[2] The Virginia Retirement System currently serves more than 750,000 members, beneficiaries, and retirees.
[5] The legislature's Joint Legislative Audit and Review Commission is responsible for oversight of the system.
[7] The Virginia Retirement System was established in 1942, originally opening its membership to state and school district employees.
[8][9] In 1944, the scope of the system was expanded to include employees of municipalities and counties in the state.
[13][14] The system also offers a program known as a Cost-of-Living Adjustment, which graduates member payments with the current amount of state inflation.