The State of Virginia employs 111,704 people, which compries221 agencies–the median salary for a state employee was $62,038.
Ronald Schmitz, a chief investment officer with the Virginia Retirement System, was the state’s highest paid employee in 2022, earning $1,014,140. However, a majority of top 10 earners were affiliated with Virginia’s universities.
Ronald Schmitz earned a $493,108 salary and received a $521,032 bonus, bringing his total wages to $1,014,140.
Some retirement system employees receive significant bonuses because of an incentive program called the Investment Professionals’ Pay Plan, according to Jeanne Chenault, public relations director for the agency. She said the program was designed to attract and retain skilled investment professionals.
Virginia spent nearly $8.2 billion on salaries in 2022. Ten agencies account for more than half of those salary allowances.
More than $4.4 billion was allotted to the state’s colleges, universities and community colleges.
$116.9 million was spent on bonuses in 2022.