Virginia Retirement System

Virginia Retirement System is a multi-employer public pension based in Richmond, Virginia. Established in 1942, the pension administers two defined benefit structures and a hybrid retirement plan with a benefit structure that combines both defined benefit and defined contribution features. Covered employees under this system include full-time permanent salaried state employees; faculty members of the state's public colleges and universities who do not elect to participate in an optional retirement plan; teachers and administrative employees of the state's local public school divisions; and employees of Virginia cities, towns, counties and other political subdivisions that have elected to participate in pension. The executive management team manages the assets.