Last Updated: 2009-11-23

Retiree FAQ

When will I receive my pension?

Your monthly pension will be disbursed on the last working day of the month.

What determines the amount of my health insurance premium?

Your monthly premium for health insurance depends on the number of years of creditable service and the type of coverage you elect. See Health Insurance Rate table.

Are health/dental insurance premiums deducted from the check?

Yes, health/dental insurance premium will be deducted from your monthly pension check.

What if my pension is not enough to pay my health/dental premiums?

In the event that your pension is not enough to cover the cost of your premiums, your pension will be credited toward your health/dental insurance and you will be required to submit the balance. You will receive a monthly invoice and must pay for your coverage by personal check or money order.

Payments with or without an invoice must be received in the Retirement Office by the 15th of each month. Your check or money order should be payable to "City of Richmond".

Failure to make payment by the specified date will result in the cancellation of your insurance coverage with the city. If your insurance is cancelled, you will not be allowed to re-enroll.

Why didn't I receive a payment coupon?

You will only receive a payment coupon if a payment is currently due. Premium payments are due by the 15th of the each month. If you pay ahead of time and have already paid for the current month, a payment coupon will not be generated.

Are my insurance premiums prepaid?

Your health insurance premium is not prepaid. The deduction at the end of the month is for that month's coverage. Dental premiums are prepaid.

What happens if I or my dependent becomes Medicare-eligible?

The city no longer offers a supplemental policy for medicare-eligible retirees. Therefore, once you or your dependent becomes medicare-eligible, the coverage will end and you will need to obtain a private supplemental Medicare plan.

What happens if I decide to return to work after retiring?

There are no restrictions regarding working part time or full time in a seasonal, temporary or contractual position, which does not entitle you to become an active member again of the Richmond Retirement System.

General Employees

If you are rehired in a full-time, permanent position with the city of Richmond, your monthly benefit will cease.

If you are rehired as a general employee in a full-time, permanent position with the city of Richmond, you will become a member in the 401(a) Defined Contribution Plan. The city will make contributions into your individual account based upon your total years of creditable service. The time served in the Defined Contribution Plan will not count towards creditable service in the Defined Benefit Plan. When you terminate city employment again your Defined Benefit Plan retirement benefit will be reinstated at the same level as it was before you re-entered city employment, and you will have access to the funds in your Defined Contribution Plan account.

Sworn Police Officers/Firefighters

If you are rehired as a sworn police officer/firefighter in full-time, permanent position with the City of Richmond, you must elect a retirement plan within 90 days of your re-employment date. If you elect the Defined Benefit or Enhanced Defined Benefit plans (members older than age 40 are not eligible to elect the Enhanced Defined Benefit Plan as it offers no additional benefit), your period of creditable service will be reestablished. When you retire again, your benefit will be recomputed based on the payment option elected during your previous retirement, your total years of creditable service and average final compensation before and after the previous retirement. You will not receive creditable service for the period during which you were retired.

If you elect the 401(a) Defined Contribution Plan, the City will make contributions into your individual account based upon your total years of creditable service. The time served in the Defined Contribution Plan will not count towards creditable service in the Defined Benefit Plan. When you terminate City employment again, your Defined Benefit Plan retirement benefit will be reinstated at the same level as it was before you re-entered city employment, and you will have access to the funds in your Defined Contribution Plan account.

If you accept a position with any public or private entity other than the city of Richmond, your monthly benefit will not be affected.

What do I need to do to change the direct deposit from one bank to another?

Complete a new Direct Deposit Authorization Form and submit it with a voided check to our office. Deposit slips often times have different routing numbers for checking accounts.

Today is the last day of the month and I did not receive my pension check, why?

Retirement checks are mailed on the last business day of the month. If you enroll in direct deposit, your funds will be available on the pension pay date.

If I receive my pension via direct deposit, can I change my bank account?

Yes, members currently enrolled in direct deposit, that wish to change banks or bank accounts will need to complete a new Direct Deposit Authorization form. Forms received by the Richmond Retirement System office prior to the 15th of the month will be processed for the following month's benefit payment.

For example: If you were to complete and submit a direct deposit form to the Richmond Retirement System on or before June 15, the change will become effective with the July pension payment. You will receive a check in the mail for the June benefit payment. A pre-note deposit of zero dollars will be made to your account for June so that we can verify your account information.

Completed Direct Deposit Authorization forms received after the 15th of the month will be processed during the following month for payment.

For example: If you were to complete and submit a direct deposit form to the Richmond Retirement System after June 15, the change will become effective with the August pension payment. You will receive a check in the mail for the July benefit payment. A pre-note deposit of zero dollars will be made to your account for July so that we can verify your account information.

What if I should close my bank account prematurely and do not submit a completed Direct Deposit Authorization Form to the Richmond Retirement System before the 15th of the month?

We will immediately notify you of a rejected payment by your former bank account and request a new Direct Deposit Authorization Form. Once we receive the updated Direct Deposit Authorization Form, we will process it for payment accordingly.

How long does it take to receive a replacement check if it is lost or stolen?

Monthly pension payment replacement via a check will normally take from 10 to 20 days to replace depending on the period of the month of notification of it being lost or stolen. You can avoid this delay by ensuring you sign up for the Direct Deposit Program. Only then can you assure yourself that your pension will remain safe and deposited on the end of the month payment schedule.

Will I receive a direct deposit stub each month?

You will only receive a stub when there is a change in your pension information, such as pension amount, taxes, address, etc. This stub will reflect the most current information. You will also receive a stub at the end of the year.

Can I use my December check stub to prepare my taxes?

No. You should wait until you receive your Form 1099-R before preparing your tax return.

When will I receive my Form 1099-R?

The IRS requires that Form 1099-Rs be postmarked by January 31st of each year.

What do I need to do to change my beneficiary with RRS?

You should complete the Beneficiary Change form and return it to the Retirement Office. The signature on this form must be notarized. Benefits will be paid based on the form that is on file in the Retirement Office at the time of the member's death.

Why did the amount of my Cost-of-Living Adjustment (COLA) change?

Your COLA is calculated as a percentage of your pension. Therefore, your COLA will change anytime your pension amount changes. See the COLA calculation.

What qualifications must I meet in order to continue my health insurance coverage for myself or dependent(s) once I retire?

You and your dependent(s) may continue health insurance coverage with the city at the retiree rate provided that you meet the following two conditions.

  1. You must have been enrolled continuously in a city health plan for five years prior to retirement.
  2. You have at least 10 years of creditable service at the time of retirement.
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Contact Information:

Richmond Retirement System
City of Richmond
730 E. Broad Street, Suite 900
Richmond, VA
23219 USA
Retirement
Phone: (804)646-5958
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.

More Contact Information

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