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 and Retirement System Oversight

Under the provisions of the Virginia Retirement System Oversight Act (§30-78 through §30-84 of the Code of Virginia), JLARC is required to oversee and evaluate VRS on a continuing basis and to perform special studies and reports as requested by the General Assembly or either of the two money committees. The areas of review and evaluation to be conducted by JLARC include, but are not limited to:

• Structure and governance of the retirement system
• Structure of the investment portfolio
• Investment practices, policies and performance, including the effect of investment performance on employer contributions
• Actuarial policy and the actuarial soundness of the trust funds
• Administration and management of the retirement systems

The Oversight Act requires the preparation of several different reports and publications concerning VRS. These include the following:

• An informational guide to VRS for members of the General Assembly
• Semi-annual investment reports
• A biennial status report
• A quadrennial actuarial report