Employer Update

Two key members of the VRS leadership team recently announced plans to retire next year:

• Chief Investment Officer Ron Schmitz will retire at the end of 2022, which coincides with his employment contract.
• Chief Financial Officer Barry Faison will retire effective July 1, 2022.

Schmitz joined VRS as CIO in October 2011. During his tenure, the VRS Trust Fund has almost doubled in size, moving from $51 billion in 2011 to $101.8 billion, as of June 30, 2021.

“I am honored to have served as CIO and appreciate the confidence and support the board has provided me over the years, especially during some difficult market conditions,” Schmitz said. “I would be remiss if I did not also acknowledge the outstanding investment team that has worked diligently for the members and retirees of the system during my tenure. While I am reluctant to leave this outstanding organization, I look forward to the next chapter of life and enjoyment of retirement.”

Faison has served Virginia citizens for more than 45 years, 42 of which have been with VRS. Under his leadership, VRS has received 39 consecutive awards for its Annual Comprehensive Financial Report (ACFR) and five consecutive awards since the more recent inception of its Popular Annual Financial Report (PAFR) from the Government Finance Officers Association of the United States and Canada (GFOA).

“In my years at VRS, I’ve strived to provide service in a personal, accurate and enthusiastic manner,” Faison said. “Because we are charged with administering and delivering a fairly complex array of benefits, it is our responsibility to try to give our customers the most accurate information, to anticipate their needs and help them ask the correct questions.”

Korn Ferry has been hired to lead the national search for VRS’ next CIO, beginning early next year. The board anticipates hiring a new CIO later next year, with Schmitz serving alongside the new CIO through 2022, to ensure a smooth transition.

An executive search firm will also be engaged to lead the search for VRS’ next CFO, with plans for an overlap period with Faison before his retirement in July.