30-80 - Duties and powers.
§ 30-80. Duties and powers.
A. The areas of review and evaluation to be conducted by the Commission shallinclude, but are not limited to, the following: (i) structure and governanceof the Retirement System; (ii) structure of the investment portfolio; (iii)investment practices, policies, and performance, including the effect ofinvestment performance on employer contributions; (iv) actuarial policy andthe actuarial soundness of the Retirement System's trust funds; and (v)administration and management of the Retirement System.
B. For the purpose of carrying out its duties under this chapter andnotwithstanding any contrary provision of law, the Commission shall have thefollowing powers, including but not limited to:
1. Access to the information, records, and facilities of the RetirementSystem and any corporations or subsidiaries thereof or other entities owned,directly or indirectly, or otherwise created by or on behalf of the System.
2. Access to the public and executive session meetings and records of theboard of trustees of the System, as well as those of the System's investmentadvisory committee and real estate advisory committee. Access shall includethe right to attend such meetings.
3. Access to the System's employees, consultants, actuaries, investmentmanagers, advisors, attorneys, accountants, or other contractors in theemploy or hire of the Virginia Retirement System. Such persons shallcooperate with the Commission and upon its request shall provide specificinformation or opinions in the form requested.
4. The chairman of the Commission may appoint a permanent subcommittee toprovide guidance and direction for oversight activities, subject to the fullCommission's supervision and such guidelines as the Commission itself mayprovide.
C. Confidential or proprietary records of the Virginia Retirement System orits subsidiary corporations provided to the Commission shall be exempted fromthe Virginia Freedom of Information Act (§ 2.2-3700 et seq.).
(1994, cc. 3, 732.)