{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-1003.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-1003.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-1003.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-1003.html"}],"law_id":58413,"edition_id":1,"section_id":58413,"structure_id":14237,"section_number":"51.1-1003","catch_line":"Financial reports by retirement systems; auditor to promulgate standards","history":"1990, c. 706; 1991, cc. 381, 612; 2004, c. 209.","full_text":"A\n\nEvery retirement system shall publish an annual report, which shall contain statements prepared in conformance with the standards for public employee retirement systems issued by the Governmental Accounting Standards Board. Such annual report need not contain the disclosure document reporting soft dollar transactions as provided in subdivision 3 of § 51.1-1000, which may be provided as a separate annual supplemental document, but the annual report shall include a certification that such system is in compliance with criterion (i) of subsection A of § 51.1-800. Every retirement system shall transmit its annual report to the Virginia Retirement System at the same time such report is made available to members and beneficiaries.B\n\nThe Auditor of Public Accounts shall incorporate GASB standards for financial reporting by public employee retirement systems into the Uniform Financial Reporting Manual and such incorporation of standards shall be implemented on or before July 1, 1991. All retirement systems’ annual reports for retirement system plan years beginning on and after January 1, 1992, shall comply with the Auditor’s Uniform Financial Reporting Manual. As GASB standards are modified or changed, the Auditor and the retirement systems shall update their standards and reports as may be necessary to ensure accurate and complete disclosure to members and beneficiaries.","order_by":null,"text":{"0":{"id":213881,"text":"Every retirement system shall publish an annual report, which shall contain statements prepared in conformance with the standards for public employee retirement systems issued by the Governmental Accounting Standards Board. Such annual report need not contain the disclosure document reporting soft dollar transactions as provided in subdivision 3 of § 51.1-1000, which may be provided as a separate annual supplemental document, but the annual report shall include a certification that such system is in compliance with criterion (i) of subsection A of § 51.1-800. Every retirement system shall transmit its annual report to the Virginia Retirement System at the same time such report is made available to members and beneficiaries.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":213882,"text":"The Auditor of Public Accounts shall incorporate GASB standards for financial reporting by public employee retirement systems into the Uniform Financial Reporting Manual and such incorporation of standards shall be implemented on or before July 1, 1991. All retirement systems’ annual reports for retirement system plan years beginning on and after January 1, 1992, shall comply with the Auditor’s Uniform Financial Reporting Manual. As GASB standards are modified or changed, the Auditor and the retirement systems shall update their standards and reports as may be necessary to ensure accurate and complete disclosure to members and beneficiaries.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":14237,"edition_id":1,"name":"Disclosure Requirements for Public Retirement Systems","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:47:25","date_modified":"2026-06-26 03:47:25","permalink":{"id":235445,"object_type":"structure","relational_id":14237,"identifier":"10","token":"51.1\/10","url":"\/51.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12947,"edition_id":1,"name":"Pensions, Benefits, and Retirement","identifier":"51.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":235029,"object_type":"structure","relational_id":12947,"identifier":"51.1","token":"51.1","url":"\/51.