{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.24.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.24.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.24.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.24.html"}],"law_id":62230,"edition_id":1,"section_id":62230,"structure_id":14912,"section_number":"51.1-124.24","catch_line":"Chief investment officer; qualifications; duties","history":"1994, cc. 4, 85.","full_text":"A\n\nTo assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Virginia Retirement System, the Board shall employ a chief investment officer to direct, manage, and administer the investment department. The chief investment officer shall be employed under special contract with the Board, shall report directly to the Board, shall serve at the pleasure of the Board, and may be removed by a majority vote of the Board.B\n\nTo ensure that the Board of Trustees receives competent, professional advice regarding its investment decisions from the chief investment officer, the chief investment officer shall demonstrate (i) an ability to oversee, structure, and evaluate institutional investment portfolios and (ii) extensive experience in any two or more of the following areas: domestic equity or fixed-income securities, international equity or fixed-income securities, cash management, alternative investments, managed futures, or large real estate investments. By resolution of the Board, additional qualifications for the chief investment officer may be set.C\n\nIn addition to such duties as the Board of Trustees may include in its special employment contract with the chief investment officer, he shall have the following duties: (i) coordinating asset allocation for all asset classes and subclasses within each class; (ii) supervising, evaluating, and monitoring the investment portfolio and associated investment activities; (iii) facilitating communication between and among the Board of Trustees, advisory committees, employees, members, beneficiaries, and outside entities interested in the investment programs of the retirement system; (iv) enhancing the Board’s ability to make effective, prompt decisions in all matters related to investments and the administration of the investment department; and (v) reporting as requested by the General Assembly.","order_by":null,"text":{"0":{"id":226933,"text":"To assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Virginia Retirement System, the Board shall employ a chief investment officer to direct, manage, and administer the investment department. The chief investment officer shall be employed under special contract with the Board, shall report directly to the Board, shall serve at the pleasure of the Board, and may be removed by a majority vote of the Board.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":226934,"text":"To ensure that the Board of Trustees receives competent, professional advice regarding its investment decisions from the chief investment officer, the chief investment officer shall demonstrate (i) an ability to oversee, structure, and evaluate institutional investment portfolios and (ii) extensive experience in any two or more of the following areas: domestic equity or fixed-income securities, international equity or fixed-income securities, cash management, alternative investments, managed futures, or large real estate investments. By resolution of the Board, additional qualifications for the chief investment officer may be set.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":226935,"text":"In addition to such duties as the Board of Trustees may include in its special employment contract with the chief investment officer, he shall have the following duties: (i) coordinating asset allocation for all asset classes and subclasses within each class; (ii) supervising, evaluating, and monitoring the investment portfolio and associated investment activities; (iii) facilitating communication between and among the Board of Trustees, advisory committees, employees, members, beneficiaries, and outside entities interested in the investment programs of the retirement system; (iv) enhancing the Board’s ability to make effective, prompt decisions in all matters related to investments and the administration of the investment department; and (v) reporting as requested by the General Assembly.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14912,"edition_id":1,"name":"Board of Trustees, Medical Board, and Advisory Committees","identifier":"2.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:50:45","date_modified":"2026-06-26 03:50:45","permalink":{"id":235097,"object_type":"structure","relational_id":14912,"identifier":"2.1","token":"51.1\/1\/2.1","url":"\/51.1\/1\/2.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13056,"edition_id":1,"name":"Virginia Retirement System","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12947,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":235031,"object_type":"structure","relational_id":13056,"identifier":"1","token":"51.1\/1","url":"\/51.1\/1\/","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":79996,"structure_id":14912,"section_number":"51.1-124.20","catch_line":"Board of Trustees; membership; terms; quorum; compensation and expenses","url":"\/51.1-124.20\/","token":"51.1\/1\/2.1\/51.1-124.20","metadata":false},{"id":56921,"structure_id":14912,"section_number":"51.1-124.21","catch_line":"Application of State and Local Government Conflict of Interests Act","url":"\/51.1-124.21\/","token":"51.1\/1\/2.1\/51.1-124.21","metadata":false},{"id":78683,"structure_id":14912,"section_number":"51.1-124.22","catch_line":"Board to administer Retirement System; powers and duties","url":"\/51.1-124.22\/","token":"51.1\/1\/2.1\/51.1-124.22","metadata":false},{"id":80443,"structure_id":14912,"section_number":"51.1-124.23","catch_line":"Medical boards","url":"\/51.1-124.23\/","token":"51.1\/1\/2.1\/51.1-124.23","metadata":false},{"id":62230,"structure_id":14912,"section_number":"51.1-124.24","catch_line":"Chief investment officer; qualifications; duties","url":"\/51.1-124.24\/","token":"51.1\/1\/2.1\/51.1-124.24","metadata":false},{"id":87411,"structure_id":14912,"section_number":"51.1-124.25","catch_line":"Existing advisory