VRS Excels in Public Pension Standards

Richmond, VA Nov. 7, 2005 - The Virginia Retirement System (VRS) received the Achievement Award from the Public Pension Coordinating Council (PPCC) for the third consecutive year. The award recognizes VRS for excellence in meeting professional standards for plan design and administration.

Developed by the PPCC to promote excellence among state and local public retirement systems, the Public Pension Standards are the benchmark for measuring current practices of defined benefit plans. The award is based on compliance with specific principles that underlie retirement system achievements in the areas of benefits, actuarial valuations, financial reporting, investing and disclosure to members.

"VRS is proud to receive such a prestigious award that recognizes the commitment of our staff and Board of Trustees to providing financial security for members and beneficiaries," said VRS Director Robert P. Schultze.

PPCC is comprised of the National Association of State Retirement Administrators (NASRA), the National Council on Teacher Retirement (NCTR) and the National Conference on Public Employee Retirement Systems (NCPERS).

VRS is the 27th largest public or private pension fund in the United States and the 48th largest internationally with over $45 billion in assets.

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