Virginia Retirement System Recognized for Plan Funding and Administration
RICHMOND November 12, 2021 -The Virginia Retirement System (VRS) has received a 2021 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 18th consecutive award VRS has received from PPCC.
The Public Pension Standards provide a benchmark for public defined benefit plans. VRS met PPCC’s requirements for funding adequacy, in addition to the council’s administrative requirements in five areas: comprehensive benefit program, actuarial, audit, investments and communications.
“VRS is committed to serving those who serve others,” VRS Director Patricia S. Bishop said, “and this award recognizes our priority of providing extraordinary service to our members. We are proud that PPCC affirms our achievement of these funding and administrative standards.”
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). These associations collectively 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.