A new report from CEM Benchmarking, Inc. shows that ERFC continues to provide its members and annuitants (retirees) with a high level of service that is cost effective compared to other public pension funds in its peer group.
CEM Benchmarking compiles data from pension systems around the world and evaluates funds on the overall value they provide to members, looking at factors such as customer service and administrative costs. ERFC is benchmarked against a peer group of 10 similarly sized U.S. pension plans.
Strong Service Performance
ERFC earned an overall service score of 83, well above the peer median of 63 and 8 points higher than FY2023. Higher service means more channels, faster turnaround times, more availability, more choice, better content, and higher quality. CEM identified several areas where ERFC excelled:
- Contact Center Accessibility and Capability
- Member Feedback and Surveying
- Proactive outbound Communication
Cost-Effective Operations
ERFC delivered these enhanced service levels while maintaining a cost advantage over its peers. Total pension administration costs were $155 per active member and annuitants compared with the peer average of $381. Costs include those directly related to pension administration, such as staff and/or third-party costs, plus attributions of governance, financial control, IT, building and utilities, HR, support services, etc.
Digitalization Drove Results
A key driver behind ERFC’s progress in FY2024 was its ongoing digital transformation. Greater digitalization has streamlined member interactions, improved data accuracy, and reduced administrative overhead, helping ERFC serve members faster and more effectively.
We are honored to serve our hardworking members across Fairfax County Public Schools. The fact that we continue to improve over time shows our team’s dedication and commitment to excellent service and financial stewardship, and we look forward to continuing to improve each year.
Missie O’Neal, ERFC Executive Director