VIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN
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1 VIRGINIA RETIREMENT SYSTEM TEACHER RETIREMENT PLAN GASB No. 68 Schedules With Independent Auditor s Report Thereon For the Fiscal Year Ended June 30, 2016
2 Table of Contents Independent Auditor s Report 3 VRS Teacher Retirement Plan Schedule of Employer Allocations....6 VRS Teacher Retirement Plan Schedule of Net Pension Liability and Total Pension Expense VRS Teacher Retirement Plan Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer...16 VRS Teacher Retirement Plan Notes to GASB No. 68 Schedules.21 Page 2 of 35
3 August 2, 2017 Board of Trustees Virginia Retirement System 1200 E. Main Street Richmond, VA INDEPENDENT AUDITOR S REPORT Report on the Schedules We have audited the accompanying schedule of employer allocations of the Virginia Retirement System Teacher Retirement Plan as of and for the year ended June 30, 2016, and the related notes. We have also audited the total for all teacher employers of the columns titled net pension liability, total pension expense, total deferred outflows of resources, and total deferred inflows of resources (specified column totals) included in the accompanying schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer of the Virginia Retirement System Teacher Retirement Plan as of and for the year ended June 30, 2016, and the related notes. Management's Responsibility for the Schedules Management is responsible for the preparation and fair presentation of these schedules in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on the schedule of employer allocations and the specified column totals included in the schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedule of employer allocations and the specified column totals (804) reports@apa.virginia.gov Page 3 of 35
4 included in the schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedule of employer allocations and the specified column totals included in the schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the schedule of employer allocations and the specified column totals included in the schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the schedule of employer allocations and the specified column totals included in the schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the schedule of employer allocations and the specified column totals included in the schedule of net pension liability and total pension expense and the schedule of deferred outflows and inflows of resources by employer. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the schedules referred to above present fairly, in all material respects, the employer allocations and net pension liability, total pension expense, total deferred outflows of resources, and total deferred inflows of resources, for the total of all of the participating teacher employers for the Virginia Retirement System Teacher Retirement Plan as of and for the year ended June 30, 2016, in accordance with accounting principles generally accepted in the United States of America. Other Matter We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Virginia Retirement System as of and for the year ended June 30, 2016, and our report thereon, dated Page 4 of 35
5 December 15, 2016, expressed an unmodified opinion on those financial statements. Restriction on Use Our report is intended solely for the information and use of the Virginia Retirement System management, the Virginia Retirement System Board of Trustees, the Commonwealth Joint Legislative Audit and Review Commission, and the Virginia Retirement System Teacher Retirement Plan employers and their auditors and is not intended to be and should not be used by anyone other than these specified parties. ZLB/clj AUDITOR OF PUBLIC ACCOUNTS Page 5 of 35
6 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Employer Allocations Page 1 0f 5 For the Fiscal Year Ended June 30, 2016 Employer Employer Employer Allocation Code Employer Contributions Percentage Accomack County School Board $ 3,656, % Albemarle County Schools 12,057, % Alleghany County School Board 1,661, % Amelia County School Board 1,159, % Amherst County School Board 3,316, % Appomattox County School Board 1,448, % Arlington Public Schools 38,030, % Augusta County School Board 7,779, % Bath County School Board 642, % Bedford County School Board 6,752, % Bland County School Board 520, % Botetourt County Schools 3,693, % Brunswick County Public Schools 1,334, % Buchanan County School Board 2,057, % Buckingham County School Board 1,504, % Campbell County School Board 5,269, % Caroline County School Board 2,757, % Carroll County School Board 2,854, % Charles City County School Board 632, % Charlotte County School Board 1,552, % Chesterfield County School Board 39,073, % Clarke County School Board 1,639, % Craig County School Board 493, % Culpeper County School Board 5,924, % Cumberland County School Board 1,094, % Dickenson County School Board 1,494, % Dinwiddie County School Board 3,115, % Essex County Public Schools 1,148, % Fairfax County School Board 192,421, % Fauquier County School Board 10,108, % Floyd County School Board 1,429, % Fluvanna County Public Schools 3,285, % Page 6 of 35
