Virginia Retirement System

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Virginia Retirement System
Agency overview
Formed1942
Headquarters1200 East Main Street, Richmond, Virginia 23219
Agency executive
  • Patricia S. Bishop, Director
Website varetire.org

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]

Contents

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. [2] 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

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References

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


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