RD41 - Oversight Report of Virginia Retirement System (VRS) Biennial Status and Semi-Annual Investment Report, December 2006


Executive Summary:
The Virginia Retirement System administers a defined benefit plan, a group life insurance plan, a deferred compensation plan and a cash match plan for Virginia's public sector employees, as well as an optional retirement plan for selected employees and the Virginia Sickness and Disability Program for State employees. VRS serves more than 562,000 active members, retirees and beneficiaries. The active employees include about 142,000 teachers, 98,000 local government employees and about 92,000 State employees. VRS provides benefits to more than 125,000 retirees and beneficiaries. In addition, there are almost 105,000 inactive and deferred members. In fiscal year 2006, the VRS payroll was $2.1 billion. The retirement system ranks as the nation's 25th largest public or private pension fund and the 48th largest internationally.