Contact Us

730 E. Broad Street, Suite 900
Richmond, VA
23219 USA

Fax # (804)646-5299
Toll-Free (Outside Central Virginia): (888)288-2781

Office Hours: By Appointment Only
Monday - Friday
8:00 a.m. - 5:00 p.m.

Walk-in Visits: 
Monday - Friday
10:00 a.m. - 12:00 p.m.
and 1:00 p.m. - 3:00 p.m.

Welcome, General Employees

The Richmond Retirement System (RRS) administers two retirement plans. The RRS has a Defined Benefit Plan which includes an enhancement option and a Defined Contribution 401(a) Plan for all full-time, permanent employees of the city of Richmond.

You are a member of the Defined Benefit Plan unless you elected to participate in the Defined Contribution Plan during the election period from September 1, 2003 to December 31, 2003 or elected to participate in the Defined Contribution Plan if your date of employment began between January 1, 2004 and June 30, 2006.

As of July 1, 2006, membership in the Defined Contribution Plan is mandatory for all new general employees except for employees in the senior executive group.

Defined Benefit Retirement Plan - Overview

Last Updated: 2011-06-16

The Defined Benefit Plan (DB) is a contributory retirement plan that pays a monthly benefit at retirement based on your age, years of creditable service and your average final compensation while you were employed with the city of Richmond.

The contribution rate for general employees is 1% of creditable compensation each pay period.

Benefits of the DB Plan are based on a formula that includes your average final compensation, years of service and a multiplier. The average final compensation is the average annual creditable compensation of a member during the member's 36 consecutive months of creditable service in which such compensation was at its greatest amount. The formula for general employees has a multiplier of 1.75% and the formula's maximum number of years of service is 35.

If an Early Service Reduction (ESR) factor is applicable, the ESR is five percent per year up to your normal retirement age of 65 or years of service for unreduced retirement benefits (30 years for general employees), whichever is smaller.

The city of Richmond contributes an amount each year that varies according to calculations by the system's actuary. The city's contributions are invested by outside investment firms with the primary objective being to ensure the security, stability and continued growth of assets for members' future benefits. The City Code requires that the plan be maintained on an actuarially sound basis.

Defined Benefit Plan - Enhanced Option

The Enhanced Defined Benefit Option, like the DB Plan, pays a monthly benefit at retirement based on your age, years of creditable service and your average final compensation while you were employed with the city. However, you are required to make additional contributions of 3.57% of your creditable compensation each pay period until you terminate employment or retire in order to receive the benefit of the enhanced option.

The enhanced option provides for an increased monthly benefit based on a formula that has a multiplier of two percent. Again, the benefit level is set by formula, regardless of the retirement fund's investment performance.

If you elected the enhanced option, you must make the required contributions until you retire or terminate employment with the city. The 3.57% contribution must be made for a minimum of three years and will increase each time you receive a pay increase.

If, however, you elected the enhanced option and do not become vested or make the required minimum contributions, your contributions will be refunded to you by the system.

Members of the Defined Benefit Plan are required to make contributions to the retirement system throughout their employment. Upon retirement, members will receive a monthly benefit determined by a formula based on

  • Age
  • Years of service
  • Three-year, average final compensation

Vested DB Plan members may find the application for retirement benefits on our Retirement Application page.

Defined Contribution Plan

Last Updated: 2010-01-14

With the Defined Contribution Plan, a 401(a) account is established on your behalf and your account grows through contributions from the city of Richmond and earnings from investments you select through ICMA-RC.

This plan is an optional choice for police officers and firefighters. See the plan brochure for complete details.

You do not make contributions to this plan. The city contributes a percentage of your salary to your plan account each pay period in accordance with the following schedule based on your years of creditable service:

Years of ServiceContribution Percent
 Less than 5 years 5%
 5 to 9 years 6%
 10 to 14 years 8%
 15 or more years  10%

 

The benefit is a lump-sum amount equal to your account balance when you terminate city employment or retire; it may also be payable as a monthly benefit. With the Defined Contribution Plan, vested benefits are portable if you change employers - this means you can take the benefit with you if you leave the city after you have satisfied the vesting requirement of five years of creditable service or attainment of age 65.

When you terminate employment with the city, you may receive a lump-sum payment, start receiving monthly or installment payments or leave your account balance in the plan for later distribution. Distributions are taxed when you receive them based on your tax rate at the time, unless they are rolled over to another eligible retirement plan or Individual Retirement Account (IRA).