7 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Employer Allocations Page 2 0f 5 For the Fiscal Year Ended June 30, 2016 Employer Employer Employer Allocation Code Employer Contributions Percentage Franklin County Public Schools 5,501, % Frederick County School Board 11,825, % Giles County Schools 1,675, % Gloucester County School Board 3,973, % Goochland County School Board 2,016, % Grayson County School Board 1,179, % Greene County Public Schools 2,339, % Greensville County School Board 1,717, % Halifax County School Board 3,963, % Hanover County School Board 13,567, % Henrico County School Board 35,423, % Henry County Public Schools 4,936, % Highland County Public Schools 251, % Isle of Wight County Schools 3,977, % King George County School Board 2,848, % King & Queen County School Board 599, % King William County School Board 1,637, % Lancaster County Public Schools 1,043, % Lee County School Board 2,493, % Loudoun County School Board 70,938, % Louisa County Public Schools 3,712, % Lunenburg County School Board 1,157, % Madison County School Board 1,339, % Mathews County School Board 899, % Mecklenburg County School Board 3,117, % Middlesex County School Board 1,010, % Montgomery County School Board 6,655, % Nelson County Public Schools 1,586, % New Kent County School Board 2,106, % Northampton County Schools 1,270, % Northumberland County School Board 1,055, % Nottoway County School Board 1,545, % Orange County Public Schools 3,659, % Page 7 of 35
8 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Employer Allocations Page 3 0f 5 For the Fiscal Year Ended June 30, 2016 Employer Employer Employer Allocation Code Employer Contributions Percentage Page County Public Schools 2,566, % Patrick County School Board 1,823, % Pittsylvania County School Board 5,644, % Powhatan County School Board 3,246, % Prince Edward County School Board 1,657, % Prince George County School Board 4,515, % Prince William County School Board 69,742, % Pulaski County School Board 3,012, % Rappahannock County School Board 791, % Richmond County School Board 886, % Roanoke County School Board 10,159, % Rockbridge County School Board 2,202, % Rockingham County School Board 8,853, % Russell County School Board 2,518, % Scott County School Board 2,686, % Shenandoah County School Board 4,750, % Smyth County School Board 3,178, % Southampton County School Board 1,763, % Spotsylvania County School Board 17,436, % Stafford County School Board 20,203, % Surry County Schools 1,080, % Sussex County School Board 1,088, % Tazewell County Schools 3,716, % Warren County School Board 3,932, % Washington County School Board 4,881, % Westmoreland County School Board 1,228, % Wise County School Board 3,954, % Wythe County School Board 2,870, % York County School Board 9,329, % Alexandria City School Board 19,860, % Bristol City School Board 1,719, % Buena Vista City Schools 736, % Charlottesville Public Schools 5,166, % Page 8 of 35
9 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Employer Allocations Page 4 0f 5 For the Fiscal Year Ended June 30, 2016 Employer Employer Employer Allocation Code Employer Contributions Percentage Danville City Schools 4,440, % Fredericksburg City Schools 3,102, % Hampton City Schools 14,943, % Harrisonburg City School Board 4,900, % Hopewell City School Board 3,250, % Lynchburg Public Schools 7,810, % Newport News Public Schools 21,885, % Norfolk Public Schools 30,151, % Petersburg City Schools 3,322, % Portsmouth School Board 11,194, % Radford City School Board 1,155, % Richmond Public Schools 22,024, % Roanoke City School Board 10,810, % Staunton City Schools 2,363, % Suffolk City School Board 10,139, % Winchester Public Schools 4,055, % Martinsville City Schools 1,631, % Falls Church Public Schools 3,479, % Colonial Heights City Schools 2,575, % Covington City School Board 730, % Fairfax City School Board 12, % Franklin City Public Schools 1,075, % Chesapeake Public Schools 30,668, % Virginia Beach City School Board 54,918, % Manassas Park City Schools 2,986, % Town of West Point School Board 677, % Lexington City School Board 368, % Waynesboro Public Schools 2,445, % Town of Colonial Beach Schools 480, % Galax City Schools 985, % Norton City Schools 535, % Manassas City Schools 7,709, % City of Salem Schools 3,004, % Page 9 of 35
