                                 CODE OF VIRGINIA

ADOPTION OF STRESS TESTING AND REPORTING POLICIES (§ 51.1-124.30:1)

The Virginia Retirement System (VRS) shall adopt a formal policy to:

1. 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;

2. 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

3. 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.

HISTORY: 2017, c. 639.