Virginia Retirement System administers benefits for more than 500,000 of Virginia's current and retired public employees. It is headquarterede in Richmond. Evolving from a system started in 1908, it administers a defined benefit plan, a group life insurance plan, a deferred compensation plan and a cash match plan, as well as an optional retirement plan for selected employees, and the Virginia Sickness and Disability Program for state employees. The system administers benefit plans for more than 800 of Virginia's participating public employers, covering members through their participating public employers. Virginia Retirement System has more than 250 employees to administer its portfolio of more than $40-billion.