Virginia Retirement System Receives Award for Plan Funding and Administration

RICHMOND, Va., Dec. 9, 2020 /PRNewswire/ -- The Virginia Retirement System (VRS) received a 2020 Public Pension Standards Award for Funding and Administration from the Public Pension Coordinating Council (PPCC) in recognition of the agency's fulfillment of public pension standards. This is the 17th consecutive award VRS has received from PPCC.

The Public Pension Standards provide a benchmark for public defined benefit plans. In addition to meeting the requirements for funding adequacy, VRS met the council's requirements in five areas of administration assessment: comprehensive benefit program, actuarial, audit, investments and communications.

"As we continue to serve those who serve others, we are proud to be recognized for meeting these funding and administrative assessment standards," VRS Director Trish Bishop said. "These benchmarks affirm our commitment to superior customer service for our membership."

The PPCC is a coalition of the National Association of State Retirement Administrators (NASRA), National Conference on Public Employee Retirement Systems (NCPERS) and National Council on Teacher Retirement (NCTR). Together, these associations represent more than 500 of the largest pension plans in the United States serving most of the nation's approximately 18 million state and local government employees.

For more information on PPCC and the award requirements, visit.nasra.org/ppcc.

About Virginia Retirement System

The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public-sector employees through sound financial stewardship and superior customer service. VRS ranks as the 18th largest public or private pension fund in the U.S. and the 41st largest in the world, serving more than 742,000 active and inactive members, retirees and beneficiaries. Members include public school teachers, political subdivision employees, state agency employees, public college and university personnel, state police, Virginia law officers and the judiciary.

SOURCE Virginia Retirement System