Assets: Receivables: Investments: (Note 5) Hybrid Defined Contribution Investments 179,766 2, ,368
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1 VIRGINIA RETIREMENT SYSTEM STATEMENT OF FIDUCIARY NET POSITION: DEFINED BENEFIT PENSION TRUST FUNDS AND OTHER EMPLOYEE BENEFIT TRUST FUNDS AS OF JUNE 30, 2017, WITH COMPARATIVE INFORMATION AS OF JUNE 30, 2016 Pension Trust Funds State Police Virginia Law Total Virginia Officers Officers Judicial Pension Retirement Retirement Retirement Retirement Trust System System System System Funds Assets: Cash (Note 5) $ 51,421 $ 413 $ 698 $ 266 $ 52,798 Receivables: Contributions 242,786 1,424 4,813 1, ,333 Interest and Dividends 218,231 2,494 4,212 1, ,544 Receivable for Security Transactions 1,237,615 14,148 23,890 9,114 1,284,767 Other Investment Receivables 12, ,615 Other Receivables Total Receivables 1,711,491 18,242 33,150 12,119 1,775,002 Investments: (Note 5) Bonds and Mortgage Securities 20,552, , , ,326 21,335,825 Stocks 22,769, , , ,646 23,636,820 Fixed Income Commingled Funds 1,078,029 12,321 20,806 7,937 1,119,093 Index and Pooled Funds 9,012, , ,943 66,358 9,356,061 Real Assets 7,748,423 88, ,542 57,050 8,043,574 Private Equity 10,402, , ,757 76,589 10,798,398 Short-Term Investments 140,238 1,603 2,706 1, ,580 Hybrid Defined Contribution Investments 179,766 2, ,368 Total Investments 71,883, ,527 1,383, ,541 74,617,719 Collateral on Loaned Securities 4,489,405 51,311 86,644 33,054 4,660,414 Property, Plant, Furniture and Equipment (Note 6) 35,360 35,360 Total Assets 78,171, ,493 1,504, ,980 81,141,293 Liabilities: Retirement Benefits Payable 49,568 4,682 8,615 3,416 66,281 Refunds Payable 3, ,661 Accounts Payable and Accrued Expenses 29, ,040 Compensated Absences Payable 2,516 2,516 Insurance Premiums and Claims Payable Payable for Security Transactions 3,101,001 35,442 59,848 22,832 3,219,123 Other Investment Payables 149,397 1,708 2,883 1, ,088 Other Payables 3,878 3,878 Obligations Under Security Lending Program 4,489,405 51,311 86,644 33,054 4,660,414 Total Liabilities 7,828,534 93, ,466 60,581 8,141,001 Net Position Restricted for Benefits (Note 4) $ 70,342,933 $ 796,073 $ 1,345,887 $ 515,399 $ 73,000, VRS COMPREHENSIVE ANNUAL FINANCIAL REPORT FY 2017
2 Other Employee Benefit Trust Funds Virginia Total Group Retiree Health Disability Line of Local Other Employee Life Insurance Insurance Duty Act Disability Benefit Insurance Credit Trust Fund Trust Fund Program Plans Totals $ 768 $ 104 $ 225 $ 2 $ $ 1,099 $ 53,897 $ 172,338 20,209 14,256 1, , , ,531 4, , , , ,464 26,313 3,545 7, ,631 1,322,398 1,211, , ,098 8, ,671 9,414 8,046 51,419 18,461 19, ,499 1,864,501 2,064, ,894 58, ,910 1, ,857 21,960,682 20,806, ,011 65, ,704 1, ,245 24,329,065 21,219,259 22,916 3,088 6, ,775 1,151,868 1,179, ,584 25,815 56, ,010 9,630,071 8,481, ,708 22,194 48, ,570 8,279,144 7,666, ,119 29,796 64, ,251 11,114,649 9,053,853 2, , , , ,368 73,913 1,524, , ,246 3, ,179,972 76,797,691 68,926,568 95,431 12,859 27, ,488 4,796,902 5,023,017 35,360 32,097 1,671, , ,775 3, ,407,058 83,548,351 76,218,024 66, , ,883 5, ,099 3, ,887 46,927 44,721 2,516 2,455 69,205 69,205 69,205 64,856 65,918 8,882 19, ,278 3,313,401 2,095,503 3, , , , ,988 16,718 95,431 12,859 27, ,488 4,796,902 5,023, ,245 35,492 51, ,732 8,462,733 7,970,008 $ 1,437,586 $ 201,315 $ 442,334 $ 3,461 $ 630 $ 2,085,326 $ 75,085,618 $ 68,248,016 FINANCIAL SECTION 43
