North Carolina Retirement Systems vs Virginia Retirement System (VRS)
Side-by-side pension health comparison from DOL and public plan data
North Carolina Retirement Systems (A) and Virginia Retirement System (VRS) (B) are close on the LakeQuality rubric. Funding ratios sit at 87% and 75% respectively — within a few points of each other.
With grades this close, the comparison turns on plan-specific factors: status (active vs frozen), participant maturity, sponsor financial health, and multi-year trajectory rather than the headline composite.
Verdict
North Carolina Retirement Systems has a stronger Pension Health Score of 82/100 (A) compared to Virginia Retirement System (VRS) at 70/100 (B). Funding ratios differ by 12.0 percentage points (87.1% vs 75.1%). North Carolina Retirement Systems covers 960,000 participants.
| Metric | North Carolina Retirement Systems | Virginia Retirement System (VRS) |
|---|---|---|
| Health Score Composite of funding ratio, trend, and PBGC risk | 82/100 (A)* | 70/100 (B) |
| Funding Ratio Assets as % of liabilities (100%+ is fully funded) | 87.1%* | 75.1% |
| Total Assets | $112.0B | $87.0B |
| Total Liabilities | $128.6B | $115.8B* |
| Unfunded Liability | $16.6B* | $28.8B |
| Participants | 960,000 | 740,000 |
| 1-Year Investment Return | 6.6%* | 6.0% |
| Plan Type | public | public |
| PBGC Risk Level | low | moderate |
| Sponsor | State of North Carolina | State of Virginia |
North Carolina Retirement Systems has a stronger Pension Health Score of 82/100 (A) compared to Virginia Retirement System (VRS) at 70/100 (B). Funding ratios differ by 12.0 percentage points (87.1% vs 75.1%). North Carolina Retirement Systems covers 960,000 participants.