Upon your death, any account balance is transferred to your designated beneficiary.

If you elected to participate in the Defined Contribution Plan, please contact ICMA-RC at (800)669-7400 or access their website at www.icmarc.org.

The Defined Contribution Plan is a 401(a) account established for each member. The city of Richmond makes contributions to the account on your behalf based on years of service. Your retirement benefit will depend on how you invest these funds as they are controlled by the member and affected by investment income, expenses, gains and losses.

A member must be employed at least five years (vested) or be 65 years of age at the time of separation from the city in order to receive these funds.

Welcome, Police Officers and Firefighters

The Richmond Retirement System (RRS) administers two retirement plans and a Deferred Retirement Option Program (DROP) available only to sworn police officers and firefighters who qualify for unreduced retirement benefits. The RRS has a Defined Benefit Plan which includes an enhanced option and a Defined Contribution 401(a) Plan for all full-time, permanent employees of the city of Richmond.

You are a member of the Defined Benefit Plan unless you elected to participate in the Defined Contribution Plan during the election period from September 1, 2003 to December 31, 2003 or elected to participate in the Defined Contribution Plan if your date of employment began between January 1, 2004 and June 30, 2006.

As of July 1, 2006, membership in the Defined Contribution Plan is optional for police officers and firefighters.

Defined Benefit Plan (DB) Overview

The Defined Benefit Plan (DB) is a contributory retirement plan that pays a monthly benefit at retirement based on your age, years of creditable service and your average final compensation while you were employed with the city of Richmond.

The contribution rate for police officers and firefighters is 1.5% of creditable compensation each pay period.

Benefits of the DB Plan are based on a formula that includes your average final compensation, years of service and a multiplier. The average final compensation is the average annual creditable compensation of a member during the member's 36 consecutive months of creditable service in which such compensation was at its greatest amount.

The formula for sworn firefighters and police officers has a multiplier of 1.65 percent and the formula's maximum number of years of service is 35. In addition, the formula for firefighters and police officers includes a pre-65 supplement of .75 percent, up to a maximum of 25 years of service.

If an Early Service Reduction (ESR) factor is applicable, the ESR is five percent per year up to your normal retirement age of 60 or years of service for unreduced retirement benefits (25 years for sworn firefighters or police officers), whichever is smaller.

The city of Richmond contributes an amount each year that varies according to calculations by the system's actuary. The city's contributions are invested by outside investment firms with the primary objective being to ensure the security, stability and continued growth of assets for members' future benefits. The City Code requires that the plan be maintained on an actuarially sound basis.

Defined Benefit Plan - Enhanced

The Enhanced Defined Benefit Option, like the DB Plan, pays a monthly benefit at retirement based on your age, years of creditable service and your average final compensation while you were employed with the city. However, you are required to make additional contributions of 3.95% of your creditable compensation each pay period until you terminate employment or retire in order to receive the benefit of the enhanced option.

For sworn firefighters and police officers, the enhanced option allows eligibility for unreduced early service retirement upon the completion of 20 years of creditable service, regardless of age.

If you elected the enhanced option, you must make the required contributions until you retire or terminate employment with the city. The 3.95% contribution must be made for a minimum of three years and will increase each time you receive a pay increase.

If, however, you elected the enhanced option and do not become vested or make the required minimum contributions, your contributions will be refunded to you by the system.

Members of the Defined Benefit Plan (DB) are required to make contributions to the retirement system throughout their employment. Upon retirement, members will receive a monthly benefit determined by a formula based on

  • Age
  • Years of Service
  • Three-year, average final compensation

Vested DB Plan members may find the application for retirement benefits on our Retirement Application page.

Deferred Retirement Option Program (DROP)

The Deferred Retirement Option Program is an option that allows a member in the DB plan to defer their retirement, once they attain eligibility for un-reduced retirement benefits, for up to five years while continuing active employment with the city of Richmond.

DROP members continue to receive their salary as an active employee. However, they cease contributing to the system. The member's benefits accumulate during the DROP period. When a member exits the DROP, the lump-sum balance that had accumulated is paid to the member and their city employment terminates.

Defined Contribution Plan

The Defined Contribution Plan is a 401(a) account established for each member. The city of Richmond makes contributions to the account on your behalf based on years of service. Your retirement benefit will depend on how you invest these funds as they are controlled by the member and affected by investment income, expenses, gains and losses.

A member must be employed at least five years (vested) or be 65 years of age at the time of separation from the city in order to receive these funds.