The state of Virgina enjoys a reputation for conservatism in fiscal affairs, an attribute that has helped it weather a tough recession.

So when the state employee retirement system began investing in potentially volatile futures contracts, state Sen. Robert E. Russell Sr. scratched his head.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.