The 2026 Executive Budget Document
Governor Youngkin's Proposed Budget for the 2026-2028 Biennial Budget
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Released on December 17, 2025 
 
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
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 725, 2025 Acts of Assembly $80,000 $136,366,778 $136,446,778
2024-2026 2026 Chapter 725, 2025 Acts of Assembly $80,000 $134,322,330 $134,402,330
2026-2028 2027 Governor's Proposed Budget $295,000 $166,057,657 $166,352,657
    Base Budget $80,000 $134,322,330 $134,402,330
    Addenda (Changes to the Base) $215,000 $31,735,327 $31,950,327
2026-2028 2028 Governor's Proposed Budget $95,000 $170,998,880 $171,093,880
    Base Budget $80,000 $134,322,330 $134,402,330
    Addenda (Changes to the Base) $15,000 $36,676,550 $36,691,550
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 725, 2025 Acts of Assembly 0.00 434.00 434.00
2024-2026 2026 Chapter 725, 2025 Acts of Assembly 0.00 436.00 436.00
2026-2028 2027 Proposed Positions 0.00 466.00 466.00
    Base Budget 0.00 436.00 436.00
    Addenda (Changes to the Base) 0.00 30.00 30.00
2012-2014 2028 Proposed Positions 0.00 475.00 475.00
    Base Budget 0.00 436.00 436.00
    Addenda (Changes to the Base) 0.00 39.00 39.00
Operating Budget Addenda (in order of greatest impact)
•
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
Nongeneral Fund $2,810,831 $3,691,761
Positions 5.00 9.00
•
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 2027 FY 2028
Nongeneral Fund $3,072,170 $3,072,170
•
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 2027 FY 2028
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 2027 FY 2028
Nongeneral Fund $1,168,117 $1,266,371
Positions 7.00 7.00
•
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
Nongeneral Fund ($143,435) ($143,435)
•
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 2027 FY 2028
General Fund $215,000 $15,000
•
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
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 2027 FY 2028
Nongeneral Fund $375 $375
•
Adjust budget details between service areas Decision Package
  Adjusts budget details within service areas to reflect internal accounting.


pdocagy2014 - Executive Budget Document Agency Details - 01-01-2026 15:49:38