Investor Presentaiton

Funded Status: Teachers 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Virginia Retirement System 62.1% 65.4% 71.3% 69.2% 73.6% New GASB accounting rules reflect funded status on the market value basis beginning in 2014 75.1% 74.1% 86.5% 71.7% 81.1% 80.8% 81.9% 82.9% 83.8% 84.5% The funded status for FY 2023 based on the actuarial value of assets was 79.7% RS 86.0% 79.8% 76.1% 68.6% 66.6% 62.4% Teacher Plan Unfunded Liability as of 6/30/2023 $12.0 Billion using Actuarial Assets $11.3 Billion using Market Assets 2008 2009 2010 2011 2012 2013 2014 Notes: Historical Funded Status - Actuarial Value of Assets up to 2013 & Market Value of Assets 2014 Forward Projected Funded Status using Market Value of Assets (New GASB Standard) Projected funded status based on assumed investment returns of 6.75% and inflation of 2.5%. GASB Accounting rules reflect funded status using Market Value of Assets effective 6/30/14 for Plan Reporting and 6/30/15 for Employer Reporting. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 18

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