We have audited the basic financial statements of the Virginia Retirement System (System) as of and for the year ended June 30, 2025, and issued our report thereon, dated December 15, 2025. 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;

• no internal control findings requiring management’s attention;

• no instances of noncompliance or other matters required to be reported under Government Auditing Standards; and

• adequate corrective action with respect to prior audit finding identified as complete in the

Findings Summary included in the Appendix.

RETIREMENT SYSTEM EMPLOYER SCHEDULES

The Commonwealth and its localities have previously implemented Governmental Accounting Standards Board Statements No. 68 and 75. 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 separately required to audit information prepared by the System for the individual participating employers. In September 2025, the System provided actuarial valuation reports, schedules of the applicable pension and other post-employment benefit amounts, footnote disclosure information, and other financial reporting guidance to the participating state and local government employers for their fiscal year 2025 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 post-employment benefit plans administered by the System. This information is available at the Auditor of Public Accounts’ at www.apa.virginia.gov and at the System’s website at https://www.varetire.org/.