Matthews Announces Retirement

RICHMOND, Va. December 2, 2004 -- Virginia Retirement System (VRS) Director W. Forrest Matthews, Jr. today announced that he will retire, effective April 1, 2005.

Matthews has served as director of the $40-billion retirement system since March 2002. Prior to joining VRS, he served as the Director of Finance for the County of Henrico, Virginia. While with Henrico County, he was a member of the VRS Board of Trustees and, beginning in March 2001, served as its Chairman.

"I feel very fortunate that I have had the opportunity to serve as director of this premier pension system. However, it is time for me to take some time to relax and then to do some of the things that I want to accomplish from a personal perspective," said Matthews.

The VRS Board of Trustees immediately will conduct a search for a new director.

VRS, an independent agency of state government with headquarters in Richmond, is a multi-employer (798), public retirement system. VRS serves 521,000 individuals, including 317,000 active members and 114,000 retirees. The system administers five major systems including: the Virginia Retirement System, which maintains benefits for state employees, Virginia teachers and most local government employees; the State Police Officers' Retirement System; the Virginia Law Officers' Retirement System and the Judicial Retirement System. It is the 30th largest pension system in the United States and the 47th largest pension system internationally.

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