VRS Director Resigns; Board to Conduct National Search

RICHMOND, Va., Jan. 6, 2015 /PRNewswire-USNewswire/ -- Yesterday, the Virginia Retirement System Board of Trustees accepted the resignation of VRS Director Robert P. Schultze, effective February 16, 2015. Schultze will leave VRS to become President and CEO of ICMA-Retirement Corporation, a leading provider of public-sector retirement plans and related services dedicated to helping public-sector employees build retirement security.

Schultze joined VRS as director in 2005. Before leading VRS, Schultze served as executive commissioner of the Virginia Department of Taxation, staff director of the Virginia House Appropriations Committee, director of the Virginia Education Loan Authority and deputy chief of staff in the administration of Governor L. Douglas Wilder.

During his tenure at VRS, Schultze focused on modernizing the agency's computer systems and improving service to the more than 600,000 members, retirees and beneficiaries. In addition, he guided VRS through pension reform and was instrumental in efforts to increase funding for the plan. Projects undertaken by him will continue to improve technology and the development of customer-facing tools to help members better understand and apply for benefits.

"Bob has overseen VRS during a period of rapid change and transition, and has maintained stability while bringing about significant improvements to and transformation of the plan," said VRS Board of Trustees Chairman Diana F. Cantor. "He is recognized as an authority in pension administration and the implementation of complex new Governmental Accounting Standards Board pension accounting rules. The commonwealth has benefited greatly from his knowledge and expertise. We are grateful for his leadership and dedication and wish him the best in this new phase of his career."

The Board of Trustees will retain a consultant in the near future to assist with a national search for a new director.

VRS is the 21^st largest public or private pension plan in the United States and the 49^th largest public or private pension plan in the world with more than $66 billion in assets under management.

SOURCE Virginia Retirement System