"The easiest way to find information on the current VIRGINIA COMMISSION ON EMPLOYEE REFORM SECURITY AND PENSION REFORM (aka VIRGINIA PENSION REFORM COMMISSION) is to Google “Virginia pension commission.” Look under "meetings" to find the Virginia Retirement System (VRS) presentation to the VIRGINIA PENSION REFORM COMMISSION on September 18, 2017. Note that the VIRGINIA PENSION REFORM COMMISSION meetings are often not announced or recorded in a timely fashion. The date and time of their meetings, in some instances, have been changed at the last minute.
http://www.varetire.org/stress test This is part of the report given by VRS to the VIRGINIA PENSION REFORM COMMISSION on September 18, 2017. It states that the General Assembly has not fully funded the Virginia Retired Teachers Association (VRTA, part of VRS) for the past 25 years. Therefore, VRTA has not had the unfunded money to invest, thereby losing profit for 25 years. By the year 2043, the General Assembly will have paid back the unfunded money to VRTA. The $74.4 billion that VRS earned in 2017 would have been much higher if VRTA had been fully funded. Last year the General Assembly paid back in full and ahead of schedule the $193 million that it borrowed from VRTA 2010-2012.
The Richmond Times Dispatch prints articles about VRS in the summer after the Freedom of Information Act can be processed from the previous General Assembly session. Below are three articles concerning the 2017 session.
Questions to ask your legislator:
What is the total amount of money not funded to VRTA for the past 25 years?
Why was the expectation of VRS annual returns of the stock market reduced from 7.5% to 7% as of 2010?
Why does VRS pay its money managers millions of dollars in salary and bonuses when the same or better results can be obtained by simply investing in the stocks using the Standard and Poor’s 500 Index?
How will the Hybrid Plan for new teachers affect VRTA solvency in the future?
What will happen in 2043 when the unfunded liability of the General Assembly to VRS will be paid off?
https://virginiageneralassembly.gov is the website for the General Assembly."
Richmond Times Dispatch Articles (click on title for articles)
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