The Richmond City Council held an informal meeting on March 10, 2026, primarily to receive the annual update on the Richmond Retirement System (RRS). The meeting included a brief review of the consent agenda and a detailed presentation by RRS leadership, followed by extensive questions from council members regarding the system's funded status, potential cost-of-living adjustments (COLAs), and retiree benefits.
Richmond Retirement System Annual Update: Leo Griffin (Executive Director) and Kia Johnson (Senior Deputy Director) presented the annual update. Key points:
Councilmember Questions and Discussion:
No, I noticed. Madam Clerk, are you ready? Good afternoon, everyone. The informal meeting of the Richmond City Council will now come to order. Madam Clerk, if you would provide us with the uh chamber emergency evacuation announcement, please. Upon activation of the emergency alarm signal, all persons should immediately exit the building. Please use the access to the left or right front of the council chamber or the east or west stairwell outside the rear doors of the chamber. Do not use elevators or escalators. After exiting the building, security would direct everyone down ninth street to the assembly area inside the former public safety build building parking lot. Thank you, madam. Clerk, let's proceed with the docket review. Starting with the consent agenda, item number one, ordinance twenty twenty-five two fifty-eight, planning commission recommended approval with an amendment, and that paper is scheduled to be amended later this evening and continue to the March twenty-third council meeting. Item two, ordinance twenty twenty-five to seventy. This paper was amended at the February twenty-third council meeting. Item four, ordinance twenty twenty-five two eighty-seven. This paper is to be continued to the March twenty-third council meeting through the patrons request. Item six, ordinance twenty twenty-six zero nineteen. This paper was amended at the February twenty-third council meeting. Yeah, I have a question about number twelve. I could ask it now or I can wait till the end of the list. Um, because five years is the longest term that we can do, but they've been a really good partner uh with us. They've been doing a lot of programming within the community, and some of the things we added in this is some more metrics so that we can start giving some more details on the numbers that are serving by zip code in different areas based on the program. So we're excited to continue this partnership and to continue uh to work with them. Uh I guess if if somebody wanted it to get a full hearing with public comment at a subcommittee meeting, would that impose any problem on the schedule of the relationship? Technically, the the lease is set to expire. We well, part of our challenge was we had the ice in the snow, and so we lost a council meeting. And so it's set to expire, I believe, on the 12th of March. So we're also trying to get this in so we can get them and their lease in place. Okay, and so this is a renewal of uh of a long-standing, very positive relationship uh with some added urgency on getting it passed. Yes, sir. All right. Well, then I guess um then it sounds like it's fine to stay on the agenda tonight. Thanks. Thank you. Thank you. Thank you, Mr. Brooke. Madam Clore. Moving on to the regular agenda, item number 15, audit 2025 231. Um, this paper is to be continued to the April 13th council meeting per request. And lastly, item number 16, ordinance 2026 017, finance and economic development standing committee recommended approval. And this item is being retained on this evening's regular agenda. And Madam President, those are all the items on this evening's docket. Thank you, Madam Clerk. With that, we will proceed to the presentation. Um, this afternoon. Uh, Mr. Griffin and Ms. Johnson have joined us to provide uh Richmond Retirement System annual update. Welcome, Mr.