3 VIRGINIA RETIREMENT SYSTEM STATEMENT OF CHANGES IN FIDUCIARY NET POSITION: DEFINED BENEFIT PENSION TRUST FUNDS AND OTHER EMPLOYEE BENEFIT TRUST FUNDS FOR THE YEAR ENDED JUNE 30, 2017, WITH COMPARATIVE INFORMATION FOR THE YEAR ENDED JUNE 30, VRS COMPREHENSIVE ANNUAL FINANCIAL REPORT FY 2017 Pension Trust Funds State Police Virginia Law Total Virginia Officers Officers Judicial Pension Retirement Retirement Retirement Retirement Trust System System System System Funds Additions: Contributions: Members $ 888,870 $ 5,701 $ 17,598 $ 2,225 $ 914,394 Member Paid by Employers 115 2,209 2,324 Employers 2,191,935 31,888 73,816 28,039 2,325,678 Total Contributions 3,080,920 37,589 91,414 32,473 3,242,396 Investment Income: Interest, Dividends and Other Investment Income 1,233,848 13,985 23,379 8,979 1,280,191 Net Appreciation/(Depreciation) in Fair Value of Investments 6,853,287 77, ,494 49,830 7,109,992 Securities Lending Income 59, , ,971 Total Investment Income Before Investment Expenses 8,146,860 92, ,007 59,244 8,452,154 Investment Expenses: Direct Investment Expenses (397,821) (4,510) (7,517) (2,892) (412,740) Securities Lending Management Fees and Borrower Rebates (23,689) (268) (451) (172) (24,580) Total Investment Expenses (421,510) (4,778) (7,968) (3,064) (437,320) Net Investment Income 7,725,350 87, ,039 56,180 8,014,834 Miscellaneous Revenue 1,798 1,798 Transfers In Total Additions 10,808, , ,453 88,653 11,259,028 Deductions: Retirement Benefits 4,324,025 57,814 96,224 40,895 4,518,958 Refunds of Member Contributions 114, , ,705 Insurance Premiums and Claims Retiree Health Insurance Reimbursements Disability Insurance Premiums and Benefits Line of Duty Benefits Administrative Expenses 44, , ,015 Other Expenses 10, ,403 Transfers Out Total Deductions 4,494,044 59, ,012 41,556 4,698,081 Net Increase (Decrease) 6,314,024 65, ,441 47,097 6,560,947 Net Position Restricted for Benefits Beginning of Year 64,028, ,688 1,211, ,302 66,439,345 Net Position Restricted for Benefits End of Year $ 70,342,933 $ 796,073 $ 1,345,887 $ 515,399 $ 73,000,292
4 Other Employee Benefit Trust Funds Virginia Total Group Retiree Health Disability Line of Local Other Employee Life Insurance Insurance Duty Act Disability Benefit Insurance Credit Trust Fund Trust Fund Program Plans Totals $ 146,002 $ $ $ $ $ 146,002 $ 1,060,396 $ 969,985 2,324 25,812 94, ,271 24,130 11,024 1, ,836 2,624,514 2,782, , ,271 24,130 11,024 1, ,838 3,687,234 3,777,949 25,239 3,029 7, ,108 1,316,299 1,301, ,485 16,946 42, ,785 7,310, ,685 1, ,758 63,729 35, ,955 20,123 50, ,651 8,690,805 1,575,777 (8,033) (951) (2,497) (37) (11,518) (424,258) (399,999) (492) (59) (148) (2) (701) (25,281) (4,514) (8,525) (1,010) (2,645) (39) (12,219) (449,539) (404,513) 158,430 19,113 48, ,432 8,241,266 1,171, ,886 3,684 2, , ,384 72,974 12,291 1, ,156 11,932,184 4,951,671 4,518,958 4,356, , , , , , , , , , ,914 37,695 1,173 38,868 38,868 39,309 10,320 10,320 10,320 8, ,971 49,986 43,156 1, ,285 13,688 5, , ,280 38,466 11,538 1, ,501 5,094,582 4,885, ,660 28,104 34, ,655 6,837,602 65,902 1,224, , ,826 2,708 1,808,671 68,248,016 68,182,114 $ 1,437,586 $ 201,315 $ 442,334 $ 3,461 $ 630 $ 2,085,326 $ 75,085,618 $ 68,248,016 FINANCIAL SECTION 45
