Virginia RS Basics

  • Established 1942
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, agent plan

Assets, Participants, and Benefits

Assets at Year-End, Virginia RS, 2001-2018

Fiscal Year Net Assets (billions)
2001 35.6
2002 32.4
2003 32.7
2004 37.8
2005 41.6
2006 46.0
2007 54.9
2008 51.7
2009 39.9
2010 44.6
2011 51.3
2012 50.3
2013 55.0
2014 62.2
2015 64.1
2016 64.0
2017 70.2
2018 73.8

Source: Public Plans Database

Number of Actives per Annuitant, 2001-2018

Fiscal Year Virginia RS US State and Local Pensions
2001 3.0 2.5
2002 2.9 2.4
2003 2.8 2.3
2004 2.7 2.2
2005 2.7 2.1
2006 2.6 2.1
2007 2.6 2.0
2008 2.5 2.0
2009 2.4 1.9
2010 2.3 1.8
2011 2.2 1.7
2012 2.1 1.6
2013 2.0 1.5
2014 1.9 1.5
2015 1.8 1.5
2016 1.8 1.4
2017 1.7 1.4
2018 1.7 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Virginia RS, 2001-2018

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll {role:annotation}
2001 6.2 0.0 5.0 6.2 6.2
2002 3.4 0.9 4.8 4.3 4.3
2003 2.8 1.3 5.7 4.1 4.1
2004 3.7 0.3 7.3 4.1 4.1
2005 5.7 1.0 9.0 6.6 6.6
2006 5.9 0.7 9.3 6.6 6.6
2007 8.1 1.3 10.0 9.4 9.4
2008 8.8 0.7 10.4 9.5 9.5
2009 8.2 1.9 10.2 10.0 10.0
2010 6.7 3.4 10.5 10.1 10.1
2011 5.0 5.7 12.5 10.7 10.7
2012 6.5 4.4 12.9 10.8 10.8
2013 11.1 3.5 14.0 14.6 14.6
2014 11.0 3.5 14.4 14.6 14.6
2015 13.2 2.6 14.9 15.8 15.8
2016 13.3 2.1 14.8 15.5 15.5
2017 13.0 0.8 15.1 13.8 13.8
2018 13.5 0.0 15.9 13.5 13.5

Source: Public Plans Database

National data averages are weighted by plan size.

Actuarial Funding

Actuarial Funded Ratio for Virginia RS, 2001-2018

Fiscal Year Virginia RS National Data
2001 107.3 106.5
2002 101.8 101.1
2003 96.4 94.2
2004 90.3 93.1
2005 81.3 91.1
2006 80.8 90.5
2007 82.3 91.2
2008 84.0 90.2
2009 80.2 83.2
2010 72.4 81.5
2011 69.9 80.4
2012 65.8 78.9
2013 65.9 78.7
2014 69.6 79.0
2015 73.3 78.2
2016 74.8 76.3
2017 77.0 76.4
2018 78.6 76.6

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

Investments

Asset Allocation for Virginia RS, 2018

Category Percent
Equities 40.0
Fixed Income 15.4
Private Equity 10.0
Real Estate 13.5
Cash 0.8
Other 0.0
Commodities 0.0
Hedge Fund 18.1
Misc. Alternatives 0.0

Source: Public Plans Database

Asset Allocation for State and Local Pensions, 2018

Category Percent
Equities 48.3
Fixed Income 22.2
Private Equity 9.0
Real Estate 8.4
Cash 1.8
Other 0.3
Commodities 1.9
Hedge Fund 7.0
Misc. Alternatives 1.2

Source: Public Plans Database

National data averages are weighted by plan size.


