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Informal Meeting

March 10, 2026 ·4:00 PM Final

Council Chamber, 2nd Floor - City Hall

Agenda PDF 📹 Watch video Official record ↗

Agenda — 24 items

  1. 1 Call to Order
  2. 1 Council Members Present
  3. 2 Chamber Emergency Evacuation Announcement
  4. 2 The Honorable Cynthia Newbille, President The Honorable Katherine Jordan, Vice President The Honorable Andrew Breton The Honorable Kenya Gibson The Honorable Nicole Jones The Honorable Stephanie Lynch (late arrival) The Honorable Ellen Robertson The Honorable Reva Trammell
  5. 3 Consent Agenda: 1. Ord. 2025-258 – to be amended and continued to Monday, March 23, 2026 2. Ord. 2025-270 – retained on Consent Agenda 3. Ord. 2025-276 – retained on Consent Agenda 4. Ord. 2025-287 – retained on Consent Agenda 5. Ord. 2026-003 – to be continued to Monday, March 23, 2026 6. Ord. 2026-019 – retained on Consent Agenda 7. Ord. 2026-042 – to be amended and continued to Monday, March 23, 2026 8. Ord. 2026-043 – retained on Consent Agenda 9. Ord. 2026-044 – retained on Consent Agenda 10. Ord. 2026-046 – retained on Consent Agenda 11. Ord. 2026-047 – retained on Consent Agenda 12. Ord. 2026-048 – retained on Consent Agenda 13. Ord. 2026-049 – retained on Consent Agenda 14. Ord. 2026-050 – retained on Consent Agenda Chris Frelke, Parks, Recreation and Community Facilities director, provided an introduction of Ord. 2026-048 and stated that the proposed lease agreement renewal was time sensitive. Regular Agenda: 15. Ord. 2025-231 – to be continued to Monday, April 13, 2026 16. Ord. 2026-017 – retained on Regular Agenda There were no further comments or discussions concerning Consent and Regular Agenda items reviewed.
  6. 3 Absent
  7. 4 Docket Review
  8. 4 The Honorable Sarah Abubaker
  9. 5 Leo Griffin, RRS executive director, and Kia Johnson, RRS senior deputy director, presented
  10. 5 Staff Present
  11. 6 Other Discussion Item(s)
  12. 6 Lisa Braxton, Council Management Analyst, Principal Laura Drewry, City Attorney Kiley Kesecker, Deputy City Clerk Candice Reid, City Clerk Tabrica Rentz, Deputy City Attorney RJ Warren, Council Chief of Staff
  13. 7 Richmond Retirement System (RRS) Annual Update
  14. 8 Richmond Retirement System Presentation and Handouts CD.2026.070
  15. 8 Council President Cynthia Newbille called the meeting to order at 4:01 p.m. and presided.
  16. 9 Adjournment
  17. 10 Upon the President’s request, Council Management Analyst Lisa Braxton provided information on the appropriate way to evacuate the Council Chamber in an emergency.
  18. 12 Council Management Analyst Lisa Braxton reviewed the following agenda items as indicated:
  19. 17 the annual update on the city’s retirement system, which included investment and actuarial summaries, membership composition, funded status and projected employer contributions. A copy of the presentation and handouts have been filed.
  20. 19 Mr. Griffin noted that Dan Homan and William Reid, actuarial consultants with SageView Advisory Group, and William Emmett, investment consultant with Callan, were available virtually to answer questions regarding the presentation. Mr. Griffin also acknowledged the attendance of RRS Board Member Daisy Weaver. Councilor Reva Trammell inquired regarding RRS board membership and the last time retirees received a cost-of-living adjustment (COLA); she expressed concern regarding the financial impact of inflation on retirees. Mr. Griffin informed Council that the most recent ad hoc COLA was granted January 1, 2020. Mr. Homan advised that granting a COLA without pre-funding would increase the actuarially determined contribution and reduce the funded status. He noted that pre-funding a 1% COLA would cost approximately $6 million, with higher percentages increasing the cost proportionally. After discussion regarding the absence of regular COLAs for retirees and the impact of pension obligation bonds on the system’s funded status, Mr. Griffin explained that COLAs within RRS are ad hoc and require separate approval and funding, unlike the Virginia Retirement System where COLAs are pre-funded. He further explained that the issuance of pension obligation bonds in FY2024 provided approximately $120 million in net proceeds, contributing to the increase in funded status.
  21. 20 Councilor Stephanie Lynch arrived at 4:46 p.m. and was seated
  22. 21 Councilor Robertson requested additional information regarding the potential impact of a COLA on future employer contributions and additional details regarding pension obligation bond costs.
  23. 23 There being no further business, the meeting adjourned at 4:48 p.m.
  24. 24 ___________________________________ CITY CLERK