{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/51.1-124.30_1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/51.1-124.30_1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/51.1-124.30_1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/51.1-124.30_1.html"}],"law_id":83324,"edition_id":1,"section_id":83324,"structure_id":14014,"section_number":"51.1-124.30:1","catch_line":"Adoption of stress testing and reporting policies","history":"2017, c. 639.","full_text":"The Virginia Retirement System (VRS) shall adopt a formal policy to:\n\n1\n\nDevelop and regularly report sensitivity and stress test analyses. Such analyses and reporting shall include projections of benefit levels, pension costs, liabilities, and debt reduction under various economic and investment scenarios;2\n\nImprove investment transparency and reporting policy by (i) providing a clear and detailed online statement of investment policy; (ii) including one-year, three-year, five-year, and 10-year investment performance data in quarterly investment reports; (iii) including 20-year and 25-year investment performance data in annual investment reports; (iv) reporting net investment returns on a quarterly basis; and (v) reporting gross investment returns and returns by asset class on an annual basis; and3\n\nRegularly report investment performance and expenses such as external manager fees, carried interest fees, and investment department expenses for all asset classes, including private equity, public equity, fixed income, credit strategies, real assets, strategic opportunities, and other investments.","order_by":null,"text":{"0":{"id":298556,"text":"The Virginia Retirement System (VRS) shall adopt a formal policy to:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":298557,"text":"Develop and regularly report sensitivity and stress test analyses. Such analyses and reporting shall include projections of benefit levels, pension costs, liabilities, and debt reduction under various economic and investment scenarios;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":298558,"text":"Improve investment transparency and reporting policy by (i) providing a clear and detailed online statement of investment policy; (ii) including one-year, three-year, five-year, and 10-year investment performance data in quarterly investment reports; (iii) including 20-year and 25-year investment performance data in annual investment reports; (iv) reporting net investment returns on a quarterly basis; and (v) reporting gross investment returns and returns by asset class on an annual basis; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":298559,"text":"Regularly report investment performance and expenses such as external manager fees, carried interest fees, and investment department expenses for all asset classes, including private equity, public equity, fixed income, credit strategies, real assets, strategic opportunities, and other investments.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":14014,"edition_id":1,"name":"Investments","identifier":"3.1","label":"article","depth":3,"order_by":1,"parent_id":13056,"metadata":{},"date_created":"2026-06-26 03:46:36","date_modified":"2026-06-26 03:46:36","permalink":{"id":235139,"object_type":"structure","relational_id":14014,"identifier":"3.1","token":"51.1\/1\/3.1","url":"\/51.1\/1\/3.1\/","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":84073,"structure_id":14014,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","url":"\/51.1-124.30\/","token":"51.1\/1\/3.1\/51.1-124.30","metadata":false},{"id":83324,"structure_id":14014,"section_number":"51.1-124.30:1","catch_line":"Adoption of stress testing and reporting policies","url":"\/51.1-124.30_1\/","token":"51.1\/1\/3.1\/51.1-124.30_1","metadata":false},{"id":62938,"structure_id":14014,"section_number":"51.1-124.31","catch_line":"Pooling of assets for investment","url":"\/51.1-124.31\/","token":"51.1\/1\/3.1\/51.1-124.31","metadata":false},{"id":55103,"structure_id":14014,"section_number":"51.1-124.32","catch_line":"Exemption from Public Procurement Act","url":"\/51.1-124.32\/","token":"51.1\/1\/3.1\/51.1-124.32","metadata":false},{"id":87307,"structure_id":14014,"section_number":"51.1-124.33","catch_line":"Deposit of trust funds not an investment; authorized deposits","url":"\/51.1-124.33\/","token":"51.1\/1\/3.1\/51.1-124.33","metadata":false},{"id":68643,"structure_id":14014,"section_number":"51.1-124.34","catch_line":"Retention of investments that become ineligible","url":"\/51.1-124.34\/","token":"51.1\/1\/3.1\/51.1-124.34","metadata":false},{"id":74070,"structure_id":14014,"section_number":"51.1-124.35","catch_line":"Investment provisions