You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

RICHMOND, Va., Dec. 8, 2020 /PRNewswire/ -- The Virginia Retirement System has received awards for its Comprehensive Annual Financial Report (CAFR) and Popular Annual Financial Report (PAFR) for fiscal year 2019 from the Government Finance Officers Association of the United States and Canada (GFOA). This is the 38th consecutive award for the CAFR and the fourth consecutive award for the PAFR. This year's CAFR award, a Certificate of Achievement for Excellence in Financial Reporting, recognizes excellence in governmental accounting and financial reporting for fiscal year 2019. The PAFR received an Award for Outstanding Achievement in Popular Annual Financial Reporting for its concise summary of financial, investment and statistical information derived from the more comprehensive CAFR. GFOA commended VRS for demonstrating a constructive "spirit of full disclosure" in clearly communicating its financial story, motivating readership in the CAFR and for the reader appeal, understandability and distribution of the PAFR companion report. "We are deeply honored to receive the Certificate of Achievement from GFOA, which is its highest form of recognition in the area of government accounting and financial reporting,"VRS Director Patricia S. Bishop said. "This award represents a significant achievement and demonstrates our team's ongoing commitment to not only delivering transparency and full disclosure, but also creating an engaging comprehensive reference and resource that clearly communicates VRS's financial position." GFOA is a professional association serving more than 21,000 appointed and elected local, state and provincial-level government officials and other finance practitioners. For more information on the awards and GFOA, visit gfoa.org/cafr and gfoa.org/pafr. About Virginia Retirement System The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public-sector employees through sound financial stewardship and superior customer service. VRS ranks as the 18th largest public or private pension fund in the U.S. and the 41st largest in the world, serving more than 742,000 active and inactive members, retirees and beneficiaries. Members include public school teachers, political subdivision employees, state agency employees, public college and university personnel, state police, Virginia law officers and the judiciary. SOURCE Virginia Retirement System

Answer: Virginia Retirement System Receives Awards for Excellence in Financial Reporting