Employer Update

VRS reported a 9.9% return, net of fees, for the fiscal year that ended June 30, 2025. The strong return surpassed the actuarially assumed return of 6.75% and pushed the fund to a record fiscal year-end high of $122.8 billion in market value.

Andrew Junkin, VRS’ chief investment officer, said the fund’s total performance met or exceeded board-established custom benchmarks for the one-, five- and 10-year periods.

“This year, strong returns in public equities led the way, and all of our asset classes and programs generated positive returns,” Junkin said. “The diversification built into the plan and our long-term strategic allocation worked as intended amid plenty of market volatility and economic uncertainty.”

View the full press release.