Virginia Retirement System loses billions

**cvcgrad** · October 17th, 2008, 08:32 AM

From the BHC...

RICHMOND, Va. (AP) - The state public employee retirement system has lost $11 billion since June.

Virginia Retirement System executives told the Senate Finance Committee on Thursday that the stock market dive has shaved about 20 percent of the value off VRS holdings that were worth $55 billion as of June 30.

Nearly half of that slide has come since Sept. 30, when global markets began a nosedive in what VRS executive director Robert Schultze called a worldwide crisis of confidence.

Schultze said the losses do not impair VRS's ability to provide pensions for nearly 140,000 retired employees of state or local governments because long-term yields remain solid and the system's cash flow remains healthy.

**imported_regiondsports.com** · October 18th, 2008, 05:31 PM

Why people continue to count on governments for anything is beyond me.

**NotSoSilentBob** · October 18th, 2008, 07:57 PM

The VRS is one of the better run retirement plans in the country. VRS =/= Social Security

October 18th, 2008, 08:36 PM

Same deal as a 401k. Just tie it up and wait.

**greencrest1272** · October 18th, 2008, 10:55 PM

The Viginia General Assembly supports its retirement system better than any other state legislature in the country.

It is worrisome but I believe that it will be ok.

October 19th, 2008, 09:51 PM

True, but once you go away from the tried and true-"fund what you owe", it all becomes a gamble. The bunch that administer our's now, is in better shape than I've seen ,lately. Not sure if it is paid by the ton or hour.