RICHMOND, November 16, 2021 – Chief Investment Officer Ronald S. Schmitz advised the Virginia Retirement System Board of Trustees’ Administration and Personal Committee that he plans to retire at the conclusion of calendar year 2022, which coincides with his employment contract.

"I am honored to have served as CIO and appreciate the confidence and support the board has provided me over the years, especially during some difficult market conditions," Schmitz said. "I would be remiss if I did not also acknowledge the outstanding investment team that has worked diligently for the members and retirees of the system during my tenure. While I am reluctant to leave this outstanding organization, I look forward to the next chapter of life and enjoyment of retirement."

Board Chairman O'Kelly E. McWilliams III, Esq. commented, "During Ron's tenure, the VRS Trust Fund has almost doubled in size, moving from $51 billion in 2011 to $101.8 billion, as of June 30, 2021. We appreciate his enduring dedication to the fund and commend Ron’s ability to leverage his experience and leadership skills to develop strategies that have enabled the growth of the fund and the maximizing of investment returns, while minimizing risk."

Schmitz joined VRS as CIO in October 2011. Previously, Schmitz served as the chief investment officer for the Oregon Public Employees Retirement System (Oregon PERS) and managed the investment activities for Oregon PERS, the State Accident Insurance Fund, the Common School Fund, the Oregon Growth Account and the Short Term Fund.

During today's meeting, the committee announced that the board will engage Korn Ferry to conduct a national search for the CIO position, beginning early next year. The board anticipates hiring a new CIO later next year, with Schmitz serving alongside the new CIO through 2022, to ensure a smooth transition.

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