The study of the Virginia retirement systems and this interim report are the results of the passage of House Joint Resolution No. 145 that was passed at the 1978 Session of the General Assembly.

The subject matter before this Commission is not new. It has long been recognized that the benefit structure of the Virginia Supplemental Retirement . System, State Police Officers Retirement System and the Judicial Retirement System are significantly affected by increases in Social Security benefits over which the Commonwealth has no control. Because of significant changes at the federal level the General Assembly· directed this Commission to make a thorough examination of the combined benefits payable under Social Security and the respective retirement systems to determine if the present benefit structure is in accord with the benefit objectives as set forth in House Joint Resolution No. 145. Secondly, the resolution directed the Commission to recommend alternative benefit structures if the present structure was not deemed to be in accord with the benefit objectives stated in House Joint Resolution No. 145.

The Commission was keenly aware of the importance of its study, to both the Commonwealth and its employees, as well as its complexity. Moreover, the Commission was aware of the voluminous number of studies and reports made with respect to the Retirement Systems since 1970. Because of these considerations, the Commission retained the services of the firm of Milliman & Robertson, Inc., a firm with a great deal of experience in the state pension field, to assist the Commission in its review.