Hosta

by | Mar 16, 2018 | Hosta

How Can We Help?
You are here:
< Back

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.[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

References

  1. ^ "Virginia Retirement System | Virginia.gov". www.virginia.gov. Retrieved October 28, 2022.
  2. ^ a b "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.

External links


Categories
Table of Contents