Last Updated: 2011-06-16


Picture of two Fire employees

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)

Picture of Police Officers 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. DB members may also calculate their future retirement benefit using our Online Benefits Calculator.

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 unreduced 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.

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

This is a print version of the webpage. The navigation of the site has been removed through the print css. If you require a printout of the page as it looks in your browser, please use screen capture.