It was believed that the Rangers were considering buying out his contract this summer, but the team has decided against it.
Richards, who is signed through the 2019-20 season, has seven years left on his contract at an annual salary cap hit of $6.667 million.
While he's scheduled to earn $9 million next season, his salary drops to $1 million, per year, in the final three seasons of his deal.
In 46 games with the Rangers this past season, Richards registered 11 goals and 23 assists for 34 points.
The Rangers could opt to buy Richards out next summer, as teams can use their compliance buyouts then, as well, the last time they're allowed to do so under the new Collective Bargaining Agreement.
The former Stanley Cup champion has played in 900 career NHL regular-season games with the Tampa Bay Lightning, Dallas Stars and Rangers, and has accumulated 256 goals and 560 assists for 816 points.
He was originally drafted by the Lightning in the third-round (64th overall) of the 1998 NHL Entry Draft.