Virginia Retirement System Oversight
JLARC is responsible for continuing review and oversight of the Virginia Retirement System. JLARC staff produce semi-annual reports on the status of VRS investments, biennial reviews of VRS administrative matters, and a quadrennial actuarial audit.
JLARC Report In Brief
Semi-Annual VRS Investment Report No. 32
The current global recession and precipitous declines in equity markets between
September 2008 and March 2009 have created significant investment challenges
for the Virginia Retirement System (VRS). The return for the VRS pension
fund for the one-year period ending March 31, 2009, was -29.1 percent, and the
market value of the fund was $38.9 billion. The difference in the value of the total
fund between March 31, 2008 and March 31, 2009 amounts to $16.8 billion.
Whereas the fund’s performance exceeded established benchmarks for the three-,
five-, and ten-year periods ending March 31, 2009, this was not the case for the
one-year period. Moreover, the fund did not earn the assumed actuarial rate of
return, 7.5 percent, for the one-, three-, five-, and ten-year periods ending March
31, 2009.
| Report No. 386: Jul 2009, 12 pages | Report (pdf) | Briefing (pdf) |