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
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 732, 2016 Acts of Assembly $0 $70,641,983 $70,641,983
2014-2016 2016 Chapter 732, 2016 Acts of Assembly $124,705 $75,802,483 $75,927,188
2016-2018 2017 Chapter 780, 2016 Appropriation Act $32,585 $82,726,100 $82,758,685
2016-2018 2017 Base Budget $0 $71,323,483 $71,323,483
2016-2018 2017 Governor's Amendments $32,585 $11,102,617 $11,135,202
2016-2018 2017 General Assembly Adjustments $0 $300,000 $300,000
2016-2018 2018 Chapter 780, 2016 Appropriation Act $50,000 $78,353,250 $78,403,250
2016-2018 2018 Base Budget $0 $71,323,483 $71,323,483
2016-2018 2018 Governor's Amendments $50,000 $6,729,767 $6,779,767
2016-2018 2018 General Assembly Adjustments $0 $300,000 $300,000
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 732, 2016 Acts of Assembly 0.00 335.00 335.00
2014-2016 2016 Chapter 732, 2016 Acts of Assembly 0.00 335.00 335.00
2016-2018 2017 Chapter 780, 2016 Appropriation Act 0.00 337.00 337.00
2016-2018 2017 Base Budget 0.00 335.00 335.00
2016-2018 2017 Governor's Amendments 0.00 2.00 2.00
2016-2018 2017 General Assembly Adjustments 0.00 0.00 0.00
2016-2018 2018 Chapter 780, 2016 Appropriation Act 0.00 337.00 337.00
2016-2018 2018 Base Budget 0.00 335.00 335.00
2016-2018 2018 Governor's Amendments 0.00 2.00 2.00
2016-2018 2018 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Reduce appropriation for internal cash management initiative Base Budget Adjustment
  Reduces appropriation and positions for the management of cash investments internally. The agency can implement this initiative with an external manager.
 
  FY FY
Nongeneral Fund ($1,156,100) ($1,156,100)
Positions (3.00) (3.00)
•
Adjust appropriation for centrally funded retirement rate changes Base Budget Adjustment
  Adjusts appropriation for changes in state employee retirement rates to 80 percent of the Virginia Retirement System Board certified rates budgeted in Central Appropriations, Item 467.H. of Chapter 665, 2015 Acts of Assembly. A companion adjustment provides funding to increase state employee retirement rates to 90 percent of the Virginia Retirement System Board certified rate.
 
  FY FY
Nongeneral Fund $838,023 $838,023
•
Adjust appropriation for the centrally funded two percent salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the two percent salary increase for state employees budgeted in Central Appropriations, Item 467.P. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $606,936 $606,936
•
Remove one-time funding to streamline the process for purchasing prior service Base Budget Adjustment
  Removes appropriation provided in the 2015 Session for the one-time costs of implementing changes to the purchase of service credit program in accordance with Chapter 508, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($552,000) ($552,000)
•
Adjust appropriation to accelerate the employer retirement contribution phase in schedule Base Budget Adjustment
  Adjusts appropriation for changes in employee retirement rates to 90 percent of the Virginia Retirement System Board certified rate budgeted in Central Appropriations, Item 467.U. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $476,483 $476,483
•
Adjust appropriation for the centrally funded compression pay adjustment for state employees Base Budget Adjustment
  Adjusts appropriation for the compression pay adjustment for state employees budgeted in Central Appropriations, Item 467.Q. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $424,854 $424,854
•
Adjust appropriation for centrally funded health insurance costs Base Budget Adjustment
  Adjusts appropriation for the employer’s share of health insurance premiums budgeted in Central Appropriations, Item 467.G. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $269,064 $269,064
•
Adjust appropriation for changes in information technology costs Base Budget Adjustment
  Adjusts appropriation for the changes in information technology costs budgeted in Central Appropriations, Items 468.M. and 470.B. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $248,754 $248,754
•
Remove one-time funding for cash balances retirement plan review Base Budget Adjustment
  Removes one-time funding to study cash balance retirement plans in other states.
 
  FY FY
Nongeneral Fund ($50,000) ($50,000)
•
Adjust appropriation for centrally funded state employee other post employment benefit rate changes Base Budget Adjustment
  Adjusts appropriation for changes in state employee other post employment benefit rates budgeted in Central Appropriations, Item 467.K.3. of Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $32,864 $32,864
•
Adjust appropriation for the centrally funded increase in internal service fund costs due to salary adjustments Base Budget Adjustment
  Adjusts appropriation to agencies to offset increases in internal service fund costs due to the salary and benefit adjustments in Chapter 665, 2015 Acts of Assembly.
 
  FY FY
Nongeneral Fund $3,115 $3,115
•
Fund the final phase of the modernization project Decision Package
  Provides funding for the final phase of the project. The final phase will transfer all functionality from the agency's legacy system to the new myVRS Navigator benefit management system.
 
  FY FY
Nongeneral Fund $5,192,399 $1,897,000
•
Provide funding for a new portfolio management system Decision Package
  Provides appropriation for a new portfolio management system. As a result of the purchase of the new system, the agency outsourced operation functions for internally managed global public equity portfolios.
 