5 VIRGINIA RETIREMENT SYSTEM COMBINING STATEMENT OF FIDUCIARY NET POSITION AS OF JUNE 30, VRS COMPREHENSIVE ANNUAL FINANCIAL REPORT FY 2017 Hybrid State Teacher Political Defined Total Employee Employee Subdivision Contribution VRS Plan Plan Plans Plan Plans Assets: Cash (Note 5) $ 13,051 $ 24,253 $ 14,117 $ $ 51,421 Receivables: Contributions 44, ,052 51,460 5, ,786 Interest and Dividends 55, ,930 59, ,231 Receivable for Security Transactions 314, , ,831 (214) 1,237,615 Other Investment Receivables 3,085 5,732 3,336 12,153 Other Receivables Total Receivables 417, , ,733 5,259 1,711,491 Investments: (Note 5) Bonds and Mortgage Securities 5,216,461 9,693,910 5,642,558 20,552,929 Stocks 5,779,038 10,739,365 6,251,089 22,769,492 Fixed Income Commingled Funds 273, , ,960 1,078,029 Index and Pooled Funds 2,287,492 4,250,917 2,474,341 9,012,750 Real Assets 1,966,598 3,654,589 2,127,236 7,748,423 Private Equity 2,640,133 4,906,241 2,855,789 10,402,163 Short-Term Investments 35,593 66,144 38, ,238 Hybrid Defined Contribution Investments 179, ,766 Total Investments 18,198,925 33,819,625 19,685, ,766 71,883,790 Collateral on Loaned Securities 1,139,439 2,117,454 1,232,512 4,489,405 Property, Plant, Furniture and Equipment (Note 6) 8,975 16,678 9,707 35,360 Total Assets 19,778,013 36,811,886 21,396, ,025 78,171,467 Liabilities: Retirement Benefits Payable 14,150 24,621 10,797 49,568 Refunds Payable 1,002 1,285 1,367 3,654 Accounts Payable and Accrued Expenses 7,390 13,732 7,993 29,115 Compensated Absences Payable 639 1, ,516 Insurance Premiums and Claims Payable Payable for Security Transactions 787,053 1,462, ,343 3,101,001 Other Investment Payables 37,918 70,464 41, ,397 Other Payables ,772 3,878 Obligations Under Security Lending Program 1,139,439 2,117,454 1,232,512 4,489,405 Total Liabilities 1,988,125 3,692,341 2,146,296 1,772 7,828,534 Net Position Restricted for Benefits (Note 4) $ 17,789,888 $ 33,119,545 $ 19,250,247 $ 183,253 $ 70,342,933
6 VIRGINIA RETIREMENT SYSTEM COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2017 Hybrid State Teacher Political Defined Total Employee Employee Subdivision Contribution VRS Plan Plan Plans Plan Plans Additions: Contributions: Members $ 201,267 $ 392,742 $ 238,633 $ 56,228 $ 888,870 Member Paid by Employers 124 (12) Employers 535,424 1,137, ,563 40,972 2,191,935 Total Contributions 736,815 1,530, ,199 97,200 3,080,920 Investment Income: Interest, Dividends and Other Investment Income 314, , , ,233,848 Net Appreciation/(Depreciation) in Fair Value of Investments 1,741,670 3,221,495 1,874,883 15,239 6,853,287 Securities Lending Income 15,212 28,137 16,376 59,725 Total Investment Income Before Investment Expenses 2,071,137 3,830,898 2,229,550 15,275 8,146,860 Investment Expenses: Direct Investment Expenses (101,292) (187,447) (109,082) (397,821) Securities Lending Management Fees and Borrower Rebates (6,034) (11,160) (6,495) (23,689) Total Investment Expenses (107,326) (198,607) (115,577) (421,510) Net Investment Income 1,963,811 3,632,291 2,113,973 15,275 7,725,350 Miscellaneous Revenue ,798 Transfers In Total Additions 2,701,081 5,163,849 2,830, ,475 10,808,068 Deductions: Retirement Benefits 1,234,388 2,147, ,856 4,324,025 Refunds of Member Contributions 30,837 39,521 42,068 1, ,137 