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VIRGINIA RETIREMENT SYSTEMTEACHER RETIREMENT PLANGASB No. 68 SchedulesWith Independent Auditor’s Report ThereonFor the Plan Year Ended June 30, 2019

Table of ContentsIndependent Auditor’s Report.3VRS Teacher Retirement Plan –Schedule of Employer Allocations.5VRS Teacher Retirement Plan –Schedule of Net Pension Liability and Total Pension Expense.9VRS Teacher Retirement Plan –Schedule of Deferred Outflows and Deferred Inflowsof Resources by Employer. 13VRS Teacher Retirement Plan –Notes to GASB No. 68 Schedules. 18

July 28, 2020Board of TrusteesVirginia Retirement System1200 E. Main StreetRichmond, VA 23219INDEPENDENT AUDITOR’S REPORTReport on the SchedulesWe have audited the accompanying schedule of employer allocations of the Virginia Retirement SystemTeacher Retirement Plan as of and for the year ended June 30, 2019, and the related notes. We have alsoaudited the total for 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 scheduleof deferred outflows and deferred inflows of resources by employer of the Virginia Retirement SystemTeacher Retirement Plan as of and for the year ended June 30, 2019, and the related notes.Management's Responsibility for the SchedulesThe Virginia Retirement System’s management is responsible for the preparation and fair presentation ofthese schedules in accordance with accounting principles generally accepted in the United States ofAmerica; this includes the design, implementation, and maintenance of internal control relevant to thepreparation and fair presentation of the schedules that are free from material misstatement, whether due tofraud or error.Auditor's ResponsibilityOur responsibility is to express opinions on the schedule of employer allocations and the specified columntotals included in the schedule of net pension liability and total pension expense and the schedule ofdeferred outflows and deferred inflows of resources by employer based on our audit. We conducted ouraudit in accordance with auditing standards generally accepted in the United States of America. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether theschedule of employer allocations and the specified column totals included in the schedule of net pensionliability and total pension expense and the schedule of deferred outflows and deferred inflows of resourcesby employer are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe schedule of employer allocations and the specified column totals included in the schedule of netwww.apa.virginia.gov (804) 225-3350 reports@apa.virginia.govPage 3 of 30

pension liability and total pension expense and the schedule of deferred outflows and deferred inflows ofresources by employer. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the schedule of employer allocations and the specifiedcolumn totals included in the schedule of net pension liability and total pension expense and the scheduleof deferred outflows and deferred inflows of resources by employer, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal control relevant to the entity's preparationand fair presentation of the schedule of employer allocations and the specified column totals included inthe schedule of net pension liability and total pension expense and the schedule of deferred outflows anddeferred inflows of resources by employer in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internalcontrol. Accordingly, we express no such opinion. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of significant accounting estimates made by theVirginia Retirement System management, as well as evaluating the overall presentation of the schedule ofemployer allocations and the specified column totals included in the schedule of net pension liability andtotal pension expense and the schedule of deferred outflows and deferred inflows of resources byemployer.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinions.OpinionsIn our opinion, the schedules referred to above present fairly, in all material respects, the employerallocations and net pension liability, total pension expense, total deferred outflows of resources, and totaldeferred inflows of resources, for the total of all of the participating teacher employers for the VirginiaRetirement System Teacher Retirement Plan as of and for the year ended June 30, 2019, in accordancewith accounting principles generally accepted in the United States of America.Other MatterWe have audited, in accordance with auditing standards generally accepted in the United States ofAmerica 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 RetirementSystem as of and for the year ended June 30, 2019, and our report thereon, dated December 13, 2019,expressed an unmodified opinion on those financial statements.Restriction on UseOur 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 andReview Commission, and the Virginia Retirement System Teacher Retirement Plan employers and theirauditors and is not intended to be and should not be used by anyone other than these specified parties.Martha S. MavredesAUDITOR OF PUBLIC ACCOUNTSZLB/cljPage 4 of 30

