VRS 80 Years Celebration & Overview

19 Asset Liability Study Implementation Asset Class Phase-in V Virginia Retirement RS System Current FY 2022 Proposed FY Long Term Allowable Ranges Target 2023 Target Target Min Max Public Equity 36% 34% 34% -5% +5% Fixed Income 15% 15% 15% -3% +5% Credit Strategies 14% 14% 14% -5% +5% Real Assets 14% 14% 14% -5% +5% Private Equity 14% 16% 14% -5% +5% PIP 2% 2% 3% -2% +2% MAPS 4% 4% 6% -2% +2% Exposure Management 0% 0% 0% +3% Cash 1% 1% 0% -1% +4% Total Fund 100% 100% 100%

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