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)
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.
