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]