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RETIREMENT
Click here for retirement benefit
information provided by the Richmond Retirement System.
DEFERRED COMPENSATION
The Deferred Compensation plan is a tax saving investment program
where an employee does not pay federal and state taxes on the biweekly
payroll deduction selected by the employee. An employee may elect up to
$15,500 of their calendar year earnings to be deducted for this program.
There are special circumstances where employees may be able to contribute more
than the regular annual limit. The City has a contract with I.C.M.A.
Retirement Corporation (ICMA-RC) which offers a variety of FDIC insured
products as well as mutual funds and other types of investment vehicles.
The City of Richmond does not endorse any particular investment vehicle.
The City is not responsible for the volatility of the stock market. It
is the responsibility of the employee to direct their payroll contributions
to the investment vehicle of their choice. Deductions may be stopped at any time.
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