-planning advice; active and retired members with specific benefit questions should consult their plan administrator directly.
Membership
13,783
Active Members
11,807
Retirees
28,325
Total Members
Plan Details
- Plan Type
- Municipal
- State
- Virginia
- Market Assets
- $4.65B
- ARC Payment
- 30.3%
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Other Virginia Plans
- Fairfax County Uniformed 86.6%
- Virginia Retirement System 67.5%
- Educational Employees' Supplementary Retirement System of Fairfax County 61.8%
- Fairfax County Police 48.4%
Related Resources
Frequently Asked Questions
Is Fairfax County Employees' Retirement System fully funded?
Fairfax County Employees' Retirement System has a funded ratio of 97.6% as of FY2023, earning a health grade of B. A funded ratio of 100% means the plan has enough assets to cover all projected liabilities. Ratios above 80% are generally considered adequately funded; ratios below 60% indicate significant underfunding and risk to future benefits.
What happens if Fairfax County Employees' Retirement System runs out of money?
Public pension plans like Fairfax County Employees' Retirement System are backed by the sponsoring government entity — in this case Virginia. If a plan's assets are insufficient, the state or local government is typically required to make up the difference through increased contributions, benefit adjustments, or tax measures. Unlike private pensions, public pensions are not insured by the PBGC, but they do carry the full faith and credit of the sponsoring government.
What does a funded ratio of 97.6% mean?
A funded ratio of 97.6% means that Fairfax County Employees' Retirement System currently has assets equal to 97.6% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $113M. This is considered adequately funded.
How does Fairfax County Employees' Retirement System compare to other public pensions?
Fairfax County Employees' Retirement System is a Municipal plan in Virginia serving 28,325 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Fairfax County Employees' Retirement System's funded ratio of 97.6% places it above the national average, reflecting strong fiscal management.
How many members does Fairfax County Employees' Retirement System have?
Fairfax County Employees' Retirement System covers 28,325 total members, including 13,783 active employees and 11,807 retirees currently receiving benefits. The ratio of active members to retirees is a key indicator of plan sustainability — when the number of retirees grows relative to active contributors, funding pressure increases.
What is the ARC payment percentage for Fairfax County Employees' Retirement System?
Fairfax County Employees' Retirement System pays 30.3% of its Annual Required Contribution (ARC). Consistently underpaying the ARC accelerates the growth of unfunded liabilities and places future benefits at greater risk. Employer contribution patterns are tracked annually in the Public Plans Database.
Related
Data sourced from official Public Plans Database and actuarial valuations from federal and state pension systems. See our methodology for details. Retrieved and formatted by Kiznis Studio Editorial
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the Public Plans Database (PPD). Consult a qualified professional before making decisions based on this data.
Read our methodology — how this data is sourced, computed, and verified.
All federal data sources used on this page
- U.S. Census Bureau ACS — demographic + housing + income data. census.gov/programs-surveys/acs
- BLS Occupational Employment and Wage Statistics (OEWS) — wage + employment by occupation. bls.gov/oes
- BEA Regional Economic Accounts — GDP + personal income by state/metro. bea.gov/data/regional
- U.S. Census Bureau County Business Patterns — establishment + employment by industry. census.gov/cbp
- IRS Statistics of Income (SOI) — tax-return aggregate data. irs.gov/statistics
- data.gov — U.S. federal open-data portal — discovery layer for additional federal sources. data.gov