10 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Employer Allocations Page 5 0f 5 For the Fiscal Year Ended June 30, 2016 Employer Employer Employer Allocation Code Employer Contributions Percentage Williamsburg-James City County School Board 9,337, % Poquoson City Public Schools 1,559, % Valley Vocational Technical Center 271, % Charlottesville/Albemarle Vo-Tech Center 148, % The Pruden Center for Industry and Technology 205, % Jackson River Technical Center 115, % New Horizons Technical Center 1,101, % Northern Neck Regional Vocational Center 161, % Rowanty Vocational Technical Center 102, % Amelia-Nottoway Vocational Center 29, % Northern Neck Regional Special Education Program 103, % Maggie Walker Governor's School for Govt & Intl Studies 595, % Appomattox Region Governor's School 248, % Bridging Communities Regional Career and Tech Center 64, % Total for all Teacher Employers $ 1,072,020, % The accompanying notes are an integral part of the Schedule of Employer Allocations. Page 10 of 35
11 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Net Pension Liability and Total Pension Expense Page 1 0f 5 As of and For the Fiscal Year Ended June 30, 2016 (Dollars in Thousands) Net Total Pension Pension Employer Liability Expense Code Employer June 30, 2016 FY Accomack County School Board $ 47,806 $ 3, Albemarle County Schools 157,621 14, Alleghany County School Board 21,716 1, Amelia County School Board 15,160 1, Amherst County School Board 43,362 3, Appomattox County School Board 18,933 1, Arlington Public Schools 497,158 46, Augusta County School Board 101,694 8, Bath County School Board 8, Bedford County School Board 88,270 7, Bland County School Board 6, Botetourt County Schools 48,284 3, Brunswick County Public Schools 17,447 1, Buchanan County School Board 26,891 1, Buckingham County School Board 19,666 1, Campbell County School Board 68,881 5, Caroline County School Board 36,052 3, Carroll County School Board 37,312 3, Charles City County School Board 8, Charlotte County School Board 20,293 1, Chesterfield County School Board 510,798 44, Clarke County School Board 21,436 1, Craig County School Board 6, Culpeper County School Board 77,450 6, Cumberland County School Board 14,308 1, Dickenson County School Board 19,532 1, Dinwiddie County School Board 40,733 3, Essex County Public Schools 15,011 1, Fairfax County School Board 2,515, , Fauquier County School Board 132,148 10, Floyd County School Board 18,685 1, Fluvanna County Public Schools 42,948 3,283 Page 11 of 35
12 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Net Pension Liability and Total Pension Expense Page 2 0f 5 As of and For the Fiscal Year Ended June 30, 2016 (Dollars in Thousands) Net Total Pension Pension Employer Liability Expense Code Employer June 30, 2016 FY Franklin County Public Schools 71,919 6, Frederick County School Board 154,596 15, Giles County Schools 21,897 1, Gloucester County School Board 51,950 3, Goochland County School Board 26,362 2, Grayson County School Board 15, Greene County Public Schools 30,577 2, Greensville County School Board 22,448 1, Halifax County School Board 51,816 4, Hanover County School Board 177,365 13, Henrico County School Board 463,076 38, Henry County Public Schools 64,535 5, Highland County Public Schools 3, Isle of Wight County Schools 51,998 3, King George County School Board 37,244 3, King & Queen County School Board 7, King William County School Board 21,399 2, Lancaster County Public Schools 13,634 1, Lee County School Board 32,600 2, Loudoun County School Board 927,348 95, Louisa County Public Schools 48,532 4, Lunenburg County School Board 15,129 1, Madison County School Board 17,507 1, Mathews County School Board 11, Mecklenburg County School Board 40,756 2, Middlesex County School Board 13,208 1, Montgomery County School Board 87,003 7, Nelson County Public Schools 20,741 1, New Kent County School Board 27,536 2, Northampton County Schools 16,607 1, Northumberland County School Board 13,795 1, Nottoway County School Board 20,204 1,548 Page 12 of 35
13 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Net Pension Liability and Total Pension Expense Page 3 0f 5 As of and For the Fiscal Year Ended June 30, 2016 (Dollars in Thousands) Net Total Pension Pension Employer Liability Expense Code Employer June 30, 2016 FY Orange County Public Schools 47,840 4, Page County Public Schools 33,549 2, Patrick County School Board 23,841 1, Pittsylvania County School Board 73,790 6, Powhatan County School Board 42,437 3, Prince Edward County School Board 21,669 1, Prince George County School Board 59,033 5, Prince William County School Board 911,712 82, Pulaski County School Board 39,386 2, Rappahannock County School Board 10, Richmond County School Board 11, Roanoke County School Board 132,815 9, Rockbridge County School Board 28,790 2, Rockingham County School Board 115,739 10, Russell County School Board 32,921 2, Scott County School Board 35,122 2, Shenandoah County School Board 62,103 5, Smyth County School Board 41,550 2, Southampton County School Board 23,053 1, Spotsylvania County School Board 227,937 18, Stafford County School Board 264,117 20, Surry County Schools 14, Sussex County School Board 14,224 1, Tazewell County Schools 48,581 3, Warren County School Board 51,414 4, Washington County School Board 63,816 4, Westmoreland County School Board 16,059 1, Wise County School Board 51,696 3, Wythe County School Board 37,532 2, York County School Board 121,956 11, Alexandria City School Board 259,630 22, Bristol City School Board 22,480 1,662 Page 13 of 35
