Virginia Retirement System Explained

Agency Name:Virginia Retirement System
Formed:1942
Headquarters:1200 East Main Street, Richmond, Virginia 23219
Chief1 Name:Patricia S. Bishop
Chief1 Position:Director

The Virginia Retirement System is an independent state agency that administers pension plans, retirement savings plans, and other benefits to public employees in the U.S. state of Virginia.[1] As of 2018, the agency ranks as the 14th largest public or private pension fund in the United States and is the 42nd largest retirement system in the world.[2] [3]

Membership

As of 2022, there are approximately 835 state employers participating in the system, including municipalities, counties, school districts, colleges and universities, law enforcement agencies, judiciary agencies, and state agencies. The Virginia Retirement System currently serves more than 750,000 members, beneficiaries, and retirees.[4]

Governance

The Virginia Retirement System is governed by a 9-member Board of Trustees, which is a shared responsibility of the Governor of Virginia and the Virginia General Assembly.[5] The legislature's Joint Legislative Audit and Review Commission is responsible for oversight of the system.[6] The current director of the system, Patricia Bishop, was appointed in 2015.[7]

History

The Virginia Retirement System was established in 1942, originally opening its membership to state and school district employees.[8] [9] In 1944, the scope of the system was expanded to include employees of municipalities and counties in the state.[10] [11] In 1995 and 1996, the Constitution of Virginia was amended to require that the system's trust funds be established and operated as independent trusts.[12]

Benefits

The system administers defined benefit pension plans, defined contribution plans, and hybrid plans for Virginia's public sector employees.[13] [14] The system also offers a program known as a Cost-of-Living Adjustment, which graduates member payments with the current amount of state inflation.[15] [16]

See also

External links

Notes and References

  1. Web site: Virginia Retirement System Virginia.gov . 2022-10-28 . www.virginia.gov.
  2. Web site: About VRS Virginia Retirement System . 2022-10-28 . www.varetire.org.
  3. Web site: February 2, 2018 . Funded status of the largest U.S. public pension funds . 2022-10-28 . Pensions & Investments . en.
  4. Book: Staff, Publisher's Editorial . Virginia Retirement System . August 16, 2019 . LexisNexis . 978-1-5221-8403-4 . en.
  5. Web site: Leadership Virginia Retirement System . 2022-10-28 . www.varetire.org.
  6. Book: Commission, Virginia General Assembly Joint Legislative Audit & Review . Review of the Virginia Retirement System: Report of the Joint Legislative Audit and Review Commission to the Governor and the General Assembly of Virginia . 1994 . Commonwealth of Virginia . en.
  7. Web site: Times-Dispatch . Michael Martz Richmond . Interim director Patricia Bishop named leader of Virginia Retirement System . 2022-10-28 . Roanoke Times . en.
  8. Book: System, Virginia Retirement . A Pamphlet of Information for State Employees on the Virginia Retirement Act . 1942 . Virginia Retirement System . en.
  9. Book: System, Virginia Retirement . Questions and Answers on the Virginia Retirement Act . 1943 . Virginia Retirement System . en.
  10. Book: System, Virginia Retirement . Information for State Employees and Teachers on the Virginia Retirement Act . 1944 . Virginia Retirement System . en.
  11. Web site: August 27, 2020 . Virginia Retirement System History: Founding, Timeline, and Milestones . 2022-10-28 . www.zippia.com . en-US.
  12. Web site: Virginia Retirement System Oversight Act . 2022-10-28 . law.lis.virginia.gov.
  13. Web site: The Virginia Retirement System . 2022-10-28 . VEA Website . en-US.
  14. Web site: Code of Virginia Code – Chapter 2.1. Virginia Law Officers' Retirement System . 2022-10-28 . law.lis.virginia.gov.
  15. Web site: July 1, 2019 . 7 States With Best Retirement Systems: Are They Well Funded & Safe? . 2022-10-28 . PensionsWeek . en-us.
  16. Book: Virginia Retirement System: Serving Those who Serve Others . 2019 . Virginia Retirement System . en.

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