                                 CODE OF VIRGINIA

REQUIRED REPORTS (§ 30-81)

A. The Virginia Retirement System shall submit to the General Assembly, through
its Commission, both semi-annual and annual reports on the investment programs
of the Retirement System. The report shall be presented in a format approved by
the Commission and shall include information concerning (i) planned or actual
material changes in asset allocation, (ii) investment performance of all asset
classes and subclasses, and (iii) investment policies and programs.

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

C. The System shall furnish such reports or information as may be requested by
standing committees of the General Assembly having jurisdiction over the subject
matter which is the basis of such committee&#8217;s inquiry.

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

E. The Commission&#8217;s staff shall prepare and maintain an informational
guide to the Virginia Retirement System for the members of the General Assembly.

F. The Auditor of Public Accounts shall complete an annual financial audit of
the Virginia Retirement System, the State Police Officers&#8217; Retirement
System, and the Judicial Retirement System. The Auditor shall report the
findings of his audit to the Governor, the General Assembly, the Joint
Legislative Audit and Review Commission, and the Board of Trustees of the
Virginia Retirement System. Such audit shall be submitted on or before the first
day of the General Assembly session.

HISTORY: 1994, cc. 3, 732.