Virginia Retirement System Oversight
JLARC is responsible for ongoing oversight of the Virginia Retirement System under the provisions of the Virginia Retirement System Oversight Act (§§ 30-78 through 30-84 of the Code of Virginia). The Virginia Retirement System (VRS) manages retirement plans and other post-retirement benefits for state employees, teachers, and many local government employees. JLARC’s areas of review and evaluation include, but are not limited to:
- Structure and governance of the retirement system
- Structure of the investment portfolio
- Investment practices, policies and performance
- Actuarial policy and the actuarial soundness of the trust funds
- Administration and management of the retirement systems
JLARC staff produce semi-annual oversight reports on the status of VRS, oversee a quadrennial actuarial audit of the retirement system, and publish an informational guide to VRS for members of the General Assembly. JLARC is also required to perform special studies of VRS as requested by the General Assembly, the House Appropriations Committee, or the Senate Finance Committee.
The VRS director and chief investment officer make an annual presentation to JLARC.
Oversight documents
| July 2019 | VRS Oversight Report | Presentation |
| Dec 2018 | VRS Oversight Report |
| July 2018 | VRS Oversight Report |
| Dec 2017 | VRS Oversight Report |
| July 2017 | VRS Oversight Report |
| Dec 2016 | VRS Oversight Report |
| July 2016 | VRS Oversight Report |
| Dec 2015 | VRS Oversight Report |
| Jul 2015 | VRS Oversight Report |
| Dec 2014 | Biennial Status & Semi-Annual Investment Report |
| Jul 2014 | Semi-Annual VRS Investment Report No. 42 |
| Dec 2013 | Semi-Annual VRS Investment Report No. 41 |
| Jul 2013 | Semi-Annual VRS Investment Report No. 40 |
| Dec 2012 | Biennial Status & Semi-Annual Investment Report |
| Jul 2012 | Semi-Annual VRS Investment Report No. 38 |
| Dec 2011 | Review of Retirement Benefits for State and Local Government Employees |
| Dec 2011 | Semi-Annual VRS Investment Report No. 37 |
| Jul 2011 | Semi-Annual VRS Investment Report No. 36 |
| Dec 2010 | Biennial Status and Semi-Annual Investment Report |
| Jul 2010 | Semi-Annual VRS Investment Report No. 34 |
| Dec 2009 | Semi-Annual VRS Investment Report No. 33 |
| Jul 2009 | Semi-Annual VRS Investment Report No. 32 |
Actuarial audits of VRS
| Jul 2018 | Actuarial audit of VRS (Gabriel, Roeder, Smith) / Presentation slides |
| Jul 2014 | Actuarial audit of VRS (Gabriel, Roeder, Smith) / Presentation slides |
| Jul 2010 | Actuarial audit of VRS (Mercer) / Presentation slides |
| Jun 2006 | Quadrennial actuarial audit of VRS (Mercer) / Presentation slides |
| Jul 2001 | Quadrennial actuarial audit of VRS (Mercer) |