The resolution highlights Schmitz's ability to enhance fund performance, resulting in a remarkable fiscal year return of 27.5 percent in 2021, a performance level not seen in the past three decades. Furthermore, under his stewardship, the VRS achieved significant cost savings through in-house management, saving approximately $61 million annually compared to external management fees. These outcomes demonstrate the positive impact of his strategies on the retirement system for Virginia's public employees, employers, and retirees.
Summary
SJR263 is a resolution commending Ronald D. Schmitz for his exemplary service as the Chief Investment Officer of the Virginia Retirement System (VRS), where he significantly contributed to the management and growth of the system's investment portfolio. Schmitz's tenure at the VRS lasted over 11 years, during which he led the investment team through various challenging financial climates. His leadership helped the fund nearly double in size, increasing from $51 billion in 2011 to more than $100 billion by mid-2021, which stands as a milestone for the fund and exemplifies Schmitz's effective investment strategies.
Sentiment
The sentiment surrounding SJR263 is overwhelmingly positive, reflecting deep appreciation for Schmitz's contributions to public service and the financial health of the VRS. Legislators express admiration for his leadership and commitment to maximizing investment returns while minimizing risk, thereby ensuring a secure retirement for state employees. This resolution serves as a formal acknowledgment and celebration of his achievements, which resonate well within the legislative community.
Contention
While SJR263 is primarily a commendation rather than a legislative bill that could raise contention, it underscores issues pertinent to the management of public pension funds and the importance of accountability and effectiveness in public office. The resolution's passage serves as a unanimous recognition across the General Assembly of Schmitz's impactful leadership, and does not present significant points of contention.