The Virginia Retirement System’s mission is to provide superior customer service in the delivery of retirement related benefits on behalf of participating Virginia public employers and their employees and to serve as stewards of the funds in our care.
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...
More historical data is available for this agency on DPB's website under the
Virginia's Budget page. If you click on the Budget Round Description links under any of the "DPB Appropriation Database" tables and open the filter you can select various fields to get greater detail and you can select the official chapter data going back for several decades. The "Caboose" chapters are the final biennial budget approved by the General Assembly and signed into Law.
Check it out here
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
Governor's Proposed Budget
$0
$70,404,983
$70,404,983
Base Budget
$0
$63,476,177
$63,476,177
Addenda (Changes to the Base)
$0
$6,928,806
$6,928,806
2014-2016
2016
Governor's Proposed Budget
$0
$70,280,983
$70,280,983
Base Budget
$0
$63,476,177
$63,476,177
Addenda (Changes to the Base)
$0
$6,804,806
$6,804,806
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
Proposed Positions
0.00
335.00
335.00
Base Budget
0.00
314.00
314.00
Addenda (Changes to the Base)
0.00
21.00
21.00
2012-2014
2016
Proposed Positions
0.00
335.00
335.00
Base Budget
0.00
314.00
314.00
Addenda (Changes to the Base)
0.00
21.00
21.00
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
Nongeneral Fund
$494,002
$494,002
•
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 2015
FY 2016
Nongeneral Fund
$474,600
$474,600
Positions
1.00
1.00
•
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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 2015
FY 2016
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.
