§ 30-78. Title of chapter

This chapter may be referred to as the “Virginia Retirement System Oversight Act.” 1994, cc. 3, 732.

§ 30-79. Purpose

A. Section 11 of Article X of the Constitution of Virginia (1971) requires that the General Assembly maintain a state employees retirement system to be administered in the best interest of the beneficiaries thereof. In order to fulfill this duty, continuing legislative oversight of the Virginia Retirement System (“Retirement System” or “System”) is essential. B. […]

§ 30-80. Duties and powers

A. The areas of review and evaluation to be conducted by the Commission shall include, but are not limited to, the following: (i) structure and governance of the Retirement System; (ii) structure of the investment portfolio; (iii) investment practices, policies, and performance, including the effect of investment performance on employer contributions; (iv) actuarial policy and […]

§ 30-81. Required reports

A. The Virginia Retirement System shall submit to the General Assembly, through its Commission, both semi-annual and annual reports on the investment programs of the Retirement System. The report shall be presented in a format approved by the Commission and shall include information concerning (i) planned or actual material changes in asset allocation, (ii) investment […]

§ 30-82. Use of consultants

The Commission may employ on a consulting basis such investment, actuarial, and other professional or technical experts as may be reasonably necessary for the Commission to fulfill its responsibilities under this chapter. Such consultants shall provide, upon request, assistance to the House Committee on Appropriations and the Senate Committee on Finance and Appropriations on matters […]

§ 30-83. Cooperation of other agencies

All agencies of the Commonwealth shall cooperate as requested by the Commission in the performance of its duties under this chapter. 1994, cc. 3, 732.

§ 30-84. Funding for Commission’s oversight activities

The Commission’s reasonable and necessary expenses related to its duties under this chapter shall be paid by the Retirement System and shall be borne by each trust fund in the System in the same ratio as the assets of each trust fund, as of the preceding June 30, bear to the total trust funds of […]