Virginia Retirement System

What Virginia Retirement System does

Virginia Retirement System (VRS) is an independent state agency of the Commonwealth of Virginia that administers pension, disability, life insurance, survivor, and health insurance credit benefits for Virginia's public sector employees. The organization serves more than 803,000 active and inactive members, retirees, and beneficiaries through approximately 836 participating employers — including public school divisions, state agencies, political subdivisions, and public colleges and universities — and is the 14th largest public or private pension fund in the U.S. and the 42nd largest in the world, with $122.8 billion in assets as of fiscal year-end June 30, 2025.

VRS's product architecture spans three core plan types: traditional defined benefit pension plans (Plan 1 for pre-July 2010 members and Plan 2 for July 2010 through December 2013 members), the Hybrid Retirement Plan (post-January 2014 members) that combines a defined benefit component with a self-managed defined contribution component, and standalone defined contribution plans including the Commonwealth of Virginia 457 Deferred Compensation Plan and the Virginia Cash Match Plan. Member-facing technology centers on the myVRS online portal, which provides account management, the Member Calculator, the myVRS Benefit Estimator, an Online Retirement Application (eligible up to 120 days pre-retirement), and the myVRS Financial Wellness education module. Employer administration is supported through the myVRS Navigator platform, while defined contribution record-keeping is outsourced to Voya Financial and group life insurance is provided through Securian Financial.

VRS is funded through member contributions (a percentage of creditable compensation that varies by plan), employer contributions from the 836 participating entities, and investment returns on the managed portfolio. Investment earnings fund approximately two-thirds of benefit payments. The system reported a 9.9% net-of-fee return for FY2025, surpassing the 6.75% actuarial assumed return, and the internal investment team has generated $7.1 billion in alpha versus passive benchmarks over the past decade. Distribution is direct-to-member through the online portal, a Customer Contact Center (888-827-3847), and the Richmond-based Retirement Counseling Center, with no fees charged to members for basic benefit administration.

Name

Virginia Retirement System

Legal name

Virginia Retirement System

Website

https://varetire.org

Company type

Private

Founded year

1942

Operating status

Operating

Headcount range

251–500 employees

Short description

Virginia Retirement System is an independent state agency that administers pension and benefit plans for Virginia's public sector employees, serving 803,000+ members across 836 participating employers with $122.8 billion in assets under management.

Ownership category

akta.pro rank

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Defined Benefit Pension Contributions: VRS operates as a defined benefit pension plan funded through member and employer contributions, with investment returns providing additional funding. Investment earnings fund approximately two-thirds of benefit payments to retirees and beneficiaries.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Virginia Retirement System administers defined benefit pension plans, a Hybrid Retirement Plan, and defined contribution plans for Virginia public sector employees. It also provides related benefits including group life insurance, disability coverage, and a health insurance credit, with member access delivered through the myVRS online portal, employer administration handled through myVRS Navigator, and in-person counseling available at the Richmond Retirement Counseling Center.

Product overview

Virginia Retirement System (VRS) operates as a unified platform-plus-modules architecture for managing public employee retirement benefits. The core system consists of three main retirement plan types: Defined Benefit Plans (Plan 1 and Plan 2) providing traditional pension benefits, the Hybrid Retirement Plan combining defined benefit with self-managed defined contribution components, and standalone Defined Contribution Plans. Member-facing access is provided through myVRS, a secure online portal that enables account management, benefit calculations via the Member Calculator and myVRS Benefit Estimator, and an Online Retirement Application system. Employers access the ecosystem via myVRS Navigator for benefits administration and retirement certification. The myVRS Financial Wellness module provides supplementary financial literacy resources. All components are integrated through VRS's central systems to deliver retirement and benefits services to Virginia's public sector employees.

Differentiator

Problem solved

Functional benefit

Products and services

• Defined Benefit Plans (Plan 1 & Plan 2) Traditional pension plans providing monthly retirement benefits based on age, total service credit, and average final compensation for Virginia public sector employees. Plan 1 covers members with membership dates prior to July 1, 2010; Plan 2 covers members with membership dates from July 1, 2010 to December 31, 2013.
• Hybrid Retirement Plan Combination retirement plan for members with membership dates on or after January 1, 2014, featuring both a defined benefit component managed by VRS and a defined contribution component that members manage themselves.
• Defined Contribution Plans Employer-authorized retirement plans including the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan, and the defined contribution component of the Hybrid Retirement Plan, with recordkeeping delivered through Voya Financial.
• myVRS Member Portal Secure online self-service portal for VRS members and retirees to view account information, manage benefits, update beneficiaries, access retirement planning tools, and apply for retirement online.
• myVRS Navigator Employer Portal Employer-facing portal for administering VRS benefits, certifying retirements, managing employee records, and processing contribution confirmations across VRS's 836 participating public sector employers.

Quantifiable outcome

• 9.9% return in FY 2025, exceeding 6.75% actuarial assumption
• +2 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Voya FinancialcoreTechnology or IntegrationVoya Financial serves as the record keeper for VRS defined contribution plans, providing administrative services for hybrid voluntary contributions, deferral elections, investment elections, beneficiary updates, and rollovers/distributions. Members access their defined contribution accounts through Voya's platform.
• Securian FinancialcoreTechnology or IntegrationSecurian Financial is the insurer for the VRS Group Life Insurance Program. Eligible members can access and maintain optional group life insurance coverage through Securian Financial via myVRS.

Scale indicators9 records

Recent moves6 records

Expansion highlights3 records

Market position

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@VARetirementSystem
• LinkedInlinkedin.com/company/401275
• Facebookfacebook.com/VirginiaRetirementSystem

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virginia Retirement System