14 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Net Pension Liability and Total Pension Expense Page 4 0f 5 As of and For the Fiscal Year Ended June 30, 2016 (Dollars in Thousands) Net Total Pension Pension Employer Liability Expense Code Employer June 30, 2016 FY Buena Vista City Schools 9, Charlottesville Public Schools 67,535 5, Danville City Schools 58,050 3, Fredericksburg City Schools 40,555 4, Hampton City Schools 195,347 14, Harrisonburg City School Board 64,064 5, Hopewell City School Board 42,498 3, Lynchburg Public Schools 102,102 9, Newport News Public Schools 286,104 22, Norfolk Public Schools 394,158 31, Petersburg City Schools 43,429 3, Portsmouth School Board 146,345 11, Radford City School Board 15,100 1, Richmond Public Schools 287,913 25, Roanoke City School Board 141,324 13, Staunton City Schools 30,898 2, Suffolk City School Board 132,551 10, Winchester Public Schools 53,014 4, Martinsville City Schools 21,328 1, Falls Church Public Schools 45,483 5, Colonial Heights City Schools 33,675 2, Covington City School Board 9, Fairfax City School Board Franklin City Public Schools 14,062 1, Chesapeake Public Schools 400,913 32, Virginia Beach City School Board 717,924 57, Manassas Park City Schools 39,036 4, Town of West Point School Board 8, Lexington City School Board 4, Waynesboro Public Schools 31,974 2, Town of Colonial Beach Schools 6, Galax City Schools 12,877 1,122 Page 14 of 35
15 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Net Pension Liability and Total Pension Expense Page 5 0f 5 As of and For the Fiscal Year Ended June 30, 2016 (Dollars in Thousands) Net Total Pension Pension Employer Liability Expense Code Employer June 30, 2016 FY Norton City Schools 7, Manassas City Schools 100,786 9, City of Salem Schools 39,276 2, Williamsburg-James City County School Board 122,069 10, Poquoson City Public Schools 20,387 1, Valley Vocational Technical Center 3, Charlottesville/Albemarle Vo-Tech Center 1, The Pruden Center for Industry and Technology 2, Jackson River Technical Center 1, New Horizons Technical Center 14,395 1, Northern Neck Regional Vocational Center 2, Rowanty Vocational Technical Center 1, Amelia-Nottoway Vocational Center Northern Neck Regional Special Education Program 1, Maggie Walker Governor's School for Govt & Intl Studies 7, Appomattox Region Governor's School 3, Bridging Communities Regional Career and Tech Center Total for all Teacher Employers $ 14,014,115 $ 1,199,611 The accompanying notes are an integral part of the Schedule of Net Pension Liability and Total Pension Expense. Page 15 of 35
16 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer Page 1 of 5 As of June 30, 2016 (Dollars in Thousands) Deferred Outflows of Resources Deferred Inflows of Resources Net Changes in Net Changes in Difference Proportion Difference Proportion Between and Differences Between and Differences Projected Between Projected Between Differences and Actual Employer Total Differences and Actual Employer Total Between Investment Contributions Deferred Between Investment Contributions Deferred Expected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Employer and Actual Pension Plan Change of Share of of and Actual Pension Plan Change of Share of of Code Employer Experience Investments Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Accomack County School Board $ - $ 2,731 $ - $ 275 $ 3,006 $ 1,549 $ - $ - $ 1,300 $ 2, Albemarle County Schools - 9,004-2,802 11,806 5, , Alleghany County School Board - 1, , ,229 2, Amelia County School Board , Amherst County School Board - 2, ,531 1, , Appomattox County School Board - 1, , , Arlington Public Schools - 28,399-13,829 42,228 16, , Augusta County School Board - 5, ,710 3, ,485 5, Bath County School Board Bedford County School Board - 5,042-2,311 7,353 2, ,760 6, Bland County School Board , Botetourt County Schools - 2, ,558 1, ,890 3, Brunswick County Public Schools ,482 2, Buchanan County School Board - 1, , ,585 3, Buckingham County School Board - 1, , , Campbell County School Board - 3, ,551 2, ,752 4, Caroline County School Board - 2, ,467 1, , Carroll County School Board - 2, ,198 1, , Charles City County School Board Charlotte County School Board - 1, , ,206 1, Chesterfield County School Board - 29,178-4,890 34,068 16, ,971 20, Clarke County School Board - 1, , Craig County School Board Culpeper County School Board - 4,424-1,489 5,913 2, ,260 3, Cumberland County School Board , Dickenson County School Board - 1, , Dinwiddie County School Board - 2, ,160 1, , Essex County Public Schools Fairfax County School Board - 143,690-29, ,819 81, , , Fauquier County School Board - 7, ,549 4, ,188 6, Floyd County School Board - 1, , ,016 Page 16 of 35
