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
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
2022-2024 2023 Chapter1, 2024 Acts of Assembly $80,000 $118,759,019 $118,839,019
2022-2024 2024 Chapter1, 2024 Acts of Assembly $80,000 $121,234,034 $121,314,034
2024-2026 2025 Chapter 7, 2026 Acts of Assembly $80,000 $136,366,778 $136,446,778
2024-2026 2026 Chapter 7, 2026 Acts of Assembly $80,000 $134,322,330 $134,402,330
2026-2028 2027 Chapter 1. 2026 Acts of Assembly, Special Session I $295,000 $166,057,657 $166,352,657
2026-2028 2027 Base Budget $80,000 $134,322,330 $134,402,330
2026-2028 2027 Governor's Amendments $215,000 $31,735,327 $31,950,327
2026-2028 2027 General Assembly Adjustments $0 $0 $0
2026-2028 2028 Chapter 1. 2026 Acts of Assembly, Special Session I $95,000 $170,998,880 $171,093,880
2026-2028 2028 Base Budget $80,000 $134,322,330 $134,402,330
2026-2028 2028 Governor's Amendments $15,000 $36,676,550 $36,691,550
2026-2028 2028 General Assembly Adjustments $0 $0 $0
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
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
2022-2024 2023 Chapter1, 2024 Acts of Assembly 0.00 404.00 404.00
2022-2024 2024 Chapter1, 2024 Acts of Assembly 0.00 405.00 405.00
2024-2026 2025 Chapter 7, 2026 Acts of Assembly 0.00 434.00 434.00
2024-2026 2026 Chapter 7, 2026 Acts of Assembly 0.00 436.00 436.00
2026-2028 2027 Chapter 1. 2026 Acts of Assembly, Special Session I 0.00 466.00 466.00
2026-2028 2027 Base Budget 0.00 436.00 436.00
2026-2028 2027 Governor's Amendments 0.00 30.00 30.00
2026-2028 2027 General Assembly Adjustments 0.00 0.00 0.00
2026-2028 2028 Chapter 1. 2026 Acts of Assembly, Special Session I 0.00 475.00 475.00
2026-2028 2028 Base Budget 0.00 436.00 436.00
2026-2028 2028 Governor's Amendments 0.00 39.00 39.00
2026-2028 2028 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Adjust appropriation for centrally funded salary increases for state employees Base Budget Adjustment
  Adjusts appropriation for the salary increases for state employees budgeted in Central Appropriations, Item 469 R. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $3,072,170 $3,072,170
•
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 469 G. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $701,066 $701,066
•
Remove funding for one-time costs of information technology security Base Budget Adjustment
  Removes funding for one-time costs associated with increased information technology security.
 
  FY FY
Nongeneral Fund ($584,062) ($584,062)
•
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 470 E. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $372,478 $372,478
•
Remove funding for one-time costs of service delivery models Base Budget Adjustment
  Removes one-time costs associated with the implementation of business and service delivery models.
 
  FY FY
Nongeneral Fund ($221,876) ($221,876)
•
Adjust appropriation for centrally funded retirement rate changes Base Budget Adjustment
  Adjusts appropriation for changes to contribution rates for state employee retirement plans budgeted in Central Appropriations, Item 469 H. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($143,435) ($143,435)
•
Adjust appropriation for centrally funded other post-employment benefit rate changes Base Budget Adjustment
  Adjusts appropriation for changes to state employee other post-employment benefit rates budgeted in Central Appropriations, Item 469 J. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($105,346) ($105,346)
•
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 470 C. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $49,181 $49,181
•
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 470 M. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $10,640 $10,640
•
Adjust appropriation for centrally funded workers’ compensation premium changes Base Budget Adjustment
  Adjusts appropriation for workers’ compensation premiums budgeted in Central Appropriations, Item 469 O. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($7,545) ($7,545)
•
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 470 F. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund ($4,227) ($4,227)
•
Adjust appropriation for centrally funded liability insurance premium charges Base Budget Adjustment
  Adjusts appropriation for liability insurance premiums billed by the Department of the Treasury’s Division of Risk Management budgeted in Central Appropriations, Item 470 J. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $1,594 $1,594
•
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 470 G. of Chapter 725, 2025 Acts of Assembly.
 
  FY FY
Nongeneral Fund $375 $375
•
Optimize asset management Decision Package
  Provides nongeneral fund appropriation for six new positions to support the continued development and implementation of the agency’s leverage investment strategy.
 
  FY FY
Nongeneral Fund $10,593,554 $13,691,974
Positions 3.00 6.00
•
Improve business systems and service delivery Decision Package
  Provides nongeneral fund appropriation for hardware refreshes and for eight positions to improve the efficiency of the system of record, to implement Human Resources Information System as well as migrating data to a new Customer Relationship Management system.
 
  FY FY
Nongeneral Fund $7,332,076 $9,352,848
Positions 7.00 8.00
•
Improve organizational infrastructure and talent Decision Package
  Provides nongeneral fund appropriation and four new positions to strengthen internal operations, modernize procurement and facilities functions, and support long-term workforce investment through increase in compensation and workspace improvements.
 
  FY FY
Nongeneral Fund $4,450,147 $3,520,823
Positions 4.00 4.00
•
Provide funding to advance strategic investment processes Decision Package
  Provides nongeneral fund appropriation and nine positions to support financial management of VRS trust fund assets.
 
  FY FY
Nongeneral Fund $2,810,831 $3,691,761
Positions 5.00 9.00
•
Enhance data quality and information security Decision Package
  Provides nongeneral fund appropriation and five new positions to advance the agency’s data quality initiative and strengthen information security through additional staffing, contractor support, and technology enhancements.
 
  FY FY
Nongeneral Fund $2,239,589 $2,011,760
Positions 4.00 5.00
•
Improve customer-facing operations Decision Package
  Provides nongeneral fund appropriation and seven full-time positions to strengthen the agency’s customer-facing operations.
 
  FY FY
Nongeneral Fund $1,168,117 $1,266,371
Positions 7.00 7.00
•
Increase general fund appropriation for the Virginia Volunteers' Service Award Program Decision Package
  Provides additional general fund appropriation for administering the Virginia Volunteers' Service Award Program and a one-time general fund appropriation to repay the fund where expenses have exceeded appropriation in previous years.
 
  FY FY
General Fund $215,000 $15,000
•
Adjust budget details between service areas Decision Package
  Adjusts budget details within service areas to reflect internal accounting.


p3_bullets - Official Enacted Budget - 10-22-2026 16:09:58