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VRS funded status improves but $20 billion in liabilities remain; hybrid plan participation low
Summary
Trish Bishop, director of the Virginia Retirement System, told the Tarver subcommittee that VRS’s funded status has improved — about 82.1% for the state‑employee plan and about 83% for the teacher plan — but that roughly $20 billion in unfunded liabilities remain.
Trish Bishop, director of the Virginia Retirement System, told the Tarver subcommittee that VRS’s funded status has improved — about 82.1% for the state‑employee plan and about 83% for the teacher plan — but that roughly $20 billion in unfunded liabilities remain across all plans.
Bishop said the VRS trust reached about $114,000,000,000 at fiscal‑year 2024 year‑end and that investment income funds about two‑thirds of benefits. She reported a 9.9% net return for fiscal 2024 and noted the system uses a 6.75% long‑term assumed rate of return (discount rate) to value liabilities.
Why this matters: Funded status, discount rates and investment returns affect employer contribution rates, budget planning for the Commonwealth and the system’s standing with bond raters.
Bishop summarized plan health and employer…
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