RICHMOND, August 2, 2018 — The Virginia Retirement System has received awards for its Comprehensive Annual Financial Report (CAFR) and Popular Annual Financial Report (PAFR) from the Government Finance Officers Association of the United States and Canada (GFOA). This is the 36th consecutive award for the CAFR, and GFOA again recognized the PAFR in its second year of publication.
This year's CAFR award, a Certificate of Achievement for Excellence in Financial Reporting, recognizes excellence in governmental accounting and financial reporting in a CAFR for the 2017 fiscal year. In addition, the PAFR was noted for its concise summary of financial, investment and statistical information derived from the more comprehensive CAFR.
GFOA is a professional association serving nearly 19,000 appointed and elected local, state and provincial-level government officials and other finance practitioners.
According to GFOA, the CAFR award "is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment." GFOA commended VRS for clearly communicating its financial story and motivating readership in the CAFR and for the reader appeal, understandability and distribution of the PAFR companion report.
"We are honored to be recognized for all that our annual financial reports have achieved, including transparency and readability," said Patricia S. "Trish" Bishop, director of VRS. "GFOA sets a high bar to ensure that stakeholders have the information they need to evaluate an agency's financial position. We are pleased that our team continues to meet that challenge and successfully deliver results for VRS."
About Virginia Retirement System
VRS ranks as the 20th largest public or private pension fund in the U.S. and the 44th largest in the world, serving approximately 705,000 active and inactive members, retirees and beneficiaries. Active members include about 147,000 teachers, 108,000 political subdivision employees and 88,000 state employees. VRS paid out approximately $4.6 billion in benefits to more than 206,000 retirees and beneficiaries in fiscal year 2018. About 86 percent of VRS retirees and beneficiaries reside in Virginia.