RD226 - Annual Report - Oversight of VRS Biennial Status and Semi-Annual Investment Report, June 2005


Executive Summary:
As of March 31, 2005, the market value of the Virginia Retirement System (VRS) pension fund was $43.11 billion. The return for the fiscal year through March 31, 2005 is 9.3 percent and 9.4 percent for the one-year period ending March 31, 2005. The fund’s performance exceeded established benchmarks for the one-, three-, and five-year periods ending March 31, 2005. However, during the three-and five-year periods ending March 31, 2005, the VRS’ investment return fell short of the current actuarially assumed investment rate of return of eight percent. Performance indicators are provided in Table 1 (page 2).