exclusive","url":"\/51.1-124.35\/","token":"51.1\/1\/3.1\/51.1-124.35","metadata":false},{"id":66913,"structure_id":14014,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","url":"\/51.1-124.36\/","token":"51.1\/1\/3.1\/51.1-124.36","metadata":false},{"id":72241,"structure_id":14014,"section_number":"51.1-124.37","catch_line":"Investment of assets of the Commonwealth's Attorneys Training Fund","url":"\/51.1-124.37\/","token":"51.1\/1\/3.1\/51.1-124.37","metadata":false},{"id":57703,"structure_id":14014,"section_number":"51.1-124.38","catch_line":"Repealed","url":"\/51.1-124.38\/","token":"51.1\/1\/3.1\/51.1-124.38","metadata":false},{"id":59752,"structure_id":14014,"section_number":"51.1-124.39","catch_line":"Investment of assets of the Line of Duty Death and Health Benefits Trust Fund","url":"\/51.1-124.39\/","token":"51.1\/1\/3.1\/51.1-124.39","metadata":false},{"id":67951,"structure_id":14014,"section_number":"51.1-124.40","catch_line":"Investment of assets of the Opioid Abatement Fund","url":"\/51.1-124.40\/","token":"51.1\/1\/3.1\/51.1-124.40","metadata":false}],"previous_section":{"id":84073,"structure_id":14014,"section_number":"51.1-124.30","catch_line":"Board as trustee of funds; investments; standard of care; liability for losses","url":"\/51.1-124.30\/","token":"51.1\/1\/3.1\/51.1-124.30","metadata":false},"next_section":{"id":62938,"structure_id":14014,"section_number":"51.1-124.31","catch_line":"Pooling of assets for investment","url":"\/51.1-124.31\/","token":"51.1\/1\/3.1\/51.1-124.31","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/51.1-124.30:1\/","history_text":"

This law was first created in 2017. The record of its establishment is cataloged in chapter 639<\/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":235145,"object_type":"law","relational_id":83324,"identifier":"51.1-124.30:1","token":"51.1\/1\/3.1\/51.1-124.30_1","url":"\/51.1-124.30_1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/51.1-124.30_1\/","token":"51.1\/1\/3.1\/51.1-124.30_1","dublin_core":{"Title":"Adoption of stress testing and reporting policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 51.1-124.30:1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Virginia Retirement System<\/span> (VRS) shall adopt a formal policy to:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Develop and regularly report sensitivity and stress test analyses. Such analyses and reporting shall include projections of benefit levels, pension costs, liabilities, and debt reduction under various economic and investment scenarios; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Improve investment transparency and reporting policy by (i) providing a clear and detailed online statement of investment policy; (ii) including one-year, three-year, five-year, and 10-year investment performance data in quarterly investment reports; (iii) including 20-year and 25-year investment performance data in annual investment reports; (iv) reporting net investment returns on a quarterly basis; and (v) reporting gross investment returns and returns by asset class on an annual basis; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Regularly report investment performance and expenses such as external manager fees, carried interest fees, and investment department expenses for all asset classes, including private equity<\/span>, public equity<\/span>, fixed income, credit strategies, real assets<\/span>, strategic opportunities, and other investments. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nADOPTION OF STRESS TESTING AND REPORTING POLICIES (\u00a7 51.1-124.30:1)\n\nThe Virginia Retirement System (VRS) shall adopt a formal policy to:\n\n1. Develop and regularly report sensitivity and stress test analyses. Such\nanalyses and reporting shall include projections of benefit levels, pension\ncosts, liabilities, and debt reduction under various economic and investment\nscenarios;\n\n2. Improve investment transparency and reporting policy by (i) providing a clear\nand detailed online statement of investment policy; (ii) including one-year,\nthree-year, five-year, and 10-year investment performance data in quarterly\ninvestment reports; (iii) including 20-year and 25-year investment performance\ndata in annual investment reports; (iv) reporting net investment returns on a\nquarterly basis; and (v) reporting gross investment returns and returns by asset\nclass on an annual basis; and\n\n3. Regularly report investment performance and expenses such as external manager\nfees, carried interest fees, and investment department expenses for all asset\nclasses, including private equity, public equity, fixed income, credit\nstrategies, real assets, strategic opportunities, and other investments.\n\nHISTORY: 2017, c. 639.","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}}