17 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer Page 2 of 5 As of June 30, 2016 (Dollars in Thousands) Deferred Outflows of Resources Deferred Inflows of Resources Net Changes in Net Changes in Difference Proportion Difference Proportion Between and Differences Between and Differences Projected Between Projected Between Differences and Actual Employer Total Differences and Actual Employer Total Between Investment Contributions Deferred Between Investment Contributions Deferred Expected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Employer and Actual Pension Plan Change of Share of of and Actual Pension Plan Change of Share of of Code Employer Experience Investments Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Fluvanna County Public Schools - 2, ,153 1, ,754 3, Franklin County Public Schools - 4, ,392 2, , Frederick County School Board - 8,831-6,907 15,738 5, , Giles County Schools - 1, , Gloucester County School Board - 2, ,968 1, ,865 3, Goochland County School Board - 1, , Grayson County School Board ,992 2, Greene County Public Schools - 1,747-1,326 3, , Greensville County School Board - 1, , ,062 1, Halifax County School Board - 2, ,434 1, ,496 3, Hanover County School Board - 10, ,532 5, ,057 9, Henrico County School Board - 26,452-2,444 28,896 15, ,738 19, Henry County Public Schools - 3, ,686 2, ,713 3, Highland County Public Schools Isle of Wight County Schools - 2, ,070 1, ,435 5, King George County School Board - 2, ,030 1, , King & Queen County School Board , King William County School Board - 1, , , Lancaster County Public Schools Lee County School Board - 1, ,432 1, ,929 2, Loudoun County School Board - 52,973-58, ,014 30, , Louisa County Public Schools - 2, ,578 1, , Lunenburg County School Board , Madison County School Board - 1, , , Mathews County School Board Mecklenburg County School Board - 2, ,884 1, ,303 3, Middlesex County School Board Montgomery County School Board - 4, ,868 2, , Nelson County Public Schools - 1, , , New Kent County School Board - 1, , , Northampton County Schools ,249 Page 17 of 35
18 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer Page 3 of 5 As of June 30, 2016 (Dollars in Thousands) Deferred Outflows of Resources Deferred Inflows of Resources Net Changes in Net Changes in Difference Proportion Difference Proportion Between and Differences Between and Differences Projected Between Projected Between Differences and Actual Employer Total Differences and Actual Employer Total Between Investment Contributions Deferred Between Investment Contributions Deferred Expected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Employer and Actual Pension Plan Change of Share of of and Actual Pension Plan Change of Share of of Code Employer Experience Investments Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Northumberland County School Board , Nottoway County School Board - 1, , , Orange County Public Schools - 2, ,727 1, , Page County Public Schools - 1, ,186 1, , Patrick County School Board - 1, , Pittsylvania County School Board - 4,215-1,429 5,644 2, , Powhatan County School Board - 2, ,512 1, , Prince Edward County School Board - 1, , ,045 2, Prince George County School Board - 3,372-1,452 4,824 1, ,106 3, Prince William County School Board - 52,080-16,105 68,185 29, , Pulaski County School Board - 2, ,250 1, ,244 3, Rappahannock County School Board Richmond County School Board Roanoke County School Board - 7, ,587 4, ,414 8, Rockbridge County School Board - 1, , , Rockingham County School Board - 6,611-1,468 8,079 3, , Russell County School Board - 1, ,051 1, , Scott County School Board - 2, ,126 1, , Shenandoah County School Board - 3,547-1,265 4,812 2, , Smyth County School Board - 2, ,374 1, ,084 4, Southampton County School Board - 1, , ,207 1, Spotsylvania County School Board - 13, ,804 7, ,010 11, Stafford County School Board - 15,087-1,573 16,660 8, ,330 15, Surry County Schools ,067 1, Sussex County School Board , , Tazewell County Schools - 2, ,775 1, ,235 3, Warren County School Board - 2, ,179 1, ,705 3, Washington County School Board - 3, ,645 2, ,359 5, Westmoreland County School Board , Wise County School Board - 2, ,572 1, ,405 5, Wythe County School Board - 2, ,144 1, ,446 2,663 Page 18 of 35
