We have audited the basic financial statements of the Virginia Retirement System (System) as of and for the year ended June 30, 2025, and issued our report thereon, dated December 15, 2025.  Our report, included in the System’s Annual Report, is available at the Auditor of Public Accounts’ website at www.apa.virginia.gov and at the System’s website at www.varetire.org.  Our audit found:

 

• • the financial statements are presented fairly, in all material respects;

 

• • no internal control findings requiring management’s attention;

 

• • no instances of noncompliance or other matters required to be reported under Government Auditing Standards; and

 

• • adequate corrective action with respect to prior audit finding identified as complete in the Findings Summary included in the Appendix.