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Virginia Retirement System history
Virginia Retirement System company history timeline
That system was replaced on July 1, 1942 with the Virginia Retirement System (VRS). Teachers, school administration employees and most state employees were eligible for membership.
In 1944, political subdivisions (cities, towns, etc.) were allowed to bring their officers and employees into the system.
On February 6, 1952, the Commonwealth of Virginia became one of the first states to repeal its retirement system and cover its employees under Social Security.
The Virginia Supplemental Retirement System was created on March 1, 1952 as a supplement to Social Security.
VRS benefits are no longer considered a supplement to Social Security; therefore, the name of the system was changed back to the Virginia Retirement System by the 1990 session of the General Assembly. As a result of the Tax Reform Act of 1986, the integration of retirement and Social Security benefits was drastically restricted.
VRS benefits are no longer considered a supplement to Social Security; therefore, the name of the system was changed back to the Virginia Retirement System by the 1990 session of the General Assembly.
House Joint Resolution 392 of the 1993 General Assembly Session requested the Joint Legislative Audit and Review Commission (JLARC) to complete a comprehensive study of VRS. The study concluded:
VRS Plan 2 created for members hired or rehired on or after July 1, 2010.
VRS creates the Hybrid Retirement Plan, a combined defined benefit and defined contribution plan, for eligible members hired on or after July 1, 2014.
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Virginia Retirement System competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| LACERA | 1938 | $19.0M | 325 | 1 |
| Federal Retirement Thrift Investment Board | 1986 | $25.0M | 256 | - |
| Optcapital | 1998 | $1.6M | 10 | - |
| Delaware State Government | - | $11.0B | 350,000 | 143 |
| CalSTRS | 1913 | $549.0M | 927 | - |
| Columbus Urban League | 1918 | $50.0M | 50 | - |
| Virginia Board for People with Disabilities | 1985 | $1.6M | 125 | - |
| Hillside Enterprises | 1952 | $18.0M | 81 | 77 |
| Huntington Park Police Dept | - | $420,000 | 6 | 2 |
| Champaign PD | 1833 | $20.0M | 350 | 20 |
Virginia Retirement System history FAQs
Zippia gives an in-depth look into the details of Virginia Retirement System, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Virginia Retirement System. The employee data is based on information from people who have self-reported their past or current employments at Virginia Retirement System. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Virginia Retirement System. The data presented on this page does not represent the view of Virginia Retirement System and its employees or that of Zippia.
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