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 Plan (DB)
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. DB members may also
calculate their future retirement benefit using our
Online Benefits Calculator.
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.
