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VRS Annual Report Earns Recognition for Excellence
RICHMOND, VA, Oct. 4, 2011 — The Government Finance Officers Association of the United States and Canada (GFOA) recently recognized the Virginia Retirement System (VRS) with a Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report for the year ended June 30, 2010. The certificate is awarded annually to governments that publish a report that not only satisfies generally accepted accounting principles and applicable legal requirements but also is readable and organized to be accessible to the general public. This is the 29th consecutive year that VRS has achieved this prestigious recognition.
“We are honored to receive this award from the GFOA,” VRS Director Robert P. Schultze said. “Each year, we strive to produce a financial report that communicates the status of the VRS fund at year end while also providing investment, actuarial and statistical information to serve as a valuable resource about the system to our customers and the general public. Receiving the GFOA certificate tells us we're achieving that goal.&rquo;
VRS administers benefits and provides services for approximately 600,000 members, retirees and beneficiaries. Members include approximately 146,000 teachers, 104,000 local government employees and 90,000 state employees. Retirees and beneficiaries number more than 156,000. The retirement system ranks as the nation's 22nd largest public or private pension fund.
