Virginia Retirement System reports ~82% funded status; highlights hybrid plan shortfalls and judicial retirement options

Trish Bishop of the Virginia Retirement System told the General Government Subcommittee on Oct. 12 that the state employee and teacher pension plans are roughly 82% funded on a market‑value basis and that investment returns supply about two‑thirds of benefits.

"Our mission is to deliver retirement and other benefits to Virginia's public employees through sound financial stewardship and superior customer service," Bishop said, and she noted that VRS is "delivering high service at a low relative cost, about 30% less than our peers." The agency reported 829,000 members, retirees and beneficiaries across multiple plans.

The committee heard that on a market‑value basis the state plan had about $5.4 billion in unfunded liabilities as of June 30, 2024, while the teacher plan held about $10.7 billion in unfunded liabilities. Bishop told members that the state's portion across plans is about $17.3 billion, political subdivisions around…