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
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly $185,137 $95,658,527 $95,843,664
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $80,000 $94,641,369 $94,721,369
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $80,000 $105,612,181 $105,692,181
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $80,000 $106,022,679 $106,102,679
2021-2024 2022 Chapter1, 2024 Acts of Assembly $80,000 $118,759,019 $118,839,019
2021-2024 2023 Chapter1, 2024 Acts of Assembly $80,000 $121,234,034 $121,314,034
2024-2026 2025 Chapter 2, 2024 Acts of Assembly, Special Session 1 $80,000 $136,290,778 $136,370,778
2024-2026 2025 Base Budget $80,000 $121,234,034 $121,314,034
2024-2026 2025 Governor's Amendments $0 $14,986,744 $14,986,744
2024-2026 2025 General Assembly Adjustments $0 $70,000 $70,000
2024-2026 2026 Chapter 2, 2024 Acts of Assembly, Special Session 1 $80,000 $133,636,930 $133,716,930
2024-2026 2026 Base Budget $80,000 $121,234,034 $121,314,034
2024-2026 2026 Governor's Amendments $0 $12,402,896 $12,402,896
2024-2026 2026 General Assembly Adjustments $0 $0 $0
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 364.00 364.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 368.00 368.00
2020-2022 2021 Chapter 1, 2022 Acts of Assembly 0.00 383.00 383.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 386.00 386.00
2021-2024 2022 Chapter1, 2024 Acts of Assembly 0.00 404.00 404.00
2021-2024 2023 Chapter1, 2024 Acts of Assembly 0.00 405.00 405.00
2024-2026 2025 Chapter 2, 2024 Acts of Assembly, Special Session 1 0.00 434.00 434.00
2024-2026 2025 Base Budget 0.00 405.00 405.00
2024-2026 2025 Governor's Amendments 0.00 29.00 29.00
2024-2026 2025 General Assembly Adjustments 0.00 0.00 0.00
2024-2026 2026 Chapter 2, 2024 Acts of Assembly, Special Session 1 0.00 436.00 436.00
2024-2026 2026 Base Budget 0.00 405.00 405.00
2024-2026 2026 Governor's Amendments 0.00 31.00 31.00
2024-2026 2026 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Adjust appropriation for centrally funded five percent salary increase for state employees Base Budget Adjustment
  Adjusts appropriation for the five percent salary increase for state employees budgeted in Central Appropriations, Item 483 S. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund $4,504,308 $4,504,308
•
Remove one-time funding for cloud migration Base Budget Adjustment
  Removes one-time funding to transition to a cloud-based network.
 
  FY FY
Nongeneral Fund ($1,830,850) ($1,830,850)
•
Remove one-time funding for information technology Base Budget Adjustment
  Removes one-time funding for several information technology projects.
 
  FY FY
Nongeneral Fund ($1,291,100) ($1,291,100)
•
Remove one-time funding to separate employer contribution rates Base Budget Adjustment
  Removes one-time funding to separate the defined benefit rate and defined contribution rate for the Hybrid retirement plan pursuant to Chapters 9 and 229 of the 2022 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($514,000) ($514,000)
•
Remove one-time funding for staff training and development Base Budget Adjustment
  Removes one-time funding for staff training and development programs and systems.
 
  FY FY
Nongeneral Fund ($488,750) ($488,750)
•
Remove one-time funding for cybersecurity Base Budget Adjustment
  Removes one-time funding for cyber security measures.
 
  FY FY
Nongeneral Fund ($207,250) ($207,250)
•
Adjust appropriation for centrally funded changes to state health insurance premiums Base Budget Adjustment
  Adjusts appropriation for the employer’s share of health insurance premiums budgeted in Central Appropriations, Item 483 G. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund $200,284 $200,284
•
Remove one-time funding for investment department support Base Budget Adjustment
  Removes one-time funding for investment department data management services and accounting support.
 
  FY FY
Nongeneral Fund ($172,500) ($172,500)
•
Adjust appropriation for centrally funded changes to Cardinal Human Capital Management System charges Base Budget Adjustment
  Adjusts appropriation for changes to Cardinal Human Capital Management System internal service fund charges budgeted in Central Appropriations, Item 484 G. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund $45,335 $45,335
•
Adjust appropriation for centrally funded property insurance premium charges Base Budget Adjustment
  Adjusts appropriation for property insurance premiums billed by the Department of the Treasury’s Division of Risk Management budgeted in Central Appropriations, Item 484 J. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund ($38,573) ($38,573)
•
Adjust appropriation for centrally funded changes to Cardinal Financials System charges Base Budget Adjustment
  Adjusts appropriation for changes to Cardinal Financials System internal service fund charges budgeted in Central Appropriations, Item 484 F. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund $29,133 $29,133
•
Adjust appropriation for centrally funded changes to agency information technology costs Base Budget Adjustment
  Adjusts appropriation for changes to information technology and telecommunications usage budgeted in Central Appropriations, Item 484 C. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund ($27,875) ($27,875)
•
Remove one-time funding for outreach Base Budget Adjustment
  Removes one-time funding for member, retiree, and employer outreach improvements.
 