committees of the Virginia Retirement System abolished","url":"\/51.1-124.25\/","token":"51.1\/1\/2.1\/51.1-124.25","metadata":false},{"id":58716,"structure_id":14912,"section_number":"51.1-124.26","catch_line":"Advisory Committees to the Board of Trustees; membership; terms; qualifications; duties","url":"\/51.1-124.26\/","token":"51.1\/1\/2.1\/51.1-124.26","metadata":false},{"id":84937,"structure_id":14912,"section_number":"51.1-124.27","catch_line":"Employees of the Retirement System","url":"\/51.1-124.27\/","token":"51.1\/1\/2.1\/51.1-124.27","metadata":false},{"id":82232,"structure_id":14912,"section_number":"51.1-124.28","catch_line":"Legal representation in criminal matters","url":"\/51.1-124.28\/","token":"51.1\/1\/2.1\/51.1-124.28","metadata":false},{"id":64526,"structure_id":14912,"section_number":"51.1-124.29","catch_line":"Reserved","url":"\/51.1-124.29\/","token":"51.1\/1\/2.1\/51.1-124.29","metadata":false}],"previous_section":{"id":80443,"structure_id":14912,"section_number":"51.1-124.23","catch_line":"Medical boards","url":"\/51.1-124.23\/","token":"51.1\/1\/2.1\/51.1-124.23","metadata":false},"next_section":{"id":87411,"structure_id":14912,"section_number":"51.1-124.25","catch_line":"Existing advisory committees of the Virginia Retirement System abolished","url":"\/51.1-124.25\/","token":"51.1\/1\/2.1\/51.1-124.25","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.24\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapters 4<\/a> and 85<\/a> 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.<\/p>","references":false,"refers_to":false,"permalink":{"id":235115,"object_type":"law","relational_id":62230,"identifier":"51.1-124.24","token":"51.1\/1\/2.1\/51.1-124.24","url":"\/51.1-124.24\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.24\/","token":"51.1\/1\/2.1\/51.1-124.24","dublin_core":{"Title":"Chief investment officer; qualifications; duties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.24","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> To assist the Board<\/span> of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Virginia Retirement System<\/span>, the Board<\/span> shall employ a chief investment officer to direct, manage, and administer the investment department. The chief investment officer shall be employed under special contract<\/span> with the Board<\/span>, shall report directly to the Board<\/span>, shall serve at the pleasure of the Board<\/span>, and may be removed by a majority vote of the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> To ensure that the Board<\/span> of Trustees receives competent, professional advice regarding its investment decisions from the chief investment officer, the chief investment officer shall demonstrate (i) an ability to oversee, structure, and evaluate institutional investment portfolios and (ii) extensive experience in any two or more of the following areas: domestic equity<\/span> or fixed-income securities, international equity<\/span> or fixed-income securities, cash management, alternative investments, managed futures, or large real estate investments. By resolution of the Board<\/span>, additional qualifications for the chief investment officer may be set. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In addition to such duties as the Board<\/span> of Trustees may include in its special employment contract<\/span> with the chief investment officer, he shall have the following duties: (i) coordinating asset allocation for all asset classes and subclasses within each class; (ii) supervising, evaluating, and monitoring the investment portfolio and associated investment activities; (iii) facilitating communication between and among the Board<\/span> of Trustees, advisory committees, employees<\/span>, members<\/span>, beneficiaries, and outside entities interested in the investment programs of the retirement system<\/span>; (iv) enhancing the Board<\/span>’s ability to make effective, prompt decisions in all matters related to investments and the administration of the investment department; and (v) reporting as requested by the General Assembly. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCHIEF INVESTMENT OFFICER; QUALIFICATIONS; DUTIES (\u00a7 51.1-124.24)\n\nA. To assist the Board of Trustees in fulfilling its fiduciary duty as trustee\nof the funds of the Virginia Retirement System, the Board shall employ a chief\ninvestment officer to direct, manage, and administer the investment department.\nThe chief investment officer shall be employed under special contract with the\nBoard, shall report directly to the Board, shall serve at the pleasure of the\nBoard, and may be removed by a majority vote of the Board.\n\nB. To ensure that the Board of Trustees receives competent, professional advice\nregarding its investment decisions from the chief investment officer, the chief\ninvestment officer shall demonstrate (i) an ability to oversee, structure, and\nevaluate institutional investment portfolios and (ii) extensive experience in\nany two or more of the following areas: domestic equity or fixed-income\nsecurities, international equity or fixed-income securities, cash management,\nalternative investments, managed futures, or large real estate investments. By\nresolution of the Board, additional qualifications for the chief investment\nofficer may be set.\n\nC. In addition to such duties as the Board of Trustees may include in its\nspecial employment contract with the chief investment officer, he shall have the\nfollowing duties: (i) coordinating asset allocation for all asset classes and\nsubclasses within each class; (ii) supervising, evaluating, and monitoring the\ninvestment portfolio and associated investment activities; (iii) facilitating\ncommunication between and among the Board of Trustees, advisory committees,\nemployees, members, beneficiaries, and outside entities interested in the\ninvestment programs of the retirement system; (iv) enhancing the Board’s\nability to make effective, prompt decisions in all matters related to\ninvestments and the administration of the investment department; and (v)\nreporting as requested by the General Assembly.\n\nHISTORY: 1994, cc. 4, 85.","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}}