19 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer Page 4 of 5 As of June 30, 2016 (Dollars in Thousands) Deferred Outflows of Resources Deferred Inflows of Resources Net Changes in Net Changes in Difference Proportion Difference Proportion Between and Differences Between and Differences Projected Between Projected Between Differences and Actual Employer Total Differences and Actual Employer Total Between Investment Contributions Deferred Between Investment Contributions Deferred Expected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Employer and Actual Pension Plan Change of Share of of and Actual Pension Plan Change of Share of of Code Employer Experience Investments Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources York County School Board - 6,967-4,152 11,119 3, , Alexandria City School Board - 14,831-8,352 23,183 8, ,244 11, Bristol City School Board - 1, , ,007 1, Buena Vista City Schools Charlottesville Public Schools - 3,858-1,528 5,386 2, , Danville City Schools - 3, ,316 1, ,309 7, Fredericksburg City Schools - 2,317-1,757 4,074 1, , Hampton City Schools - 11,159-1,418 12,577 6, ,581 16, Harrisonburg City School Board - 3,660-1,323 4,983 2, , Hopewell City School Board - 2, ,428 1, ,553 2, Lynchburg Public Schools - 5,832-3,904 9,736 3, , Newport News Public Schools - 16, ,390 9, ,469 14, Norfolk Public Schools - 22, ,516 12, ,561 19, Petersburg City Schools - 2, ,367 1, , Portsmouth School Board - 8, ,360 4, ,562 9, Radford City School Board Richmond Public Schools - 16,447-8,992 25,439 9, ,241 16, Roanoke City School Board - 8,073-3,194 11,267 4, , Staunton City Schools - 1, ,122 1, , Suffolk City School Board - 7,572-3,056 10,628 4, ,744 8, Winchester Public Schools - 3,028-1,174 4,202 1, , Martinsville City Schools - 1, , ,604 2, Falls Church Public Schools - 2,598-4,211 6,809 1, , Colonial Heights City Schools - 1, ,924 1, ,714 2, Covington City School Board Fairfax City School Board Franklin City Public Schools , , Chesapeake Public Schools - 22,901-1,143 24,044 12, ,750 23, Virginia Beach City School Board - 41,010-2,694 43,704 23, ,438 38, Manassas Park City Schools - 2,230-4,031 6,261 1, , Town of West Point School Board Page 19 of 35
20 Virginia Retirement System VRS Teacher Retirement Plan Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer Page 5 of 5 As of June 30, 2016 (Dollars in Thousands) Deferred Outflows of Resources Deferred Inflows of Resources Net Changes in Net Changes in Difference Proportion Difference Proportion Between and Differences Between and Differences Projected Between Projected Between Differences and Actual Employer Total Differences and Actual Employer Total Between Investment Contributions Deferred Between Investment Contributions Deferred Expected Earnings on and Proportionate Outflows Expected Earnings on and Proportionate Inflows Employer and Actual Pension Plan Change of Share of of and Actual Pension Plan Change of Share of of Code Employer Experience Investments Assumptions Contributions Resources Experience Investments Assumptions Contributions Resources Lexington City School Board Waynesboro Public Schools - 1, ,145 1, ,080 2, Town of Colonial Beach Schools Galax City Schools Norton City Schools Manassas City Schools - 5,757-2,801 8,558 3, , City of Salem Schools - 2, ,244 1, ,065 3, Williamsburg-James City County School Board - 6,973-1,681 8,654 3, ,221 5, Poquoson City Public Schools - 1, , Valley Vocational Technical Center Charlottesville/Albemarle Vo-Tech Center The Pruden Center for Industry and Technology Jackson River Technical Center New Horizons Technical Center Northern Neck Regional Vocational Center Rowanty Vocational Technical Center Amelia-Nottoway Vocational Center Northern Neck Regional Special Education Program Maggie Walker Governor's School for Govt & Intl Studies Appomattox Region Governor's School Bridging Communities Regional Career and Tech Center Total for all Teacher Employers $ - $ 800,533 $ - $ 227,783 $ 1,028,316 $ 454,121 $ - $ - $ 227,783 $ 681,904 The accompanying notes are an integral part of the Schedule of Deferred Outflows and Deferred Inflows of Resources by Employer. Page 20 of 35
21 Virginia Retirement System VRS Teacher Retirement Plan Notes to GASB No. 68 Schedules For The Fiscal Year Ended June 30, 2016 Note 1. Summary of Significant Accounting Policies Description of the Entity The Virginia Retirement System (the System) is an independent agency of the Commonwealth of Virginia. The System administers four separate pension trust funds the Virginia Retirement System (VRS), the State Police Officers Retirement System (SPORS), the Virginia Law Officers Retirement System (VaLORS), and the Judicial Retirement System (JRS). The VRS Teacher Retirement Plan is part of the VRS Trust Fund. Administration and Management The Board of Trustees (the Board) is responsible for the general administration and operation of the defined benefit pension plans and the other employee benefit plans. The Board has full power to invest and reinvest the trust funds of the System through the adoption of investment policies and guidelines that fulfill the Board s investment objective to maximize long-term investment returns while targeting an acceptable level of risk. The Board consists of nine members. Five members are appointed by the Governor and four members are appointed by the Joint Rules Committee of the General Assembly subject to confirmation by the General Assembly. The Board appoints a Director to serve as the Chief Administrative Officer of the System and a Chief Investment Officer to direct, manage, and administer the investment of the System s funds. The System issues a Comprehensive Annual Financial Report (CAFR) containing the financial statements and required supplementary information for all of the System s pension and other employee benefit trust funds. The CAFR is publically available through the About VRS link on the VRS website at or a copy may be obtained by submitting a request to the VRS Chief Financial Officer, PO Box 2500, Richmond, VA The pension and other employee benefit trust funds administered by the VRS are classified as fiduciary funds and are included in the basic financial statements of the Commonwealth of Virginia. Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Virginia Retirement System (VRS) Teacher Retirement Plan and the additions to/deductions from the VRS Teacher Retirement Plan s net fiduciary position have been determined on the same basis as they were reported by VRS. For this purpose, benefit payments (including refunds of employee contributions) are Page 21 of 35
22 recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Note 2. General Information about the Pension Plan Plan Description All full-time, salaried permanent (professional) employees of public school divisions are automatically covered by the VRS Teacher Retirement Plan upon employment. This plan is administered by the Virginia Retirement System (the System) along with plans for other employer groups in the Commonwealth of Virginia. The VRS Teacher Retirement Plan is a multiple-employer cost-sharing plan. Members earn one month of service credit for each month they are employed and for which they and their employer pay contributions to VRS. Members are eligible to purchase prior service, based on specific criteria a defined in the Code of Virginia, as amended. Eligible prior service that may be purchased includes prior public service, active military service, certain periods of leave, and previously refunded service. The System administers three different benefit structures for covered employees in the VRS Teacher Retirement Plan Plan 1, Plan 2, and, Hybrid. Each of these benefit structures has different eligibility criteria. The specific information for each plan, and the eligibility for covered groups within each plan are set out in the table below: RETIREMENT PLAN PROVISIONS BY PLAN STRUCTURE HYBRID PLAN 1 PLAN 2 RETIREMENT PLAN About Plan 1 Plan 1 is a defined benefit plan. The retirement benefit is based on a member s age, creditable service and average final compensation at retirement using a formula. Employees are eligible for Plan 1 if their membership date is before July 1, 2010, and they were vested as of January 1, About Plan 2 Plan 2 is a defined benefit plan. The retirement benefit is based on a member s age, creditable service and average final compensation at retirement using a formula. Employees are eligible for Plan 2 if their membership date is on or after July 1, 2010, or their membership date is before July 1, 2010, and they were not vested as of January 1, About the Hybrid Retirement Plan The Hybrid Retirement Plan combines the features of a defined benefit plan and a defined contribution plan. Most members hired on or after January 1, 2014 are in this plan, as well as Plan 1 and Plan 2 members who were eligible and opted into the plan during a special election window. (see Eligible Members ) The defined benefit is based on a member s age, creditable service and average final compensation at retirement using a formula. The benefit from the defined contribution Page 22 of 35
23 component of the plan depends on the member and employer contributions made to the plan and the investment performance of those contributions. In addition to the monthly benefit payment payable from the defined benefit plan at retirement, a member may start receiving distributions from the balance in the defined contribution account, reflecting the contributions, investment gains or losses, and any required fees. Eligible Members Employees are in Plan 1 if their membership date is before July 1, 2010, and they were vested as of January 1, Hybrid Opt-In Election VRS Plan 1 members were allowed to make an irrevocable decision to opt into the Hybrid Retirement Plan during a special election window held January 1 through April 30, The Hybrid Retirement Plan s effective date for eligible Plan 1 members who opted in was July 1, If eligible deferred members returned to work during the election window, they were also eligible to opt into the Hybrid Retirement Plan. Eligible Members Employees are in Plan 2 if their membership date is on or after July 1, 2010, or their membership date is before July 1, 2010, and they were not vested as of January 1, Hybrid Opt-In Election Eligible Plan 2 members were allowed to make an irrevocable decision to opt into the Hybrid Retirement Plan during a special election window held January 1 through April 30, The Hybrid Retirement Plan s effective date for eligible Plan 2 members who opted in was July 1, If eligible deferred members returned to work during the election window, they were also eligible to opt into the Hybrid Retirement Plan. Eligible Members Employees are in the Hybrid Retirement Plan if their membership date is on or after January 1, This includes: School division employees Members in Plan 1 or Plan 2 who elected to opt into the plan during the election window held January 1-April 30, 2014; the plan s effective date for opt-in members was July 1, 2014 Page 23 of 35