  FY FY
Nongeneral Fund ($20,000) ($20,000)
•
Adjust appropriation for centrally funded information technology auditors and security officers Base Budget Adjustment
  Adjusts appropriation for information technology auditors and information security officers budgeted in Central Appropriations, Item 484 E. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund $3,025 $3,025
•
Adjust appropriation for centrally funded workers’ compensation premium changes Base Budget Adjustment
  Adjusts appropriation for workers’ compensation premiums budgeted in Central Appropriations, Item 483 P. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund $2,248 $2,248
•
Adjust appropriation for centrally funded changes to Performance Budgeting system charges Base Budget Adjustment
  Adjusts appropriation for changes to Performance Budgeting system internal service fund charges budgeted in Central Appropriations, Item 484 H. of Chapter 2, 2022 Acts of Assembly, Special Session I.
 
  FY FY
Nongeneral Fund ($2,160) ($2,160)
•
Provide additional funding for investment department Decision Package
  Supports consulting services, additional data feeds, and additional positions across the investments department to support the growth of the agency's in-house investment management activities and to implement new Board-approved investment strategies.
 
  FY FY
Nongeneral Fund $2,590,542 $3,161,810
Positions 7.00 9.00
•
Adjust funding to reinforce information technology security Decision Package
  Increases nongeneral fund appropriation for fraud prevention and information security measures. Part of this appropriation will fund the addition of one position.
 
  FY FY
Nongeneral Fund $2,778,669 $2,422,008
Positions 1.00 1.00
•
Adjust compensation and create internships Decision Package
  Funds compensation adjustments based on market rate analysis across the agency and creates 10 internships.
 
  FY FY
Nongeneral Fund $2,376,275 $2,552,550
•
Adjust funding to improve customer experience Decision Package
  Increases nongeneral fund appropriation to enhance the customer service experience. This appropriation will be used to fund 16 positions for the agency's Customer Contact Center.
 
  FY FY
Nongeneral Fund $1,810,018 $1,958,526
Positions 16.00 16.00
•
Adjust funding to enhance business and service delivery models Decision Package
  Increases nongeneral fund appropriation for the addition of five positions and internal system modifications. This funding will improve the business and service delivery model for the agency.
 
  FY FY
Nongeneral Fund $1,814,965 $1,891,727
Positions 5.00 5.00
•
Provide critical facility repairs and reconfigure space Decision Package
  Provides funding for three distinct building maintenance and upgrade projects, including electrical upgrades, exterior repairs to address water infiltration, and reconfiguration of office workspace to meet current needs. All components will be less than $3.0 million individually and therefore are funded under the operating budget.
 
  FY FY
Nongeneral Fund $3,425,000 $225,000
•
Align appropriation across programs Decision Package
  This is a net-zero technical adjustment to realign appropriation with expected expenditures.
•
Transfer appropriation between fund details for LODA administrative costs Decision Package
  Transfers appropriation between fund details for Line of Duty Act (LODA) administrative costs. Appropriation is currently provided in a separate fund detail for LODA administrative costs; however, allocations of administrative costs between Virginia Retirement System (VRS) programs are not determined until after year-end close. This transfer moves appropriation for LODA administrative costs under the same VRS Administrative Expense Fund used for all other programs.
•
Administrative cost for HB 1312 & HB 1401 VaLORS membership expansion General Assembly Adjustment
  This amendment provides the Virginia Retirement System $70,000 from nongeneral funds pursuant to the passage of House Bill 1312 and House Bill 1401 which adds Department of Conservation and Recreation conservation officers and Department of Military Affairs firefighters into the VaLORS retirement system. The funding supports the administrative changes needed to effectuate the change. A companion amendment under Item 469 provides funding to support the additional benefit cost for the state employees.
 
  FY FY
Nongeneral Fund $70,000 $0
•
Workgroup to Review Options to Modify the Judicial Retirement System General Assembly Adjustment
  This amendment establishes a workgroup to review the benefit structure of the Judicial Retirement System and its impact on judicial appointments.


p3_bullets - Official Enacted Budget - 06-07-2025 16:53:51