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55468,"structure_id":14237,"section_number":"51.1-1000","catch_line":"All state and local plans included","url":"\/51.1-1000\/","token":"51.1\/10\/51.1-1000","metadata":false},{"id":61995,"structure_id":14237,"section_number":"51.1-1001","catch_line":"Summary plan description","url":"\/51.1-1001\/","token":"51.1\/10\/51.1-1001","metadata":false},{"id":70035,"structure_id":14237,"section_number":"51.1-1002","catch_line":"Annual statement of benefits","url":"\/51.1-1002\/","token":"51.1\/10\/51.1-1002","metadata":false},{"id":58413,"structure_id":14237,"section_number":"51.1-1003","catch_line":"Financial reports by retirement systems; auditor to promulgate standards","url":"\/51.1-1003\/","token":"51.1\/10\/51.1-1003","metadata":false},{"id":83287,"structure_id":14237,"section_number":"51.1-1004","catch_line":"Use of electronic media","url":"\/51.1-1004\/","token":"51.1\/10\/51.1-1004","metadata":false}],"previous_section":{"id":70035,"structure_id":14237,"section_number":"51.1-1002","catch_line":"Annual statement of benefits","url":"\/51.1-1002\/","token":"51.1\/10\/51.1-1002","metadata":false},"next_section":{"id":83287,"structure_id":14237,"section_number":"51.1-1004","catch_line":"Use of electronic media","url":"\/51.1-1004\/","token":"51.1\/10\/51.1-1004","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-1003\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 706 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1991, chapters 381 and 612; in 2004, chapter 209<\/a>.<\/p>","references":false,"refers_to":[{"id":55468,"section_number":"51.1-1000","catch_line":"All state and local plans included","order_by":null,"url":"\/51.1-1000\/"},{"id":82031,"section_number":"51.1-800","catch_line":"Counties, cities, and certain towns to establish local systems or participate in Virginia Retirement System","order_by":null,"url":"\/51.1-800\/"}],"permalink":{"id":235459,"object_type":"law","relational_id":58413,"identifier":"51.1-1003","token":"51.1\/10\/51.1-1003","url":"\/51.1-1003\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-1003\/","token":"51.1\/10\/51.1-1003","dublin_core":{"Title":"Financial reports by retirement systems; auditor to promulgate standards","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-1003","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every retirement system shall publish an annual report, which shall contain statements prepared in conformance with the standards for public employee retirement systems issued by the Governmental Accounting Standards Board. Such annual report need not contain the disclosure document reporting soft dollar transactions as provided in subdivision 3 of § 51.1-1000<\/a>, which may be provided as a separate annual supplemental document, but the annual report shall include a certification that such system is in compliance with criterion (i) of subsection A of § 51.1-800<\/a>. Every retirement system shall transmit its annual report to the Virginia Retirement System at the same time such report is made available to members and beneficiaries. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Auditor of Public Accounts shall incorporate GASB standards for financial reporting by public employee retirement systems into the Uniform Financial Reporting Manual and such incorporation of standards shall be implemented on or before July 1, 1991. All retirement systems’ annual reports for retirement system plan years beginning on and after January 1, 1992, shall comply with the Auditor’s Uniform Financial Reporting Manual. As GASB standards are modified or changed, the Auditor and the retirement systems shall update their standards and reports as may be necessary to ensure accurate and complete disclosure to members and beneficiaries. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCIAL REPORTS BY RETIREMENT SYSTEMS; AUDITOR TO PROMULGATE STANDARDS (\u00a7\n51.1-1003)\n\nA. Every retirement system shall publish an annual report, which shall contain\nstatements prepared in conformance with the standards for public employee\nretirement systems issued by the Governmental Accounting Standards Board. Such\nannual report need not contain the disclosure document reporting soft dollar\ntransactions as provided in subdivision 3 of § 51.1-1000, which may be\nprovided as a separate annual supplemental document, but the annual report shall\ninclude a certification that such system is in compliance with criterion (i) of\nsubsection A of § 51.1-800. Every retirement system shall transmit its\nannual report to the Virginia Retirement System at the same time such report is\nmade available to members and beneficiaries.\n\nB. The Auditor of Public Accounts shall incorporate GASB standards for financial\nreporting by public employee retirement systems into the Uniform Financial\nReporting Manual and such incorporation of standards shall be implemented on or\nbefore July 1, 1991. All retirement systems’ annual reports for retirement\nsystem plan years beginning on and after January 1, 1992, shall comply with the\nAuditor’s Uniform Financial Reporting Manual. As GASB standards are\nmodified or changed, the Auditor and the retirement systems shall update their\nstandards and reports as may be necessary to ensure accurate and complete\ndisclosure to members and beneficiaries.\n\nHISTORY: 1990, c. 706; 1991, cc. 381, 612; 2004, c. 209.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}