The 2013 Executive Budget Document
Virginia Retirement System
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http://www.varetire.org/
]
Mission Statement
The Virginia Retirement System’s mission is to provide superior customer service in the delivery of retirement related benefits on behalf of participating Virginia public employers and their employees and to serve as stewards of the funds in our care.
Operating Budget Summary
| General Fund | Nongeneral Fund | Personnel Cost | |
|---|---|---|---|
| 2009 Appropriation | $ 28,000 | $ 57,733,797 | $ 32,099,534 |
| 2010 Appropriation | $ 0 | $ 61,643,297 | $ 32,199,534 |
| 2011 Appropriation | $ 0 | $ 59,943,622 | $ 31,936,731 |
| 2012 Appropriation | $ 0 | $ 53,845,797 | $ 31,906,532 |
| 2013 Addenda | $ 0 | $ 59,630,594 | $ 34,562,586 |
| 2013 Addenda | $ 0 | $ 0 | $ 0 |
| 2013 Total | $ 0 | $ 59,630,594 | $ 34,562,586 |
| 2014 Addenda | $ 0 | $ 58,329,344 | $ 34,562,586 |
| 2014 Addenda | $ 0 | $ 5,146,833 | $ 4,014,829 |
| 2014 Total | $ 0 | $ 63,476,177 | $ 38,577,415 |
| General Fund | Nongeneral Fund | Total Positions | |
|---|---|---|---|
| 2009 Appropriation | 0.00 | 300.00 | 300.00 |
| 2010 Appropriation | 0.00 | 301.00 | 301.00 |
| 2011 Appropriation | 0.00 | 301.00 | 301.00 |
| 2012 Appropriation | 0.00 | 301.00 | 301.00 |
| 2013 Addenda | 0.00 | 314.00 | 314.00 |
| 2013 Addenda | 0.00 | 0.00 | 0.00 |
| 2013 Total | 0.00 | 314.00 | 314.00 |
| 2014 Addenda | 0.00 | 314.00 | 314.00 |
| 2014 Addenda | 0.00 | 0.00 | 0.00 |
| 2014 Total | 0.00 | 314.00 | 314.00 |
Recommended Operating Budget Addenda
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Provide additional funding for investment compensation planIncreases the agency's nongeneral fund appropriation to implement the investment pay plan adopted by the Virginia Retirement System Board of Trustees. In order to fulfill the board’s stated total compensation goal for investment professionals, the agency needs to increase the overall compensation pool for investment professionals. These pay increases will be on a case-by-case basis and phased in over the biennium. They will include salary increases, promotions, and bonuses dependent on achieving investment performance targets.
FY 2013 FY 2014 Nongeneral Fund $ 0 $ 2,847,923
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Provide additional funding for information technology compensation planProvides an additional nongeneral fund appropriation for salary increases to both retain existing information technology staff as well as to attract new qualified technical staff. The Virginia Retirement System (VRS) is transitioning from twenty-year old mainframe-based systems to modern web-based technology to better serve its customers and ensure the ongoing stability and integrity of its retirement systems. The salary increases for existing staff will be directly tied to attainment of the new skills and competencies required to support the new systems. For new hires, VRS will offer a competitive salary in order to attract the senior level of experience required.
FY 2013 FY 2014 Nongeneral Fund $ 0 $ 345,900
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Provide additional funding for fixed income portfolio management systemIncreases the agency's nongeneral fund appropriation to upgrade the fixed income portfolio management system. The Virginia Retirement System has recently shifted additional strategies to internal management and the current portfolio management system, which has been used since 1998, does not easily accommodate some of the newer investment strategies and techniques being used by the agency.
FY 2013 FY 2014 Nongeneral Fund $ 0 $ 1,132,004
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Fund employee fringe benefit ratesIncreases the agency's nongeneral fund appropriation to cover increased costs for changes in benefit rates for the 2012-14 biennium. These benefits include retirement, group life, the Virginia Sickness and Disability program, the retiree health credit, and health insurance.
FY 2013 FY 2014 Nongeneral Fund $ 0 $ 821,006