VRS reported a 9.9% return, net of fees, as of June 30. The strong return surpassed the 6.75% assumed rate of return and pushed the fund to a record high of $122.8 billion in market value.
We congratulate VRS Chief Investment Officer Andrew Junkin and his team on a successful year that further strengthens the trust fund’s ability to meet its long-term commitment to retirees and beneficiaries and erodes unfunded liabilities to state and local governments.
More details are included in the news release and accompanying video.
As previously reported, the health and well-being of VRS is important to local governments as it administers retirement programs and other benefit programs for state and local government employees, including teachers. VRS receives funds from employer contributions, employee contributions, and investment income. Employer contribution rates, especially for plans that involve local government employees such as the Teachers plan are integral to budget planning for local governments.
VACo Contact: Jeremy R. Bennett