RICHMOND, November 22, 2022 — The Virginia Retirement System has received awards for its Annual Comprehensive Financial Report and Popular Annual Financial Report (PAFR) for fiscal year 2021 from the Government Finance Officers Association of the United States and Canada (GFOA). This is the 40th consecutive award for the comprehensive report and the sixth consecutive award for the PAFR.

The VRS annual report received GFOA’s Certificate of Achievement for Excellence in Financial Reporting, which recognizes excellence in governmental accounting and financial reporting. The PAFR received an Award for Outstanding Achievement in Popular Annual Financial Reporting for its summary of financial, investment and statistical information derived from the comprehensive report.

GFOA commended VRS for demonstrating a “spirit of full disclosure” in communicating its financial information and motivating users to read the comprehensive report, and for the reader appeal, clarity, distribution and creativity of the popular report.

“We are pleased that GFOA has honored the quality of our annual report with its highest form of recognition in the area of government accounting and financial reporting,” VRS Director Patricia S. Bishop said. “The Certificate of Achievement represents a tradition of excellence that VRS has maintained over four decades. It demonstrates our team’s dedication to maintaining high standards of transparency while producing an engaging, comprehensive report that clearly communicates VRS’s financial position to our members and stakeholders.”

GFOA is a professional association serving more than 20,000 public finance officials in the United States and Canada. For more information on the awards and GFOA, visit and

Media Contact

Jeanne Chenault
Director of Public Relations