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Richmond Retirement System reports 84.9% funded status; council seeks COLA cost estimates
Summary
Richmond Retirement System reported a funded status of 84.9% and strong investment returns for fiscal 2025; council members pressed staff and actuaries for precise costs to prefund any ad hoc cost‑of‑living adjustments (COLAs) and asked for follow-up figures on employer contributions and bond costs.
Leo Griffin, executive director of the Richmond Retirement System, told the Richmond City Council on March 23 that the system’s funded status rose to 84.9% as of June 30, 2025, up from 80.9% the previous year.
"Our 1 year number is 10.5% that exceeded the assumed rate of return of 7," Griffin said, adding that the fund’s five‑year annualized return was 8.2% and that the portfolio had outperformed a custom benchmark since a 2020 restructuring.
Griffin said strong investment returns and a one‑time cash infusion from pension obligation bonds were the main drivers of the recent improvement. "The net proceeds that went to RRS in June 2024 were $120,000,000," he said, noting the bond proceeds materially…
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