You can check following description about lr_policy (Learning rate decay):
// The learning rate decay policy. The currently implemented learning rate
// policies are as follows:
// - fixed: always return base_lr.
// - step: return base_lr * gamma ^ (floor(iter / step))
// - exp: return base_lr * gamma ^ iter
// - inv: return base_lr * (1 + gamma * iter) ^ (- power)
// - multistep: similar to step but it allows non uniform steps defined by
// - poly: the effective learning rate follows a polynomial decay, to be
// zero by the max_iter. return base_lr (1 - iter/max_iter) ^ (power)
// - sigmoid: the effective learning rate follows a sigmod decay
// return base_lr ( 1/(1 + exp(-gamma * (iter - stepsize))))
// where base_lr, max_iter, gamma, step, stepvalue and power are defined
// in the solver parameter protocol buffer, and iter is the current iteration.
Hope this answer helps.