The return on Virginia Retirement System investments fell 21% in 2009—but the pension fund has now rebounded and is exceeding expectations. That’s the message delivered by VRS officials to state lawmakers.
VRS investments yielded returns that increased by double digits in the last two fiscal years, with a 15.7% return last year alone. VRS Board Vice Chairman Robert Greene said the fund set a record.
“The fund amount, $66.1 billion, makes an historic high for the fund, exceeding all previous fund balance amounts.”
Another national debate is taking center stage in Virginia—this time over a potential Internet sales tax. One group that’s opposed to out-of-state e-commerce taxation and the federal Marketplace Fairness Act says they have overwhelming proof that Virginians don't want it.
The U.S. Attorney for Virginia’s Western District has won a settlement with Sun Trust Mortgage, which was under investigation for failing to help struggling homeowners as promised. Those customers may now be getting payments from Sun Trust.
National business correspondent Roben Farzad has launched a new radio podcast recorded in Richmond. The program is called Full Disclosure, and in the months ahead we'll share his weekly effort to translate the language of finance and investing. The theme of this week’s program? Bending, Not Breaking.
The McAuliffe administration has somehow beat every other state in the nation by inking what it says is the largest Chinese greenfield economic development project within the U.S. The deal with a leading Chinese pulp and paper company will result in a two-billion dollar investment, two-thousand new jobs, and millions more in agricultural revenue.