                                 CODE OF VIRGINIA

FINANCIAL REPORTS BY RETIREMENT SYSTEMS; AUDITOR TO PROMULGATE STANDARDS (§
51.1-1003)

A. 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 &#xA7; 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 &#xA7; 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. 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&#8217; annual reports for retirement
system plan years beginning on and after January 1, 1992, shall comply with the
Auditor&#8217;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.

HISTORY: 1990, c. 706; 1991, cc. 381, 612; 2004, c. 209.