Virginia Retirement System Honored for Plan Funding and Administration
RICHMOND November 27, 2024 -The Virginia Retirement System (VRS) has received the 2024 Public Pension Standards Award for Funding and Administration by the Public Pension Coordinating Council (PPCC). This recognition highlights VRS’ commitment to maintaining a sound and efficient retirement system for Virginia’s public employees and is the 21st consecutive award recognizing VRS’ fulfillment of public pension standards.
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.
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), which represent more than 500 of the largest U.S. pension plans that serve 18 million state and local government employees. For more information on PPCC and the award requirements, visit nasra.org/ppcc.