Welcome Police Officers and Firefighters
The Richmond Retirement System (RRS) administers two retirement plans and a Deferred Retirement Option Program (DROP) available only to 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 - December 31, 2003 or elected to participate in the Defined Contribution Plan after your date of employment beginning January 1, 2004 - June 30, 2006. As of July 1, 2006, membership in the Defined Contribution Plan is optional for police officers and firefighters.
Members of the Defined Benefit Plan(DB) are required to make contributions to the retirement system throughout their employment. Upon retirement, you will receive a monthly benefit determined by a formula based on your elected DB option and your age, years of service, and three-year average final compensation. Vested and Deferred Vested Defined Benefit 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 Benefit Calculator.
The Deferred Retirement Option Program (DROP) 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 retirement system. The member’s benefits accumulate during DROP period, and when a member exits the DROP the lump-sum balance that accumulates is paid to the member and their City employment terminates.
The Defined Contribution 401(a) Plan is an 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 you and are affected by investment income, expenses, gains and losses. A member must be employed at least 5 years (vested) at the time of separation from the City in order to receive these funds.
For more detailed information on the DB and DC Plans or the DROP option, please click on the Plan button.