24 Retirement Contributions Employees contribute 5% of their compensation each month to their member contribution account through a pre-tax salary reduction. Some school divisions elected to phase in the required 5% member contribution but all employees will be paying the full 5% by July 1, Member contributions are tax-deferred until they are withdrawn as part of a retirement benefit or as a refund. The employer makes a separate actuarially determined contribution to VRS for all covered employees. VRS invests both member and employer contributions to provide funding for the future benefit payment. Retirement Contributions Employees contribute 5% of their compensation each month to their member contribution account through a pre-tax salary reduction. Some school divisions elected to phase in the required 5% member contribution but all employees will be paying the full 5% by July 1, Retirement Contributions A member s retirement benefit is funded through mandatory and voluntary contributions made by the member and the employer to both the defined benefit and the defined contribution components of the plan. Mandatory contributions are based on a percentage of the employee s creditable compensation and are required from both the member and the employer. Additionally, members may choose to make voluntary contributions to the defined contribution component of the plan, and the employer is required to match those voluntary contributions according to specified percentages. Creditable Service Creditable service includes active service. Members earn creditable service for each month they are employed in a covered position. It also may include credit for prior service the member has purchased or additional creditable service the member was granted. A member s total creditable service is one of the factors used to determine their eligibility for retirement and to calculate their retirement benefit. It also may count toward eligibility for the health insurance credit in retirement, Creditable Service Same as Plan 1. Creditable Service Defined Benefit Component: Under the defined benefit component of the plan, creditable service includes active service. Members earn creditable service for each month they are employed in a covered position. It also may include credit for prior service the member has purchased or additional creditable service the member was granted. A member s total creditable service is one of the factors used to determine their eligibility for retirement and to calculate their retirement benefit. It also may count Page 24 of 35
25 if the employer offers the health insurance credit. toward eligibility for the health insurance credit in retirement, if the employer offers the health insurance credit. Defined Contributions Component: Under the defined contribution component, creditable service is used to determine vesting for the employer contribution portion of the plan. Vesting Vesting is the minimum length of service a member needs to qualify for a future retirement benefit. Members become vested when they have at least five years (60 months) of creditable service. Vesting means members are eligible to qualify for retirement if they meet the age and service requirements for their plan. Members also must be vested to receive a full refund of their member contribution account balance if they leave employment and request a refund. Members are always 100% vested in the contributions that they make. Vesting Same as Plan 1. Vesting Defined Benefit Component: Defined benefit vesting is the minimum length of service a member needs to qualify for a future retirement benefit. Members are vested under the defined benefit component of the Hybrid Retirement Plan when they reach five years (60 months) of creditable service. Plan 1 or Plan 2 members with at least five years (60 months) of creditable service who opted into the Hybrid Retirement Plan remain vested in the defined benefit component. Defined Contributions Component: Defined contribution vesting refers to the minimum length of service a member needs to be eligible to withdraw the employer contributions from the defined contribution component of the plan. Members are always 100% vested in the contributions that they make. Page 25 of 35
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