In the latest monthly publication from VRS, the independent state agency provided an overview of its 2018 Annual Financial Reports, IRS increases to the amount participants may contribute to Commonwealth’s 457 Deferred Compensation Plan, a detailed guide to retiring in 2019, legislative updates from the General Assembly, and notice of an upcoming system maintenance outage for myVRS.
VRS serves 706,045 total members, retirees, and beneficiaries and has 460 participating political subdivisions. The system paid out $4.8 billion in retirement benefits last year and generated a 7.5 percent return on investments. The fiduciary net position of the trust fund is $79.2 billion and as based on assets, is the 19th largest among public and private pension systems in the United States. The funded status of the State, Teacher, and Political Subdivisions plans was 76.3 percent, 74.5 percent, and 89.3 percent, respectively.
The VRS Board of Directors will meet for their Annual Retreat on March 25 in Richmond. VACo staff plan to attend. An archive of past bulletins and a link to subscribe to future news bulletins can be found here.
VACo Contact: Jeremy R. Bennett