The Richmond Retirement System (RRS) administers the defined benefit pension plan and the defined contribution plan covering general and sworn employees of the City of Richmond, VA.  RRS provides retirement, disability retirement, and survivor benefits for over 4,000 members.  Our website provides easy, instant access to information about RRS benefits and services.

Each phase of your retirement life is and will be different, with its challenges and what-ifs. Some you might expect, while others might be surprising. We care about helping you to prepare yourself for those what-ifs. We care about customer satisfaction as it relates to your Richmond Retirement System (RRS) benefits. We hope this will make all the difference.

If you need assistance with a retirement issue, please call (804) 646-5958. If you have to leave a voicemail message, our goal is to return all calls within 24 hours.

You can also e-mail retirement@rva.gov. We monitor emails and voice mails on a daily basis.

 

Leadership and Governance

The Richmond Retirement System (RRS, System or Plan) is governed by a Board of Trustees in accordance with § 5B.01 of the Richmond City Charter. RRS is part of the Legislative Branch of city government, and is a quasi-governmental entity under City Council. The Executive Director reports to the Board. The Board has established and appoints an Investment Advisory Committee (IAC). More detailed information on the Board, Executive Director and IAC can be found by clicking here.

Funded Status

The Funded Status, as defined by the Governmental Accounting Standard Board (GASB), is calculated by the RRS actuary and is the Fiduciary Net Position divided by the Total Pension Liability. In simpler terms, its net assets at market value divided by the actuarial liability. Information on the historical and estimated projected funded status, along with an actuarial statement on the financial solvency of the Plan, can be found by clicking here.  

Please note: An Actuarial Valuation is prepared every fall and these charts will be updated accordingly. The most recent Actuarial Valuation, prepared by the System’s actuary, can also be found by clicking here.

How is the Defined Benefit (DB) Plan Funded?

Information on how the DB Plan is funded can be found by clicking here.

CURRENT EMPLOYEES:  If you are interested in learning more about the VRS transition, please visit www.rva.gov/retirement-transition           

RETIREES

To review your paystubs, please log in to Retiree Self Service Retiree Self Service

To update your address, please fill out the Change of Address form and send it to our office by email, mail or fax.

To update your beneficiaries, please fill out the Beneficiary form and/or the Life Insurance Beneficiary form and send it to our office by email, mail or fax. Please note that there are 2 forms.

Need to update your direct deposit?  Please fill out the Direct Deposit Form and send it to our office by email, mail or fax.

 

2023 Pension Payment Dates

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

January 31, 2023 February 28, 2023 March 31, 2023 April  28, 2023 May 31, 2023 June 30, 2023 July 31, 2023 August 31, 2023 September 29, 2023 October 31, 2023 November 30, 2023 December 29, 2023

 

 

Feel free to visit the social security administration or the IRS websites at the links below.

Social Security

Internal Revenue Service

 

***Important Information on the Health Assessment Initiative from July 1- August 31, 2023.  Please click here.

****Special Announcement on Open Enrollment:

For important information about open enrollment, please click here.

OPEN ENROLLMENT DATES Open Enrollment for your benefits for calendar year 2023 is October 30, 2023 through November 17, 2023. You can learn more about Open Enrollment and your benefit plans by doing the following: 1. Clicking the link above on open enrollment. 2. Contacting one of these representatives with your questions.      *For the Richmond Retirement Department, call 804-646-5958.      *For the Human Resources Benefits and Wellness Division, call 804-646-4700, or email hrbenefits@rva.gov using the subject line of “Open Enrollment”.      *During Open Enrollment, calls will be answered from 8 a.m. to 5 p.m., Monday-Friday, except for the following Holidays: November 7th        (PLEASE VOTE!) and November 10th (THANK YOU, VETERANS!). 3. Be sure to check your mail and the Richmond Retirement website frequently to ensure you have the most updated information.

 

City Benefits

•Chapter 22 - Code of City of Richmond - Section of City Code that governs City of Richmond retirement benefits and retirement benefit administration

•City of Richmond Department of Human Resources -- Information about benefits and employment with the City of Richmond.

•Mission Square Retirement -- provides account access to City of Richmond 401(a) Defined Contribution and Deferred Compensation plan members. Employees can manage their accounts online by changing allocations, transferring funds and more. Online tools include a retirement planning calculator, an asset allocation model and a hypothetical investment growth calculator.