Insurance Premiums and Claims Retiree Health Insurance Reimbursements Disability Insurance Premiums and Benefits Line of Duty Benefits Administrative Expenses 11,612 21,123 12,220 44,955 Other Expenses 2,198 4,090 2,378 2,261 10,927 Transfers Out Total Deductions 1,279,035 2,212, ,522 3,972 4,494,044 Net Increase (Decrease) 1,422,046 2,951,334 1,832, ,503 6,314,024 Net Position Restricted for Benefits Beginning of Year 16,367,842 30,168,211 17,418,106 74,750 64,028,909 Net Position Restricted for Benefits End of Year $ 17,789,888 $ 33,119,545 $ 19,250,247 $ 183,253 $ 70,342,933 FINANCIAL SECTION 47
7 JUDICIAL RETIREMENT SYSTEM COMBINING STATEMENT OF FIDUCIARY NET POSITION AS OF JUNE 30, 2017 Hybrid Judicial Defined Total Retirement Contribution JRS System Plan Plans Assets: Cash (Note 5) $ 266 $ $ 266 Receivables: Contributions 1, ,310 Interest and Dividends 1,607 1,607 Receivables for Security Transactions 9,114 9,114 Other Investment Receivables Total Receivables 12, ,119 Investments: (Note 5) Bonds and Mortgage Securities 151, ,326 Stocks 167, ,646 Fixed Income Commingled Funds 7,937 7,937 Index and Pooled Funds 66,358 66,358 Real Assets 57,050 57,050 Private Equity 76,589 76,589 Short-Term Investments 1,033 1,033 Hybrid Defined Contribution Investments 2,602 2,602 Total Investments 527,939 2, ,541 Collateral on Loaned Securities 33,054 33,054 Property, Plant, Furniture and Equipment (Note 6) Total Assets 573,330 2, ,980 Liabilities: Retirement Benefits Payable 3,416 3,416 Refunds Payable Accounts Payable and Accrued Expenses Compensated Absences Payable Insurance Premiums and Claims Payable Payable for Security Transactions 22,832 22,832 Other Investment Payables 1,100 1,100 Other Payables Obligations Under Security Lending Program 33,054 33,054 Total Liabilities 60,581 60,581 Net Position Restricted for Benefits (Note 4) $ 512,749 $ 2,650 $ 515, VRS COMPREHENSIVE ANNUAL FINANCIAL REPORT FY 2017
8 JUDICIAL RETIREMENT SYSTEM COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2017 Hybrid Judicial Defined Total Retirement Contribution JRS System Plan Plans Additions: Contributions: Members $ 1,063 $ 1,162 $ 2,225 Member Paid by Employers 2,209 2,209 Employers 27, ,039 Total Contributions 30,884 1,589 32,473 Investment Income: Interest, Dividends and Other Investment Income 8, ,979 Net Appreciation/(Depreciation) in Fair Value of Investments 49, ,830 Securities Lending Income Total Investment Income Before Investment Expenses 59, ,244 Investment Expenses: Direct Investment Expenses (2,892) (2,892) Securities Lending Management Fees and Borrower Rebates (172) (172) Total Investment Expenses (3,064) (3,064) Net Investment Income 56, ,180 Miscellaneous Revenue Transfers In Total Additions 86,913 1,740 88,653 Deductions: Retirement Benefits 40,895 40,895 Refunds of Member Contributions Insurance Premiums and Claims Retiree Health Insurance Reimbursements Disability Insurance Premiums and Benefits Line of Duty Benefits Administrative Expenses Other Expenses Transfers Out Total Deductions 41, ,556 Net Increase (Decrease) 45,360 1,737 47,097 Net Position Restricted for Benefits Beginning of Year 467, ,302 Net Position Restricted for Benefits End of Year $ 512,749 $ 2,650 $ 515,399 FINANCIAL SECTION 49
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