30-81 - Required reports. - Virginia Statutes

§ 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 investmentprograms of the Retirement System. The report shall be presented in a formatapproved by the Commission and shall include information concerning (i)planned or actual material changes in asset allocation, (ii) investmentperformance of all asset classes and subclasses, and (iii) investmentpolicies and programs.

B. The System shall also submit a biennial report on the actuarial soundnessof its trust funds, which shall include (i) funding policy and objectives,(ii) current and projected funding levels, (iii) current and projectedcontribution rates, and (iv) actuarial assumptions.

C. The System shall furnish such reports or information as may be requestedby standing committees of the General Assembly having jurisdiction over thesubject matter which is the basis of such committee's inquiry.

D. The Commission shall publish the following reports concerning theRetirement System: (i) a biennial status report which shall include, at aminimum and where appropriate, findings and recommendations and the status ofactions, if any, taken in response to prior recommendations and (ii) with theassistance of an actuary, an actuarial report once every four years.

E. The Commission's staff shall prepare and maintain an informational guideto the Virginia Retirement System for the members of the General Assembly.

F. The Auditor of Public Accounts shall complete an annual financial audit ofthe Virginia Retirement System, the State Police Officers' Retirement System,and the Judicial Retirement System. The Auditor shall report the findings ofhis audit to the Governor, the General Assembly, the Joint Legislative Auditand Review Commission, and the Board of Trustees of the Virginia RetirementSystem. Such audit shall be submitted on or before the first day of theGeneral Assembly session.

(1994, cc. 3, 732.)