Retirement eligibility for members of the Defined Benefit Plan is based on age and/or years of service. These provisions are summarized below:
Service and Early Service:
Age
Service
Early Retirement (reduced benefits)
50
5 years
Early Retirement (unreduced benefits)
N/A
25 years
Enhanced Early Retirement (unreduced benefits)
20 years
Service Retirement (unreduced benefits)
60
May be less
than 5 years
Deferred (Terminated Vested Member):
Ordinary Disability (Non Job-Related) Any member who has five (5) or more years of creditable service may apply for ordinary disability retirement. Two of the System’s medical examiners must certify that the member is totally and permanently incapacitated from performing any duties for the City of Richmond. After the medical examiners’ certification, all applications must be approved the Board of Trustees.
Compensable (Job-Related) Any member who is injured in the performance of their job may become eligible for a compensable disability retirement regardless of years of service when the requirements stated below are met and their application is approved by the Board of Trustees:
NOTE: It is a policy of the System that the effective retirement date will be the first day of the month. Any requests for exceptions must be submitted in writing to the Executive Director.