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.
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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 3, 2014 Acts of Assembly $0 $70,641,983 $70,641,983
2014-2016 2015 Base Budget $0 $63,476,177 $63,476,177
2014-2016 2015 Governor's Amendments $0 $6,928,806 $6,928,806
2014-2016 2015 General Assembly Adjustments $0 $237,000 $237,000
2014-2016 2016 Chapter 3, 2014 Acts of Assembly $0 $70,280,983 $70,280,983
2014-2016 2016 Base Budget $0 $63,476,177 $63,476,177
2014-2016 2016 Governor's Amendments $0 $6,804,806 $6,804,806
2014-2016 2016 General Assembly Adjustments $0 $0 $0
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 3, 2014 Acts of Assembly 0.00 335.00 335.00
2014-2016 2015 Base Budget 0.00 314.00 314.00
2014-2016 2015 Governor's Amendments 0.00 21.00 21.00
2014-2016 2015 General Assembly Adjustments 0.00 0.00 0.00
2014-2016 2016 Chapter 3, 2014 Acts of Assembly 0.00 335.00 335.00
2014-2016 2016 Base Budget 0.00 314.00 314.00
2014-2016 2016 Governor's Amendments 0.00 21.00 21.00
2014-2016 2016 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Support the cost of implementing a new hybrid retirement program Decision Package
  Provides additional nongeneral fund appropriation and 11 full-time positions to support ongoing costs of implementing pension reforms adopted by the 2012 General Assembly.
 
  FY FY
Nongeneral Fund $1,420,956 $1,420,956
Positions 11.00 11.00
•
Support the internal management of cash assets Decision Package
  Provides nongeneral fund appropriation and three full-time positions to facilitate the internal management of cash investments. The transition to internal cash investment management will produce significant savings compared to external management fees.
 
  FY FY
Nongeneral Fund $1,156,100 $1,156,100
Positions 3.00 3.00
•
Adjust nongeneral fund appropriation to account for the salary increase and compression pay Decision Package
  Increases the agency's nongeneral fund appropriation to fund the salary increases authorized in Chapter 806, 2013 Acts of Assembly. Nongeneral fund appropriation for the Virginia Retirement System was not previously adjusted for this purpose.
 
  FY FY
Nongeneral Fund $774,390 $774,390
•
Support the increase in real assets investment allocation Decision Package
  Provides nongeneral fund appropriation and two full-time positions to support increased asset allocation to real asset investments.
 
  FY FY
Nongeneral Fund $529,100 $529,100
Positions 2.00 2.00
•
Support the increase in private equity investment allocation Decision Package
  Provides nongeneral fund appropriation and two full-time positions to support increased asset allocation to private equity investments.
 
  FY FY
Nongeneral Fund $516,100 $516,100
Positions 2.00 2.00
•
Provide additional nongeneral fund appropriation for the 2013 health insurance rate increase Decision Package
  Increases the agency's nongeneral fund appropriation to support the increase in employer contribution rates for health insurance premiums authorized in Chapter 806, 2013 Acts of Assembly. Nongeneral fund appropriation for the Virginia Retirement System was not previously adjusted for this purpose.
 
  FY FY
Nongeneral Fund $494,002 $494,002
•
Manage frontier markets internally Decision Package
  Provides nongeneral fund appropriation and one full-time position to facilitate internal management of frontier markets. The transition to internal management will produce significant savings compared to the external management fees currently paid.
 
  FY FY
Nongeneral Fund $474,600 $474,600
Positions 1.00 1.00
•
Manage risk premia strategies internally Decision Package
  Provides nongeneral fund appropriation and one full-time position to begin internal management of risk premia strategies. This action will reduce portfolio risk and produce significant savings compared to external management of risk premia strategies.
 
  FY FY
Nongeneral Fund $474,600 $474,600
Positions 1.00 1.00
•
Support the cost of additional office space and parking Decision Package
  Addresses the Investment Department's increase in staffing levels. The department has expanded to support the internal management of more assets.
 
  FY FY
Nongeneral Fund $435,000 $435,000
•
Fund ongoing costs for the investment risk management system Decision Package
  Provides additional nongeneral fund appropriation each year for the ongoing licensing and fees associated with the investment risk management system. The BarraOne risk management system was purchased by the Virginia Retirement System in 2013 to analyze and manage investment risks.
 
  FY FY
Nongeneral Fund $375,000 $375,000
•
Provide additional nongeneral fund appropriation for the principal auditor position Decision Package
  Provides nongeneral fund appropriation to support the full-time position. This position will support the agency's increased auditing needs and adoption of a continuous auditing approach for a more timely and thorough review of agency processes.
 
  FY FY
Nongeneral Fund $124,958 $124,958
Positions 1.00 1.00
•
Provide additional nongeneral fund appropriation for web application firewall Decision Package
  Supports the procurement and subsequent maintenance of a web application firewall to increase data security. The firewall will offer more comprehensive security and prevent a variety of cyber attacks.
 
  FY FY
Nongeneral Fund $154,000 $30,000
•
Transfer appropriation to reconcile the agency's general ledger Decision Package
  Redistributes nongeneral fund appropriation between programs to reconcile the agency’s budget with the state’s general ledger. This action nets to zero.
•
Fund implementation of Roth contribution program General Assembly Adjustment
  This amendment provides $237,000 the first year for the estimated one-time cost of implementing Senate Bill 188, which authorizes the inclusion of a Roth contribution program in deferred compensation retirement plans for state and local government employees, beginning July 1, 2015.
 
  FY FY
Nongeneral Fund $237,000 $0


p3_bullets - Official Enacted Budget - 07-18-2025 09:30:16