Old Dominion News

In 2022, Virginia had $118.8 million in total cash and investment holdings in its public pension funds, according to the U.S. Census Bureau's Annual Survey of Public Pensions.

Of that amount, $99 million was in state pension funds, and the remaining $19.7 million was in local government pension funds.

The survey includes public pensions sponsored by local and state government entities with employees who are compensated with public funds. The local governments include counties, townships, school districts, and special districts.

The data gathered includes revenues, expenditures, financial assets, membership and liabilities information.

It's worth noting that residents in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are not subject to state income taxes.

The Census Bureau cautions not all respondents answer all survey questions. Thus, some fields were left blank.

Virginia reported data from 33 pension systems, including four state-level pension funds and 29 local-level systems. The total number of pension system members was 784,257 (642,090 at the state level and 142,167 at the local level).