VRS Receives NAGDCA Leadership Award

RICHMOND, VA, October 11, 2006 - The National Association of Government Defined Contribution Administrators (NAGDCA) awarded the Virginia Retirement System (VRS) a Leadership Award for excellence and innovation in government defined contribution plans. The award was presented at the NAGDCA annual conference held Sept. 23-27, 2006 in Kansas City, Missouri.

VRS was recognized for expanding the scope of its Regional Education and Enrollment Meetings (REEMS) to include post-retirement strategies. REEMS provides eligible members information regarding the benefits of participating in the VRS Deferred Compensation and Cash Match Plan, managing their accounts and budgeting.

Post-retirement topics include retirement risks, such as the impact of longevity, inflation, health care, market fluctuations, liabilities and debts on income during retirement. Participants also learn more about filling retirement income gaps and managing retirement income, including identifying income sources and factors to consider in taking distributions from retirement plans.

VRS and the service provider, Great-West Retirement Services, have been recognized by NAGDCA for several years in a row for communication initiatives related to the Deferred Compensation and Cash Match Plan. Last year, VRS received a leadership award for instituting a new reporting process with Great-West to assist in its due diligence efforts and to provide data related to increasing the number of participants and retaining participants and assets in the plans.

VRS Director Robert P. Schultze said, "The Deferred Compensation Plan is an important retirement savings vehicle for our members. With the expansion of REEMS to include post-retirement strategies, we are responding to our members' interests in managing their retirement income as well as saving for retirement. We are honored to receive national recognition for leadership in this area."

VRS serves over 562,000 active members, retirees and beneficiaries. The active employees include about 142,000 teachers, 98,000 local government employees and about 92,000 state employees. In addition, VRS provides benefits to over 124,000 retirees and beneficiaries. The retirement system ranks as the nation's 25th largest public or private pension fund and the 48th largest internationally.

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