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
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 1, 2018 Acts of Assembly $32,585 $85,467,959 $85,500,544
2016-2018 2018 Chapter 1, 2018 Acts of Assembly $50,000 $84,648,080 $84,698,080
2018-2020 2019 Chapter 854, 2019 Acts of Assembly $185,137 $95,658,527 $95,843,664
2018-2020 2019 Previous Legislative Appropriation $185,137 $93,366,389 $93,551,526
2018-2020 2019 Governor's Amendments $0 $2,292,138 $2,292,138
2018-2020 2019 General Assembly Adjustments $0 $0 $0
2018-2020 2020 Chapter 854, 2019 Acts of Assembly $80,000 $93,942,369 $94,022,369
2018-2020 2020 Previous Legislative Appropriation $80,000 $87,915,115 $87,995,115
2018-2020 2020 Governor's Amendments $0 $6,342,254 $6,342,254
2018-2020 2020 General Assembly Adjustments $0 ($315,000) ($315,000)
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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 1, 2018 Acts of Assembly 0.00 337.00 337.00
2016-2018 2018 Chapter 1, 2018 Acts of Assembly 0.00 337.00 337.00
2018-2020 2019 Chapter 854, 2019 Acts of Assembly 0.00 364.00 364.00
2018-2020 2019 Previous Legislative Appropriation 0.00 364.00 364.00
2018-2020 2019 Governor's Amendments 0.00 0.00 0.00
2018-2020 2019 General Assembly Adjustments 0.00 0.00 0.00
2018-2020 2020 Chapter 854, 2019 Acts of Assembly 0.00 368.00 368.00
2018-2020 2020 Previous Legislative Appropriation 0.00 368.00 368.00
2018-2020 2020 Governor's Amendments 0.00 0.00 0.00
2018-2020 2020 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Adjust appropriation for Central Accounts actions Decision Package
  Supports centrally-funded actions in the second year. The Central Accounts actions, which include salary and fringe benefits, health insurance, other-post employment benefits, and information technology costs, are authorized in Chapter 2, 2018 Special Session I, Virginia Acts of Assembly.
 
  FY FY
Nongeneral Fund $0 $1,985,072
•
Automate retirement disbursements Decision Package
  Provides nongeneral fund appropriation to complete the automation phase of the Modernization project. The automation of retirement disbursements is expected to reduce the manual review of processing retirement benefits for state and local retirees and their beneficiaries.
 
  FY FY
Nongeneral Fund $1,481,777 $0
•
Support investment staff performance-based bonuses Decision Package
  Provides bonuses for investment staff based on prior year's performance. This amendment is in accordance with § 51.1-124.22 (A)(11), Code of Virginia, which requires the agency to compensate its investment staff based on the prior fiscal year's investment results.
 
  FY FY
Nongeneral Fund $0 $1,435,000
•
Provide post-modernization production resources Decision Package
  Provides resources upon completion of the Modernization project's final phases. These resources will support the post-production costs to automate retirement disbursements and provide online retirement solutions.
 
  FY FY
Nongeneral Fund $668,223 $755,373
•
Support market-driven investment data and services Decision Package
  Funds the investment data feeds and services utilized by the agency's investment division. This amendment provides funding for continued access to the information that drives investment decisions.
 
  FY FY
Nongeneral Fund $0 $919,005
•
Fund release of online retirement solutions Decision Package
  Provides nongeneral fund appropriation in the second year to complete the final phase of the Modernization project. This amendment will allow state and local members to view and manage their retirement benefits online by eliminating the current process of submitting multiple paper forms to make changes to their retirement benefits.
 
  FY FY
Nongeneral Fund $0 $798,550
•
Implement changes to the retiree health insurance program Decision Package
  Supports program changes and updates to publications and training materials of the retiree health insurance program. The program changes and updates are needed pursuant to a companion amendment in Central Appropriations to adjust the retiree health insurance credit benefit for State Police Officers' Retirement System (SPORS) and Virginia Law Officers' Retirement System (VaLORS) members, sheriffs, and deputies.
 
  FY FY
Nongeneral Fund $0 $315,000
•
Fund office space expenses Decision Package
  Provides nongeneral fund appropriation for build-out costs and rent increase of space occupied by the agency's operational and investment divisions. The one-time nongeneral fund appropriation increase in the first year will pay for construction services associated with the expansion into additional leased space. The nongeneral fund appropriation increase in the second year will support the rent increase of the leased space.
 
  FY FY
Nongeneral Fund $142,138 $134,254
•
Remove funding to implement changes to the retiree health insurance credit program General Assembly Adjustment
  This amendment removes $315,000 from the nongeneral fund the second year related to program changes and updates to publications and training materials associated with a proposed increase to the retiree health insurance credit for certain state and local public safety employees.
 
  FY FY
Nongeneral Fund $0 ($315,000)
•
Authorize release of information for Public Safety Memorial General Assembly Adjustment
  This amendment authorizes VRS to release confidential information to the Secretary of Public Safety and Homeland Security for the purposes of honoring deceased public safety personnel.
•
Strike language increasing board membership General Assembly Adjustment
  This amendment strikes language included in the introduced budget to add the Secretary of Finance and the Staff Directors of the House Appropriations and Senate Finance Committees to the VRS Board of Trustees as ex-officio members.


p3_bullets - Official Enacted Budget - 06-04-2025 01:24:40