The Virginia Retirement System is the retirement plan for most public employees in the Commonwealth of Virginia. A retirement system for State and local government employees is required by the Constitution of Virginia. Article X, Section 11 states that:

The General Assembly shall maintain a retirement system for State employees and employees of participating political subdivisions. The funds of the retirement system shall be deemed separate and independent trust funds, shall be segregated from all other funds of the Commonwealth, and shall be invested and administered solely in the interest of members and beneficiaries thereof.

Primary responsibility for governing the Virginia Retirement System (VRS) is delegated by statute to the Board of Trustees. The Board is assisted in its endeavors by standing committees and an investment advisory committee. Professional staff, led by a director and chief investment officer who are appointed by the Board, carry out the administrative duties of the agency and invest the system's assets.

The constitutional mandate for a public employee retirement system necessitates close and continual review and evaluation of VRS by the legislative branch. As mandated by the Virginia Retirement System Oversight Act, legislative oversight of VRS is provided through a number of different entities and processes, including continuing review by the Joint Legislative Audit and Review Commission (JLARC). To fulfill its responsibilities under the Act, JLARC publishes semi-annual reports on the status of VRS investments, a quadrennial actuarial audit, and this online informational Guide.