Virginia Retirement System [158]
Secretarial Area: Independent Agencies
Operating Budget Summary
This table shows the Governor's proposed budget for the next two years and the agency's official budget for the previous six years.
more...
Biennium Fiscal Year Source GF NGF Total
2008-2010 2009 Chapter 872, 2010 Acts of Assembly $28,000 $57,733,797 $57,761,797
2008-2010 2010 Chapter 872, 2010 Acts of Assembly $0 $61,643,297 $61,643,297
2010-2012 2011 Chapter 2, 2012 Acts of Assembly $0 $59,943,622 $59,943,622
2010-2012 2012 Chapter 2, 2012 Acts of Assembly $0 $53,845,797 $53,845,797
2012-2014 2013 Chapter 1, 2014 Acts of Assembly $0 $59,630,594 $59,630,594
2012-2014 2014 Chapter 1, 2014 Acts of Assembly $0 $68,971,559 $68,971,559
2014-2016 2015 Chapter 665, 2015 Acts of Assembly $0 $70,641,983 $70,641,983
2014-2016 2015 Previous Legislative Appropriation $0 $70,641,983 $70,641,983
2014-2016 2015 Governor's Amendments $0 $0 $0
2014-2016 2015 General Assembly Adjustments $0 $0 $0
2014-2016 2016 Chapter 665, 2015 Acts of Assembly $0 $71,323,483 $71,323,483
2014-2016 2016 Previous Legislative Appropriation $0 $70,280,983 $70,280,983
2014-2016 2016 Governor's Amendments $0 $0 $0
2014-2016 2016 General Assembly Adjustments $0 $1,042,500 $1,042,500
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2008-2010 2009 Chapter 872, 2010 Acts of Assembly 0.00 300.00 300.00
2008-2010 2010 Chapter 872, 2010 Acts of Assembly 0.00 301.00 301.00
2010-2012 2011 Chapter 2, 2012 Acts of Assembly 0.00 301.00 301.00
2010-2012 2012 Chapter 2, 2012 Acts of Assembly 0.00 301.00 301.00
2012-2014 2013 Chapter 1, 2014 Acts of Assembly 0.00 314.00 314.00
2012-2014 2014 Chapter 1, 2014 Acts of Assembly 0.00 325.00 325.00
2014-2016 2015 Chapter 665, 2015 Acts of Assembly 0.00 335.00 335.00
2014-2016 2015 Previous Legislative Appropriation 0.00 335.00 335.00
2014-2016 2015 Governor's Amendments 0.00 0.00 0.00
2014-2016 2015 General Assembly Adjustments 0.00 0.00 0.00
2014-2016 2016 Chapter 665, 2015 Acts of Assembly 0.00 335.00 335.00
2014-2016 2016 Previous Legislative Appropriation 0.00 335.00 335.00
2014-2016 2016 Governor's Amendments 0.00 0.00 0.00
2014-2016 2016 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
Streamline the process to purchase prior year service General Assembly Adjustment
  This amendment provides $552,500 from the nongeneral fund in administrative funding for the VRS to implement the provisions of House Bill 1890 and Senate Bill 942 of the 2015 General Assembly session which streamlines the purchase of prior year service. Long run savings from the streamlining is expected to be substantially more than the $552,500 up front cost.
 
  FY FY
Nongeneral Fund $0 $552,500
Implement optional 403(b) retirement option for local teachers General Assembly Adjustment
  This amendment provides $440,000 from the nongeneral fund in administrative funding for the VRS to implement the provisions of House Bill 2178 and Senate Bill 1162 of the 2015 General Assembly session which gives school boards the option of allowing their teachers the choice of participating in the 403(B) private retirement fund as an alternative to the optional DC contribution for the hybrid retirement plan.
 
  FY FY
Nongeneral Fund $0 $440,000
Review cash balance retirement plans in other states General Assembly Adjustment
  This amendment provides $50,000 from the nongeneral fund in administrative funding for the VRS to implement the provisions of House Bill 1969 of the 2015 General Assembly session which requires the VRS to review cash balance retirement plans in place in other states and compare it to the current hybrid plan. The $50,000 is needed to fund actuarial costs that will be incurred in the review.
 
  FY FY
Nongeneral Fund $0 $50,000


p3_bullets - Official Enacted Budget - 11-01-2025 21:12:54