GFOA Recognizes VRS for Excellence

Richmond, VA, October 6, 2008 — For the 26th consecutive year, the Government Finance Officers Association of the United States and Canada (GFOA) recently recognized the Virginia Retirement System (VRS) with a Certificate of Excellence in Financial Reporting for its fiscal year 2007 annual financial report.

In awarding the certificate, the GFOA's highest form of recognition in the area of governmental accounting and financial reporting, the GFOA acknowledged VRS’ spirit of full disclosure to clearly communicate its financial story and noted that the award represents a significant accomplishment by a government and its management.

VRS Director Robert P. Schultze said, "VRS has set high standards for financial reporting, and this award validates our efforts.”

GFOA is a nonprofit professional association serving approximately 17,000 government finance professionals.