Virginia Retirement System trustees today decided to maintain the $38.5 billion systems equity levels at 70% of total assets, discarding Chairman Edwin T. Burton IIIs recommendation to cut equity exposure to 50% of total assets. Mr. Burton was concerned that legislators would not increase contributions if the stock market falls and the systems funding status is imperiled. The system is fully funded. Earlier this year, lawmakers revalued the system using outside actuaries and cut back annual contributions to the system by $60 million. Under current policy guidelines, the system must have at least 55% of assets in publicly traded equities, 20% in fixed income and the remainder in other asset classes, including private equity.