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VRS oversight: fund performance improved; employer contribution rates continue to decline
Summary
JLARC’s semiannual VRS update reported that major plans exceeded most performance benchmarks recently, employer contribution rates have fallen and funded status has improved; VRS said it likely ranks in the upper quartile nationally on funded status.
JLARC staff presented the semiannual oversight update on Virginia Retirement System plans, reporting generally positive performance and improving funded status.
Kimberly Sorta (JLARC) said the total fund performance exceeded benchmarks for all multi‑year periods except one short window and emphasized long‑term investment horizons for the plans. The presenters noted employer contribution rates for major plans have declined, reducing appropriation pressure in the near term.
Trish Bishop of VRS said Virginia is probably in the upper quartile of funded status among states, noting the system uses a more conservative assumed return (6.75%) than some other plans. Staff told the commission that continued strong investment returns and the General Assembly’s payments toward unfunded liabilities have materially improved funded status.
The presentation was brief; commissioners asked a few clarifying questions and staff said they would follow up with comparative rankings and additional detail if members requested it.
