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Record of Proceedings

Richmond City Council Informal Meeting - March 11, 2026: Retirement System Update and Consent Agenda Review

City Council — Wednesday, March 11, 2026
BodyRichmond, Virginia
SessionCity Council
DateWednesday, March 11, 2026
StatusFILED
Video Record
0:00 / 46:25

Transcript — Verbatim
0:00

Good afternoon, everyone.

0:02

The informal meeting of the Richmond City Council will now come to order.

0:07

Madam Clerk, if you would provide us with the uh chamber emergency evacuation announcement, please.

0:14

Upon activation of the emergency alarm signal, all persons should immediately exit the building.

0:19

Please use the excess to the left or right front of the council chamber or the east or west stairwell outside the rear doors of the chamber.

0:27

Do not use elevators or escalators.

0:30

After exiting the building, security would direct everyone down 9th Street to the assembly area inside the former public safety build building parking lot.

0:42

Able persons should assist visually and hearing impaired visitors with exiting the building.

0:47

And Madam President, for the record, all members are in attendance this evening, with the exception of counselors Lynch and Alberbacher.

0:55

You do have a core.

0:57

Thank you, Madam Clerk.

0:59

Let's proceed with the docket review.

1:02

Starting with the consent agenda, item number one, ordinance 2025-258.

1:07

Planning commission recommended approval with an amendment.

1:10

And that paper is scheduled to be amended later this evening and continue to the March 23rd council meeting.

1:17

Item two, ordinance 2025-270.

1:20

This paper was amended at the February 23rd council meeting.

1:24

It's currently being retained on this evening's consent agenda.

1:28

Item three, ordinance 2025-276.

1:43

Item 4, ordinance 2025-287, public safety standing committee recommended approval.

1:51

Item five, ordinance 2026 003.

1:55

This paper is to be continued to the March 23rd council meeting per the patrons request.

2:02

Item 6, ordinance 2026 019.

2:06

This paper was amended at the February 23rd council meeting.

2:10

It will be retained on this evening's consent agenda.

2:15

Item 7, ordinance 2026 042, planning commission recommended approval with an amendment.

2:22

And this paper is scheduled to be amended later this evening and continue to the March 23rd council meeting.

2:29

Items eight and nine, ordinance 2026 043 and 2026 044 Planning Commission recommended approval.

2:41

Items 10 through 14, ordinance 2026 046, 047, 048, 049, and 050.

2:53

Committee referral was waived on all five items.

2:57

All five items are being retained on this evening's consent agenda.

3:01

Madam Clerk, if you could hold for a moment, I have a member who has a question, Councilman Breton.

3:06

Yeah, I have a question about number 12.

3:07

I could ask it now or I can wait till the end of the list.

3:10

I would prefer that you ask it now.

3:12

Okay.

3:13

Um I see that item 12 was referred straight to council without going to a subcommittee, but I was wondering, I guess if we could hear more about what that item is and whether or not it, you know, would be best sent to a subcommittee.

3:28

Thank you.

3:30

Mr.

3:30

Prelke, how are you?

3:31

I'm good.

3:32

Good afternoon, Council Chris Frelke, Director of Parks Recreation and Community Facilities.

3:36

We've been working with Under Crown Kitchen this, they had a five-year lease with us, so this is a renewal of their five-year lease because five years is the longest term that we can do, but they've been a really good partner with us.

3:47

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 getting some more details on the numbers they're serving by zip code in different areas based on the program.

3:57

So we're excited to continue this partnership and to continue uh to work with them.

4:03

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?

4:13

Technically, the the lease is set to expire.

4:16

We will part of our challenge was we had the ice and the snow, and so we lost a council meeting.

4:20

And so it's set to expire, I believe, on the 12th of March.

4:24

So we're also trying to get this in so we can get them and their lease in place.

4:28

Okay, and so there's a renewal of uh of a long-standing very positive relationship uh with some added urgency on getting it passed.

4:35

Yes, sir.

4:36

All right.

4:36

Well, then I guess um then it sounds like it's fine to stay on the agenda tonight.

4:41

Thanks.

4:42

Thank you.

4:42

Thank you.

4:43

Thank you, Mr.

4:43

Brooke.

4:45

Madam Clerk.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability█████████████████████████████████████████41%
Public Engagement█████████████████████21%
Procedural███████████████15%
Public Utilities███████████11%
Public Safety██████████10%
Parks and Recreation██2%
Summary of Proceedings

Richmond City Council Informal Meeting - March 11, 2026

This informal meeting of the Richmond City Council on March 11, 2026, focused on the docket review of consent and regular agenda items, followed by a detailed presentation and discussion on the annual update of the Richmond Retirement System (RRS). Council members engaged in extensive questioning about the funded status, investment performance, and the possibility of a cost-of-living adjustment (COLA) for retirees. No votes were taken during the meeting, but several requests for information were made.

Consent Calendar

  • The consent agenda included 14 items (ordinances 2025-258 through 2026-050). Several items were noted for amendments or continuations: Ordinance 2025-258 and 2026-042 were scheduled to be amended and continued to the March 23, 2026 council meeting. Ordinance 2026-003 was continued to March 23, 2026 per the patron's request. Items 2025-270 and 2026-019 were retained on the consent agenda after amendments at the February 23, 2026 meeting. Items 10-14 (2026-046 to 050) had committee referral waived and were retained.
  • Councilman Breton questioned item 12 (ordinance 2026-048) regarding a lease renewal for Under Crown Kitchen. Parks and Recreation Director Chris Frelke explained it was a five-year lease renewal, a positive partnership, and that the lease was set to expire on March 12, 2026, adding urgency. After discussion, Breton agreed to keep it on the consent agenda.

