Your monthly pension will be disbursed on the last working day of the month. Pension benefit payments are paid by Direct Deposit.

Direct Deposit ensures your pension funds will be available to you at your financial institution on the pension pay date of each month. This method of payment is fast, safe and convenient. To sign up for direct deposit or if you are moving your account to another financial institution, please complete the Direct Deposit Authorization Form and return it to the Retirement Office with a voided check. Direct deposit is available at any financial institution. Participants in direct deposit receive a stub each time there is a change with your pension benefit. (i.e. pension amount, taxes, address, etc.).

Our partnership with Wachovia Bank makes it possible for every retiree to enroll in direct deposit. Wachovia offers free checking and savings accounts to all Richmond Retirement System retirees. For those who do not want to open a traditional checking or savings account, Wachovia offers pay access cards. To advantage of this opportunity, simply go to any Wachovia branch and identify yourself as a member of the Richmond Retirement System and express your interest in opening a new Wachovia at Work account, or call Angela Roisten, Wachovia at Work Director, at 804-697-6750.

Checks are mailed on the last working day of the month. Please be advised that significant delays occur for those without direct deposit if the need arises to reissue your pension payment as a result of a lost or stolen check in the mail. Thus, the member will assume the responsibility of having to wait at least 15-20 days to receive a replacement. Checks cannot be reported lost or stolen until after the 10th business day the check was issued. In addition, after two replacement checks have been issued in any 12 month period, a retiree must provide a direct deposit account.