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Retirement System

About

The Arlington County Employees' Retirement System (System) was established to help provide a portion of the financial security required by active and retired employees. The System was established as a defined benefit plan under authority of an act of the General Assembly of Virginia in Chapter 21 of the Code of the County (for Uniformed and General Employees) as of December 21, 1953 and in Chapter 35 (for School Board Employees) as of January 1, 1969. System provisions were modified for all County employees hired on or after February 8, 1981 who are covered by the provisions of Chapter 46 of the Code of the County. While different employees have different benefits depending on their date of hire or type of employment, the System utilizes a single Fund for all participants and there is no segregation of assets. A formal Trust was adopted for the System as of December 2001, and all assets are now held under the Trust. On November 16, 2004, amendments to Arlington County Chapters 21, 35, and 46 were made to transfer the administrative responsibilities of these Chapters to the County Manager with investment management responsibility remaining with the Retirement Board. The County Manager delegated the administrative responsibility to Arlington County’s Human Resources Department.

A board of ten trustees administers the Arlington County Employees' Retirement System as follows:

    -    three trustees appointed by the County Board,
    -    one trustee appointed by the County Manager,
    -    one trustee and one substitute trustee elected by general employees,
    -    one trustee and one substitute trustee elected by police officers, firefighters, and deputy sheriffs, and
    -    one trustee and one substitute trustee elected by retired employees.

Each substitute trustee serves in the absence of the respective primary trustee. Each trustee serves without compensation for a period of four years. Duties of the Board include management and oversight of the System's investments to fund retirement, disability, and death benefits for the active and retired members of the System. In addition, the Board hears and decides on appeals of denied or reduced disability benefits. The Board meets monthly, normally on the first Thursday of each month. Board meetings are open to all employees, retirees and members of the public.

To manage the System's assets, the Board employs an investment consultant and an Executive Director/Chief Investment Officer who serve at the discretion of the Board. The Executive Director is responsible for the Retirement Investment Office's administrative staff. The County Attorney serves as the legal advisor for the Board.

Benefits paid by the Arlington County Retirement System are funded from three sources: