VRS Excels in Public Pension Standards

Richmond, VA, December 21, 2007 - The Virginia Retirement System (VRS) received the 2007 Achievement Award from the Public Pension Coordinating Council (PPCC) for the fifth 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.

"On behalf of the VRS staff, I am proud to accept this prestigious award that recognizes the commitment we have in providing the highest quality service to our customers and maintaining 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 serves more than 582,000 active members, retirees and beneficiaries. The active employees include approximately 145,000 teachers, 101,000 local government employees and 91,000 state employees. In addition, VRS provides benefits to more than 130,000 retirees and beneficiaries. The retirement system ranks as the nation’s 26th largest public or private pension fund.

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