Agency overview | |
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Formed | 1942 |
Headquarters | 1200 East Main Street, Richmond, Virginia 23219 |
Agency executive |
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Website | varetire |
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]
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]
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]
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]
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]