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

Actuarial audits of VRS 

VRS’s presentations to the Commission