The Virginia Retirement System estimated today a 1.5 percent return on its investments in the year that ended June 30.
The estimated return is well below the long-term goal of a 7-percent annual return, but VRS officials said the $68 billion system outperformed its benchmark goals in a volatile market roiled by global economic uncertainty.
"We want to keep in mind that VRS is not in short term investments," said Chairman Robert L. Greene. "We're in the market for the long term."
VRS said it investments have achieved a 7.5 percent over 20 years and 8.2 percent over 25 years.
