RD100 - Virginia Retirement System Report on Audit for the Year Ended June 30, 2022

Executive Summary:

We have audited the basic financial statements of the Virginia Retirement System (System) as of and for the year ended June 30, 2022, and issued our report thereon, dated December 7, 2022. Our report, included in the System’s Annual Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the System’s website at www.varetire.org. Our audit found:

• the financial statements are presented fairly, in all material respects;

• an internal control finding requiring management’s attention; however, we do not consider it to be a material weakness; and

• an instance of noncompliance or other matter required to be reported under Government Auditing Standards.


The Commonwealth and its localities were required to implement Governmental Accounting Standards Board Statements No. 68 and 75 beginning in fiscal years 2015 and 2018, respectively. These standards address accounting and reporting of pension and other post-employment benefit activity by employers. Therefore, in addition to our audit of the System’s financial statements, we were previously required to audit information prepared by the System for all of the participating employers. In July 2022, the System provided actuarial valuation reports, schedules of the applicable pension and other postemployment benefit amounts, footnote disclosure information, and other financial reporting guidance to the participating state and local government employers for their fiscal year 2022 financial statements. Likewise, our office published the reports that included our audit opinions over the plan schedules and applicable pension and other post-employment benefit amounts for pension and other postemployment benefit plans administered by the System. All of this information is available on the Pension and OPEB Standards section of our website.