1. When can I retire?



2. How soon before my retirement date can I apply for retirement?



3. What will be the amount of my monthly pension?



4. What types of retirement are offered?



5. What types of benefit options are offered?



6. Can anyone receive my retirement benefit in the event of my death as a retiree?



7. Does my spouse or beneficiary receive my retirement benefit in the event of my death as an active employee?



8. If I divorce, will my former spouse be eligible to receive a percentage of my retirement benefit?



9. Are my retirement benefits subject to garnishment?



10. What deductions will be taken from my monthly pension?



11. Will I be covered under the City's health insurance program after I retire?



12. Will I receive cost-of-living adjustments (COLAs) with my pension?



13. Is direct deposit available for my pension?



14. Will I still receive a retirement benefit if I leave the City before retirement age?



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



16. Will I still have life insurance through the City after I retire?



17. Will I receive Social Security benefits in addition to my Richmond Retirement System benefit?

General Employees are eligible to retire at age 55 with five years of creditable service (reduced benefits) or at any age with 30 years of service (unreduced benefits); normal retirement age 65

Sworn Firefighters and Police Officers are eligible to retire at age 50 with five years of creditable service (reduced benefits), at any age with 25 years of service under the Defined Benefit Plan (unreduced benefits) or at any age with 20 years of service under the Enhanced Defined Benefit Plan (unreduced benefits); normal retirement age 60

You may file your retirement application no more than 90 days prior to your effective date of retirement.

You should request a tentative benefit calculation from the Retirement Office at least 60 days before you plan to file your retirement application.

Each person's retirement benefit is calculated on an individual basis. The amount of your monthly pension will depend on the following factors:

1. Average Final Compensation: The average of your three highest annual salaries for 36 consecutive months.
2. Creditable Service: Your total years of service as a full-time, permanent City of Richmond employee, but excluding any separate periods of employment with the City less than nine months. Creditable service will also include fifty (50) percent of your unused sick leave hours at retirement. Example: 1,040 hours x .50 divided by 2,080 annual work hours = .25 years of service (3 months)
3. Age: Your age at the time of retirement

SERVICE RETIREMENT

• General employees are eligible at age 65, with or without five years of service
• Police officers and firefighters are eligible at age 60, with or without five years of service

EARLY RETIREMENT

• General employees are eligible for unreduced benefits with 30 years of service, regardless of age, and eligible for reduced benefits at age 55 with at least five years of service, but less than 30 years of service
• Police officers and firefighters are eligible for unreduced benefits with 25 years of service, regardless of age, and are eligible for reduced benefits at age 50 with at least five years of service, but less than 25 years of service

DEFERRED RETIREMENT

Eligible if member terminated City employment with at least five years of creditable service
Unreduced benefit payable at age 65 (Police officers and firefighters, age 60)
Reduced benefit payable at age 55 (Police officers and firefighters, age 50)
Early service reduction factor based solely on age

DISABILITY RETIREMENT (two types)

1. Compensable (Work Related) Disability
• Eligible regardless of number of years of creditable service and age
• Disability must be compensable under the Virginia Workers' Compensation Act
• Or, for firefighters, caused by respiratory disease, heart disease or hypertension
• Or, for police officers, caused by hypertension or heart disease
• Richmond Retirement System medical examiners must certify that you are completely and permanently incapacitated from performing any duties with the City. However, if the medical examiner certifies that you can perform duties in another capacity, then your case will be referred to the City Manager for alternative job placement. Refusal of an offer of an alternative position with the City will make the member ineligible to receive disability retirement benefits under this provision. If no job placement is made within one year, your case will be reconsidered by the Board.
• You cannot apply after reaching normal retirement age.



2. Ordinary (Non-Work Related) Disability
• Eligible with five years of creditable service, regardless of age
• Must be in active service
• Richmond Retirement System medical examiners must certify that you are completely and permanently incapacitated from performing any duties with the City before approval of your retirement.
• You cannot apply after reaching normal retirement age.

