Richmond VA > Retirement > Pension Information

Last Updated: 2017-01-19

2017 Pension Payments

Your monthly pension will be paid on the last working day of the month by direct deposit.

MonthPay Date
January 01/31/2017
February 02/28/2017
March 03/31/2017
April 04/28/2017
May 05/31/2017
June 06/30/2017
July 07/31/2017
August 08/31/2017
September 09/29/2017
October 10/31/2017
November 11/30/2017
December 12/29/2017

Direct Deposit

Direct deposit is a safe and easy way to have your pension payment deposited directly into an account at your financial institution each pay date.

To sign up for direct deposit or if you are moving your account to another financial institution, please complete the Direct Deposit Authorization form and return it to the Richmond Retirement System (RRS) with a voided check. Direct deposit is available at any financial institution.

Retirees and beneficiaries participating in direct deposit will receive a check advice each time a change is made to their pension benefit amount.

Checks are mailed on the last working day of the month. Please be advised that significant delays may occur for those without direct deposit.

More information about the RRS’s direct deposit policy can be obtained by accessing the Direct Deposit Fact Sheet.

Lost or Stolen Check Policy

If the need arises to reissue your pension payment as a result of a lost or stolen check, the member assumes the responsibility of having to wait at least 15 to 20 days to receive a replacement check.

Checks cannot be reported lost or stolen until after the 10th business day the check was issued. To report a check lost or stolen after the 10th business day, please return a completed Stop Payment Form to the Richmond Retirement System.

After two replacement checks have been issued in any 12-month period, a retiree must sign up for direct deposit.

Cost-of-Living Adjustment (COLA) Calculation

Your cost-of-living adjustment (COLA) is calculated as a percentage of your pension benefit. The COLA percentage is cumulative and continues to increase each time a COLA increase is granted by Richmond City Council. Thus, as your pension increases, your COLA amount will increase. Conversely, should your pension amount decrease, your COLA amount will decrease as well.

For example, assume your cumulative COLA percentage is now 15% and your pension amount was reduced from $1,000 to $800 at age 65, based upon a smooth-out benefit payment option selected at retirement. The dollar amount of your COLA will be reduced from $150 ($1,000 x 15%) to $120 ($800 x 15%), even though the cumulative COLA percentage remained the same.

Each July 1, any COLA granted will apply to those who retired prior to July 1 of the previous year. The COLA will be determined by reference to the increase if any, in the United States Average Consumer Price Index (CPI) for all items, as published by the Bureau of Labor Statistics of the United States Department of Labor.

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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