Virginia Retirement SystemVRS Teacher Retirement PlanSchedule of Employer AllocationsFor the Plan Year Ended and Measurement Date of June 30, 7EmployerAccomack County School BoardAlbemarle County SchoolsAlleghany County School BoardAmelia County School BoardAmherst County School BoardAppomattox County School BoardArlington Public SchoolsAugusta County School BoardBath County School BoardBedford County School BoardBland County School BoardBotetourt County SchoolsBrunswick County Public SchoolsBuchanan County School BoardBuckingham County School BoardCampbell County School BoardCaroline County School BoardCarroll County School BoardCharles City County School BoardCharlotte County School BoardChesterfield County School BoardClarke County School BoardCraig County School BoardCulpeper County School BoardCumberland County School BoardDickenson County School BoardDinwiddie County School BoardEssex County Public SchoolsFairfax County School BoardFauquier County School BoardFloyd County School BoardFluvanna County Public SchoolsFranklin County Public SchoolsFrederick County School BoardGiles County SchoolsGloucester County School BoardGoochland County School BoardEmployerContributions Percentage0.33688 %1.15871 %0.13684 %0.09762 %0.28425 %0.13512 %3.68727 %0.70662 %0.05439 %0.62173 %0.04180 %0.33309 %0.10759 %0.16395 %0.12886 %0.47598 %0.25458 %0.25436 %0.05113 %0.13348 %3.72883 %0.14945 %0.04246 %0.54482 %0.09530 %0.11518 %0.28314 %0.09328 %18.46968 %0.90164 %0.13220 %0.29583 %0.51755 %1.10613 %0.15087 %0.37333 %0.18520 %Page 5 of 30

Virginia Retirement SystemVRS Teacher Retirement PlanSchedule of Employer AllocationsFor the Plan Year Ended and Measurement Date of June 30, 840179EmployerGrayson County School BoardGreene County Public SchoolsGreensville County School BoardHalifax County School BoardHanover County School BoardHenrico County School BoardHenry County Public SchoolsHighland County Public SchoolsIsle of Wight County SchoolsKing George County School BoardKing & Queen County School BoardKing William County School BoardLancaster County Public SchoolsLee County School BoardLoudoun County School BoardLouisa County Public SchoolsLunenburg County School BoardMadison County School BoardMathews County School BoardMecklenburg County School BoardMiddlesex County School BoardMontgomery County School BoardNelson County Public SchoolsNew Kent County School BoardNorthampton County SchoolsNorthumberland County School BoardNottoway County School BoardOrange County Public SchoolsPage County Public SchoolsPatrick County School BoardPittsylvania County School BoardPowhatan County School BoardPrince Edward County School BoardPrince George County School BoardPrince William County School BoardPulaski County School BoardRappahannock County School BoardRichmond County School 0 %0.20948 %0.15980 %0.33132 %1.23585 %3.30662 %0.44809 %0.02272 %0.37230 %0.28089 %0.05528 %0.14535 %0.09084 %0.22259 %7.44121 %0.34893 %0.09786 %0.12028 %0.07939 %0.27559 %0.10652 %0.63441 %0.14170 %0.20345 %0.11336 %0.09882 %0.13272 %0.32139 %0.22294 %0.15235 %0.53558 %0.29422 %0.13932 %0.39127 %6.61134 %0.25828 %0.06918 %0.08397 %Page 6 of 30

Virginia Retirement SystemVRS Teacher Retirement PlanSchedule of Employer AllocationsFor the Plan Year Ended and Measurement Date of June 30, 940220EmployerRoanoke County School BoardRockbridge County School BoardRockingham County School BoardRussell County School BoardScott County School BoardShenandoah County School BoardSmyth County School BoardSouthampton County School BoardSpotsylvania County School BoardStafford County School BoardSurry County SchoolsSussex County School BoardTazewell County SchoolsWarren County School BoardWashington County School BoardWestmoreland County School BoardWise County School BoardWythe County School BoardYork County School BoardAlexandria City School BoardBristol City School BoardBuena Vista City SchoolsCharlottesville Public SchoolsDanville City SchoolsFredericksburg City SchoolsHampton City SchoolsHarrisonburg City School BoardHopewell City School BoardLynchburg Public SchoolsNewport News Public SchoolsNorfolk Public SchoolsPetersburg City SchoolsPortsmouth School BoardRadford City School BoardRichmond Public SchoolsRoanoke City School BoardStaunton City SchoolsSuffolk City School centage0.93221 %0.20870 %0.81147 %0.22271 %0.24657 %0.44671 %0.27144 %0.16297 %1.58065 %1.90174 %0.09342 %0.09581 %0.29862 %0.35966 %0.42676 %0.11313 %0.33626 %0.25269 %0.85177 %1.85247 %0.14903 %0.06319 %0.48108 %0.42312 %0.28323 %1.29891 %0.49235 %0.31209 %0.64949 %1.96772 %2.54461 %0.28407 %0.99039 %0.10730 %2.03985 %0.98736 %0.20689 %0.98036 %Page 7 of 30