  FY FY
Nongeneral Fund $925,000 $925,000
•
Provide resources to monitor the Strategic Opportunities Portfolio Decision Package
  Provides funding for three full-time equivalent positions to oversee the externally managed Strategic Opportunities Portfolio.
 
  FY FY
Nongeneral Fund $882,072 $927,792
Positions 3.00 3.00
•
Provide additional appropriation for Business Solutions support services Decision Package
  Provides nongeneral fund appropriation for additional information technology contract staff to support the benefits systems. Additional support is needed while existing staff resources are diverted to complete the modernization project.
 
  FY FY
Nongeneral Fund $533,000 $500,000
•
Upgrade Microsoft SQL Server database management system Decision Package
  Updates the system to improve its security and maintenance features.
 
  FY FY
Nongeneral Fund $604,333 $302,167
•
Update NetApp production storage system Decision Package
  Provides appropriation to update hardware and software for the production storage system.
 
  FY FY
Nongeneral Fund $538,553 $0
•
Implement standard computer replacement schedule Decision Package
  Supports the replacement of the agency's laptops and desktops.
 
  FY FY
Nongeneral Fund $239,700 $239,700
•
Provide funding for information technology security measures Decision Package
  Implements additional information technology security measures to maintain compliance with state security requirements.
 
  FY FY
Nongeneral Fund $416,350 $36,350
•
Implement identity and access management protection Decision Package
  Provides nongeneral fund appropriation to implement identity and access management protection for the myVRS system.
 
  FY FY
Nongeneral Fund $144,456 $246,036
•
Provide appropriation for new financial education program Decision Package
  Supports a new online financial and retirement education program. This program will educate and prepare members for the increased complexity and investment risks assumed by members in new retirement plans.
 
  FY FY
Nongeneral Fund $120,000 $145,000
•
Provide appropriation for change management expert Decision Package
  Provides funding for wage position to support organizational transition to the new benefit management system upon completion of the modernization project.
 
  FY FY
Nongeneral Fund $113,570 $113,570
•
Provide additional staff in the Defined Contributions Plan Unit Decision Package
  Provides support for two full-time equivalent positions. This amendment addresses the additional work for the defined contribution plans resulting from the passage of Chapter 538 of the Acts of Assembly of 2015, allowing school divisions to establish and administer their own deferred compensation and cash match plans.
 
  FY FY
Nongeneral Fund $99,756 $99,756
Positions 2.00 2.00
•
Adjust appropriation for the costs of the new Cardinal financial system Decision Package
  Reflects the agency's share of the costs of the new Cardinal accounting system. The Department of Accounts allocates the yearly cost of the system to agencies based upon the number of transactions the agency completed in the previous fiscal year.
 
  FY FY
Nongeneral Fund $78,519 $81,815
•
Fund part-time communications writer position Decision Package
  Provides nongeneral fund appropriation to support additional writing and communications needs of the defined contribution and hybrid retirement plans and the Line of Duty Act Program.
 
  FY FY
Nongeneral Fund $74,326 $74,326
•
Fund administrative costs for the Volunteer Firefighters and Rescue Squad Workers' Service Award Fund Decision Package
  Provides general fund appropriation to administer the program. This amendment also authorizes the agency to use forfeited earnings to fund the program's administrative costs.
 
  FY FY
General Fund $32,585 $50,000
•
Adjust appropriation to support workers' compensation premiums Decision Package
  Supports the agency's workers' compensation premiums based on the allocation of program costs provided by the Department of Human Resource Management. The allocation is based on the historical experience of the agency and reflects the current policy of providing agencies with 50 percent of any increased costs and allowing agencies to retain 50 percent of any reduced costs.
 
  FY FY
Nongeneral Fund ($1,410) ($738)
•
Implement default employer contribution rate for localities and public school divisions Decision Package
  Authorizes language to establish the board-certified rate as the default contribution rate and relieve participating local and public school division employers from having to pass a resolution to pay the board-certified contribution rate.
•
Pursue the recovery of losses in foreign securities Decision Package
  Amends language in § 4-5.02 exempting the agency from entering into agreements to seek recovery of investment losses in foreign jurisdictions without prior approval of the Office of the Attorney General.
•
Support the Commission on Employee Retirement Security and Pension Reform General Assembly Adjustment
  This amendment provides nongeneral fund appropriation for VRS to fund actuarial expenses that will be incurred in providing support for the Commission on Employee Retirement Security and Pension Reform, pursuant to House Bill 665 of the 2016 General Assembly Session.
 
  FY FY
Nongeneral Fund $300,000 $300,000
•
Notification of political subdivisions in arrears General Assembly Adjustment
  Requires the Virginia Retirement System (VRS) to notify the Chairmen of the House Appropriations and Senate Finance Committees when a political subdivision becomes more than 60 days in arrears in its contributions to VRS.


p3_bullets - Official Enacted Budget - 06-04-2025 00:17:35