Virginia Retirement System's assets rise to record $66.1 billion

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RICHMOND, Virginia — The Virginia Retirement Systems' assets have increased to a record $66.1 billion.

The system's portfolio gained about $9 billion from its investments in the fiscal year that ended June 30. The system achieved a 15.7 percent return on its investments.

The investment income offset about $1.3 billion more in payouts to retirees than the system received in pension contributions.

The Richmond Times-Dispatch ( ) reports that retirement system officials made their annual presentation to the Joint Legislative Audit and Review Commission on Monday.

Virginia is on schedule to fully fund retired rates in 2018-2020. Its hybrid retirement plan for most newly hired public employees promises to lower costs at the same time.

Information from: Richmond Times-Dispatch,

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