RICHMOND, Va. (AP) -

The Virginia Retirement Systems' assets have increased to a record $66.1 billion.

The system's portfolio gained about $9 billion from its investments in the fiscal year that ended June 30. The system achieved a 15.7 percent return on its investments.

The investment income offset about $1.3 billion more in payouts to retirees than the system received in pension contributions.

The Richmond Times-Dispatch reports that retirement system officials made their annual presentation to the Joint Legislative Audit and Review Commission on Monday.

Virginia is on schedule to fully fund retired rates in 2018-2020. Its hybrid retirement plan for most newly hired public employees promises to lower costs at the same time.