76553251.1-124.22Virginia Decodedhttps://vacode.org2016Pensions, Benefits, And RetirementVirginia Retirement SystemBoard Of Trustees, Medical Board, And Advisory CommitteesBoard to administer Retirement System; powers and duties1952, c. 157, §§ 51-111.17, 51-111.18, 51-111.21 to 51-111.22:1, 51-111.23, 51-111.68; 1956, c. 363; 1958, c. 419; 1960, c. 400; 1970, c. 476; 1971, Ex. Sess., c. 88; 1973, c. 523; 1974, c. 353; 1975, c. 610; 1977, c. 620; 1980, cc. 681, 728; 1982, c. 478; 1989, c. 41; 1990, c. 832, § 51.1-110; 1994, cc. 4, 85; 1995, c. 307; 1997, c. 711; 1998, c. 176; 2003, cc. 11, 626; 2004, c. 80; 2008, c. 245; 2012, cc. 803, 835; 2014, c. 356.Virginia Retirement System v. Cirillo2119081676 S.E.2d 3682009-05-19https://www.courtlistener.com/opinion/1062463/virginia-retirement-system-v-cirillo/ . . . Board of Trustees administers the VRS.Code § 51.1-124.22. The Board of Trustees may create Medical . . . <abbr title="Court of Appeals">COA</abbr>Avery v. VirginiaRecord No. 2325-98-4520 S.E.2d 8311999-11-09https://www.courtlistener.com/opinion/1238330/avery-v-virginia/ . . . officer of the Retirement System," Code § 51.1-124.22(A)(1), approved Avery's application for . . . <abbr title="Court of Appeals">COA</abbr>Rizzo v. Virginia Retirement System9705961998-02-27https://www.courtlistener.com/opinion/1059933/rizzo-v-virginia-retirement-system/ . . . administered by a Board of Trustees. . . . <abbr title="Supreme Court of Virginia">SCV</abbr>http://law.lis.virginia.gov/vacode/51.1-124.22/51.1-124.30Board as trustee of funds; investments; standard of care; liability for losses/51.1-124.30//51.1-124.22/51.1/1/2.1/51.1-124.222.2-320251.1-145The Retirement System shall be administered by the Board of Trustees, whose powers and duties include but are not limited to:sectionAA1 Appointing a director, who shall not be a member of the Board, to serve as the chief administrative officer of the Retirement System at the pleasure of the Board.sectionA1A12 Maintaining records of all of its proceedings and making such records available for inspection by the public.sectionA2A22 Employing an actuary as its technical advisor and employing other persons and incurring expenditures as it deems necessary for the efficient administration of the Retirement System.sectionA3A32 Causing an actuarial investigation to be made of all the experience under the Retirement System at least once in each four-year period. The Board shall also cause actuarial gain/loss analyses to be made in conjunction with each actuarial valuation of the System. Pursuant to such investigations and analyses, the Board shall periodically revise the actuarial assumptions used in the computation of employer contribution rates.sectionA4A42 Causing a biennial actuarial valuation to be made of the assets and liabilities of the Retirement System with respect to each employer. Pursuant to the results of such valuations, the Board shall prepare a statement as to the employer contribution rates applicable to each employer.sectionA5A52 Publishing the results of each actuarial valuation of the assets and liabilities.sectionA6A62 Publishing annual financial statements of the Retirement System or annual reports in accordance with §§ 51.1-1000 through 51.1-1003.sectionA7A72 Promulgating regulations and procedures and making determinations necessary to carry out the provisions of this title.sectionA8A82 Purchasing insurance to insure against losses suffered by the Retirement System if any member of the Board or of any advisory committee breaches the standard of care in § 51.1-124.30.sectionA9A92 Adopting rules and policies that bring the Retirement System into compliance with any applicable law or regulation of this Commonwealth or the United States.sectionA10A102 Establishing and administering, for the officers and employees of the Retirement System, (i) a compensation plan which is consistent with the provisions set forth in the general appropriations act for this purpose and (ii) a grievance procedure which is consistent with the provisions of § 2.2-1202.1 and any regulations promulgated pursuant thereto.sectionA11A112 Investing in real estate to be held as a nonrevenue producing asset and used by the Retirement System for administrative offices.sectionA12A122 The Board is authorized to charge and collect from participating employers any penalties, interest, compliance fees, or other charges charged to the Retirement System by the Internal Revenue Service or other regulatory body.sectionA14A142The Board shall be vested with the powers and duties of the Board of Trustees of the abolished system to the extent necessary for the payment of vested rights and the return of accumulated contributions.sectionBB1The Commonwealth, the Board, employees of the Retirement System, the Investment Advisory Committee of the Retirement System, and any other advisory committee established by the Board shall not incur any liability for any losses suffered by the deferred compensation, the cash match, or the defined contribution retirement plans established or administered under the authority of this title, except as provided in § 51.1-124.30.sectionCC1