Virginia Retirement System names new director

Patricia S. Bishop has been named director of the Virginia Retirement System.

Bishop, who had served as the agency's acting director, succeeds Robert P. Schultze, who left the agency Feb. 16 to take a position in the private sector.

As director, Bishop will oversee the administrative functions of the retirement system, which has 185,000 retirees and 343,000 active members. 

Before becoming acting director, Bishop was deputy director at VRS, responsible for implementation of benefit policy and legislation, benefit processing, retirement counseling, call center services, employer and member training and insurance programs.

Previously, Bishop served as the VRS director of policy, planning and compliance, where she provided legislative liaison support with the executive branch and the General Assembly, worked with the system's actuary and approved agency policy and procedures.

Before joining VRS, she was a principal legislative analyst with the Joint Legislative Audit and Review Commission (JLARC) and worked for the Virginia Senate and in the executive branch.

With assets of about $68 billion, VRS is the 22nd largest pension system in the United States.