AFC

A member's average final compensation, which is the average of the highest consecutive 36 months of creditable compensation, used by VRS to determine the retirement benefit amount.

APA

The State Auditor of Public Accounts, responsible for financial audits of the Virginia Retirement System.

CIO

The VRS chief investment officer, responsible for managing the investment program.

COLA

Cost of living adjustment, which is an increase in the retirement benefit that is intended to reflect the change in living costs since the last adjustment.

FY

Fiscal year, the 12-month period from July 1 to June 30.

GAAP

Generally accepted accounting principles.

GASB

The Governmental Accounting Standards Board, which establishes the standards for accounting in public employee pension funds (and other government entities).

IAC

The VRS investment advisory committee.

JLARC

The Joint Legislative Audit and Review Commission, responsible for the general oversight of the Virginia Retirement System.

JRS

The Judicial Retirement System, which provides retirement benefits to judges.

LEOS

Local Enforcement Officers Retirement benefits, which are enhanced retirement benefits provided by political subdivisions to police officers, sheriffs, deputy sheriffs, and professional fire fighters. LEOS is not a separate retirement fund.

ORP

Optional retirement plan, such as those for political appointees, school superintendents, or volunteer firefighters.

PLOP

Partial Lump-sum Option Payment, in which a retiree receives a lump-sum distribution if they have worked past the date of eligibility for unreduced retirement.

SPORS

The State Police Officers Retirement System, which provides retirement benefits to law enforcement officers of the Department of State Police.

VaLORS

The Virginia Law Officers Retirement System, which provides retirement benefits to State law enforcement officers, including: Capitol police or campus police officers, game wardens, ABC special agents, marine patrol officers, correctional officers, juvenile correctional officers, parole officers, and commercial vehicle enforcement officers employed by the Department of State Police.

VRS

The Virginia Retirement System, which provides retirement benefits to public employees at the State and local levels in Virginia.

VSDP

The Virginia Sickness and Disability Program. The program under which State employees receive sick leave, family sick leave, and short- and long-term disability benefits.