Virginia Retirement System Recognized for Plan Funding and Administration
RICHMOND December 4, 2023 -The Virginia Retirement System (VRS) has received a 2023 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 20th 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 providing extraordinary service to our members and retirees, and our achievement of PPCC’s funding and administrative standards demonstrates our dedication to helping members plan for tomorrow, today,” VRS Director Patricia S. Bishop said.
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.