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MCA Urges Steps to Reduce Growth of Unfunded Pension Liabilities

Published on 11/6/2020

At its meeting of November 4, 2020, the MCA Board of Directors passed a resolution regarding Fairfax County’s unfunded liabilities arising from the three pension programs the County manages for its employees.  According to county data, these unfunded liabilities have grown from $1.8 billion in June 2015 to $2.8 billion in June 2020.

Although the MCA resolution commends the Board of Supervisors for its introduction, in recent years, of cost-saving measures, the resolution also expresses concerns that these steps will not be sufficient to prevent growth of the unfunded liabilities.  Therefore, the resolution urges the County to take meaningful structural changes to the pension plans including appointment of an independent Task Force with the requisite expertise to review the plans and recommend structural changes for consideration by the Board of Supervisors during 2021, with a goal of implementing meaningful reforms by 2022.

The resolution may be viewed at this link:  MCA Resolution re Fairfax Pensions Final - November 2020