BASIC BENEFIT

• Pays a monthly pension for the lifetime of the retiree
• Amount remains the same before and after age 65 for general employees
• Monthly pension includes a pre-65 supplement for firefighters and police officers
• No monthly survivor allowance after retiree's death

SMOOTH-OUT OPTION

• Pays a higher monthly pension than the basic benefit before age 65 and a lower amount after age 65, taking into account Social Security benefits
• No monthly survivor allowance after retiree's death
• Option not available for Service Retirements

LEVEL BENEFIT (Firefighters and Police Officers only)

• Pays a lower monthly pension than the Basic Benefit before age 65; higher than the Basic Benefit after age 65
• Amount remains the same before and after age 65
• No monthly survivor allowance after retiree's death

JOINT AND SURVIVOR OPTION

• Pays a reduced monthly pension for the lifetime of the retiree
• A specific percentage (25%, 50%, 75% or 100%) of the monthly pension will be paid to the designated survivor after retiree's death

POP-UP JOINT AND SURVIVOR OPTION

• Pays a reduced monthly pension for the lifetime of the retiree
• A specific percentage (25%, 50%, 75% or 100%) of that retirement benefit will be paid to the designated survivor after retiree's death
• Reverts to Basic Benefit amount if the survivor precedes retiree in death

Yes, if you elect either the Joint and Survivor Option or the Pop-Up Joint and Survivor Option at retirement, in accordance with Section 78-282 of the City Code. The designated survivor does not have to be a spouse or relative. However, once your retirement is effective, the designated survivor cannot be changed. A surviving spouse of a disability retiree may be eligible for a monthly survivor benefit under other provisions of the City Code.

If you are eligible for early service retirement at the time of your death as an active employee, your surviving spouse will receive a monthly survivor allowance for life. This benefit is not paid to any other survivor. In addition, if you die while in service within three years of being eligible for early service retirement, based upon years of service, your surviving spouse may purchase service credit up to a maximum of three years to attain your retirement eligibility and receive a monthly allowance in accordance with Section 78-314 of the City Code. Also, if you are a member of the System employed before June 13, 1988, your beneficiary will receive a one-time, lump-sum payment of $1,000.00.

Pursuant to Section 78-6 of the City Code, the Richmond Retirement System will only honor domestic relations orders assigning retirement benefits to a former spouse that were accepted and approved by the System prior to June 10, 2002.

Retirement benefits are not subject to execution, levy, attachment, garnishment or any other collection process and cannot be enforced by court order. However, benefits are subject to IRS levies and child support payments.

Federal and state income taxes

Health and dental insurance premiums, if eligible and you elect to maintain your coverage through the City's plans

Alimony and child support payments, if court ordered

If you have been enrolled in the City's health insurance program continuously for five years before retirement and have at least 10 years of creditable service, you are eligible to maintain coverage at the retiree rate until you become Medicare eligible.

Dental insurance also continues after retirement at the retiree rate.

If you elect to maintain coverage through the City, premiums will be deducted from your retirement benefit

COLAs may be granted at the discretion of City Council during the annual budget process for the City of Richmond. The practice has been that COLAs are granted July 1 for persons retired prior to July 1 of the previous year.

Retirees are required to elect direct deposit to receive their monthly pension. However, your first monthly pension will be in the form of a check and will be mailed. Pensions are issued on the last working day of each month.

Yes, if you are vested in the Richmond Retirement System. Members become vested after completion of five years of creditable service with the City of Richmond. Once vested, benefits are not forfeited, even if termination of employment (voluntary or involuntary) occurs before eligibility for retirement. You may apply for a deferred retirement allowance at age 55 (for former general employees) or age 50 (for former police officers or firefighters). You may also wait until your normal retirement age (65 for former general members; 60 for former firefighters and police officers) to apply for your unreduced deferred service retirement benefit.

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

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

If you are rehired as a sworn police officer/firefighter in full-time, permanent position with the City of Richmond, your monthly benefit will cease. You must elect a retirement plan within ninety (90) days of your re-employment date. When you retire again, your benefit will be computed based on the total years of creditable service before and after the previous retirement if you elected membership in the Defined Benefit or Enhanced Defined Benefit Plan.

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

Group life insurance coverage will continue after your retirement at no cost to you. However, after you retire, the life insurance will reduce by 25 percent of the original value on Jan. 1of the first full year after retirement and each January thereafter until it reaches 25 percent of its original value at retirement. This reduction does not begin until age 65 for members with a disability retirement. Please note that accidental death and dismemberment coverage ends at retirement. If you die as a result of any effect other than natural causes, your beneficiary will not receive payment through the City's life insurance plan.

Yes, the two are separate benefits. Most retirees are eligible to receive full Social Security benefits at age 65 and reduced benefits as early as age 62. Please see the chart below to determine when you will be eligible to receive full Social Security benefits:

Age To Receive Full Social Security Benefits
Year of Birth	Full Retirement Age
1937 or earlier	65
1938	65 and 2 months
1939	65 and 4 months
1940	65 and 6 months
1941	65 and 8 months
1942	65 and 10 months
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 +	67