Asset allocation for Virginia RS, 2001-2018

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 63.0 24.3 6.7 3.5 2.2 0.0 0.0 0.0 0.0
2002 59.7 27.7 6.3 3.5 2.8 0.0 0.0 0.0 0.0
2003 61.2 23.2 6.1 3.1 6.5 0.0 0.0 0.0 0.0
2004 67.5 17.8 5.0 2.7 4.1 0.0 0.0 3.0 0.0
2005 62.0 23.0 5.0 5.0 1.0 0.0 0.0 4.0 0.0
2006 65.0 24.0 5.0 5.0 1.0 0.0 0.0 0.0 0.0
2007 64.0 22.0 6.0 5.0 1.0 0.0 0.0 2.0 0.0
2008 55.0 22.0 8.0 8.0 1.0 0.0 0.0 6.0 0.0
2009 35.0 37.0 8.0 9.0 1.0 0.0 0.0 10.0 0.0
2010 39.0 32.0 9.0 6.0 1.0 0.0 0.0 13.0 0.0
2011 48.0 25.0 9.0 7.0 1.0 0.0 0.0 10.0 0.0
2012 43.0 30.0 9.0 8.0 0.0 0.0 0.0 10.0 0.0
2013 44.0 17.9 8.6 9.4 1.6 0.0 0.0 18.5 0.0
2014 43.6 18.5 7.8 10.5 0.9 0.0 0.0 18.7 0.0
2015 42.8 18.1 7.4 11.4 1.3 0.0 0.0 19.0 0.0
2016 39.8 17.6 7.6 12.9 1.9 0.0 0.0 20.2 0.0
2017 41.2 16.7 8.7 12.6 0.5 0.0 0.0 20.1 0.0
2018 40.0 15.4 10.0 13.5 0.8 0.0 0.0 18.1 0.0

Source: Public Plans Database


Annual Return as of June 30 for Virginia RS, 2001-2018

Fiscal Year Virginia RS Assumed return
2001 -7.40 8.00
2002 -7.30 8.00
2003 2.50 8.00
2004 17.90 8.00
2005 12.00 7.50
2006 12.40 7.50
2007 20.40 7.50
2008 -4.40 7.50
2009 -21.10 7.50
2010 14.10 7.00
2011 19.10 7.00
2012 1.40 7.00
2013 11.80 7.00
2014 15.70 7.00
2015 4.70 7.00
2016 1.90 7.00
2017 12.10 7.00
2018 7.50 7.00

Source: Public Plans Database

National data averages are weighted by plan size.

Cash Flows

Cash Flow vs. Total Assets (Millions)
Virginia RS
2001-2018

Fiscal Year Cash Flow Assets
2001 -200.0 35,619.6
2002 -502.3 32,448.3
2003 -659.4 32,726.9
2004 -694.6 37,784.4
2005 -597.8 41,640.5
2006 -662.5 46,020.7
2007 -498.9 54,948.2
2008 -527.7 51,743.5
2009 -756.4 39,889.8
2010 -1,259.6 44,645.8
2011 -1,772.6 51,280.3
2012 -1,632.0 50,266.7
2013 -1,160.2 54,972.7
2014 -1,324.7 62,207.3
2015 -999.6 64,074.1
2016 -1,168.2 63,954.2
2017 -1,506.4 70,159.7
2018 -1,574.7 73,754.6

Source: Public Plans Database


Cash Flow as a Percentage of Assets
Virginia RS
2001-2018

Fiscal Year Virginia RS National Average
2001 -0.6 -2.3
2002 -1.5 -2.3
2003 -2.0 -2.6
2004 -1.8 -1.7
2005 -1.4 -1.9
2006 -1.4 -1.9
2007 -0.9 -1.7
2008 -1.0 -1.9
2009 -1.9 -2.7
2010 -2.8 -2.9
2011 -3.5 -2.8
2012 -3.2 -3.1
2013 -2.1 -3.0
2014 -2.1 -2.7
2015 -1.6 -2.8
2016 -1.8 -3.0
2017 -2.1 -2.9
2018 -2.1 -2.4

Source: Public Plans Database

National data averages are weighted by plan size.

2018 Financial Reports

Benefits

Website for Virginia RS benefit descriptions.