Discussion Items

  • Richmond Retirement System (RRS) Annual Update: Leo Griffin, Executive Director of RRS, and Kia Johnson, Senior Deputy Director, presented the update. Key points:
    • Investment returns (net of fees) as of June 30, 2025: one-year return of 10.5%, exceeding the assumed rate of return of 7%. Five-year annualized return of 8.2%. Portfolio outperformed its benchmark by 20 basis points in the last fiscal year, and by 80 basis points annualized since a 2020 restructuring.
    • Funded status as of June 30, 2025: 84.9%, up from 80.9% in fiscal year 2024. The net pension liability was $157 million, down from $193 million in 2024.
    • Membership composition: 4,051 retirees, 1,055 active defined benefit plan members, and about 1,700 vested terminated members.
    • Projected funded status shows reaching near 100% by 2034. Employer contributions are projected to decline from approximately $39 million in FY2027 to about $15 million by 2033.
    • The increase in funded status from 2023-2024 was largely attributed to the issuance of pension obligation bonds (POBs) by the city, which injected $120 million into the plan, plus good investment returns.

Key Outcomes

  • Councilmember Trammell expressed strong dissatisfaction with the lack of a COLA for retirees, noting that the last ad hoc COLA was 1% on January 1, 2020, and the last bonus (supplement) was $300 flat in August 2024. She argued that retirees are struggling with rising costs and called for more action. She requested:
    • The specific amount retirees received from the $300 bonus after taxes.
    • The exact increase in the city's actuarially determined contribution (ADC) if a 1% COLA were granted without pre-funding.
  • Councilmember Robertson asked about the cost of the pension obligation bonds (interest rates) and requested that information from the finance department.
  • Vice President Jordan asked about the possibility of a targeted COLA for lower-income retirees and questioned why the plan could not accept a slightly lower funded status (e.g., 85%) to provide a COLA. The actuaries (Dan Homan and Bill Reed from Sage View Consulting) explained that granting an unfunded COLA would reduce the funded status and increase the ADC, and that there is no single correct funded percentage for granting a COLA. They noted that the 85% threshold was a prior board decision.
  • Councilmember Hamilton asked how often Richmond retirees get COLA compared to VRS participants (e.g., Henrico, Chesterfield). Griffin stated that VRS provides annual COLA up to a maximum, which is pre-funded, while RRS uses ad hoc COLAs.
  • Councilmember Breton inquired about the relationship between plan assets, liabilities, and employer contributions. He clarified that the POBs are repaid by the city's general fund, not from plan assets, and that the plan does not pay bondholders.
  • The RRS representatives committed to providing the requested information on the cost of a 1% COLA and the net bonus amounts as soon as possible.

Adjournment

The meeting was adjourned after the RRS presentation and questions.

Meeting Transcript

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 excess 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 9th Street to the assembly area inside the former public safety build building parking lot. Able persons should assist visually and hearing impaired visitors with exiting the building. And Madam President, for the record, all members are in attendance this evening, with the exception of counselors Lynch and Alberbacher. You do have a core. Thank you, Madam Clerk. Let's proceed with the docket review. Starting with the consent agenda, item number one, ordinance 2025-258. Planning commission recommended approval with an amendment. And that paper is scheduled to be amended later this evening and continue to the March 23rd council meeting. Item two, ordinance 2025-270. This paper was amended at the February 23rd council meeting. It's currently being retained on this evening's consent agenda. Item three, ordinance 2025-276. Item 4, ordinance 2025-287, public safety standing committee recommended approval. Item five, ordinance 2026 003. This paper is to be continued to the March 23rd council meeting per the patrons request. Item 6, ordinance 2026 019. This paper was amended at the February 23rd council meeting. It will be retained on this evening's consent agenda. Item 7, ordinance 2026 042, planning commission recommended approval with an amendment. And this paper is scheduled to be amended later this evening and continue to the March 23rd council meeting. Items eight and nine, ordinance 2026 043 and 2026 044 Planning Commission recommended approval. Items 10 through 14, ordinance 2026 046, 047, 048, 049, and 050. Committee referral was waived on all five items. All five items are being retained on this evening's consent agenda. Madam Clerk, if you could hold for a moment, I have a member who has a question, Councilman Breton. Yeah, I have a question about number 12. I could ask it now or I can wait till the end of the list. I would prefer that you ask it now. Okay. Um I see that item 12 was referred straight to council without going to a subcommittee, but I was wondering, I guess if we could hear more about what that item is and whether or not it, you know, would be best sent to a subcommittee. Thank you. Mr. Prelke, how are you? I'm good. Good afternoon, Council Chris Frelke, Director of Parks Recreation and Community Facilities. We've been working with Under Crown Kitchen this, they had a five-year lease with us, so this is a renewal of their five-year lease because five years is the longest term that we can do, but they've been a really good partner 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 getting some more details on the numbers they're 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 will part of our challenge was we had the ice and 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.

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