The information below has been developed to answer some of the most "Frequently Asked Questions" when contemplating retirement. It discusses your options regarding continued health insurance coverage, contacting Social Security Administration, and a host of other topics.
The earlier you begin to examine and make plans concerning these issues, the smoother the transition will be. If, after reviewing this information, you should have any additional questions or need any clarification, please contact the Office of Human Resources at 401-825-2311.
FOR CLASSIFIED EMPLOYEES OR PARTICIPANTS IN ERS
All Classified employees working 20 hours or more per week must participate in the Employees' Retirement System of Rhode Island (ERSRI).
ERSRI mandates any participants in ERS contribute as follows:
|Employee Years of Service as of 6/30/2012||Defined Benefit Employee %||Defined Contribution Employee %||Defined Contribution Employer %|
|20+ years||11% of gross pay||0% of gross pay||0% of gross pay|
|15 to 20 years||3.75% of gross pay||5% of gross pay||1.5% of gross pay|
|10 to 20 years||3.75% of gross pay||5% of gross pay||1.25% of gross pay|
|<10 years||3.75% of gross pay||5% of gross pay||1.00 % of gross pay|
Employees are vested in the defined benefit pension plan when they have five years of contributing service.
Members who participate in the defined contribution plan will always be 100 percent vested in their contributions. Employer contributions will be vested after the member has three years of contributing service, including contributing service prior to July 1, 2012. Non-vested members who terminate employment prior to completing three years of contributing service will forfeit the employer’s contribution.
Should an employee leave state service prior to becoming vested, he/she has the option of leaving his/her funds in the ERSRI, withdrawing funds, or rolling funds into a qualified retirement savings vehicle.
FOR FACULTY & NON-CLASSIFIED EMPLOYEES
Non-Classified employees who are exempt from ERSRI*, who have reached the age of 30, and who have two (2) years of service are required to participate in the Metropolitan Life, TIAA-CREF or VALIC retirement plans as a condition of employment. Participation is permitted, on a voluntary basis, for eligible employees under the age of thirty (30).
Employees must contribute at least 5% of their gross biweekly earnings. These contributions may be made on a pre-tax basis. The College will contribute 9% of the employee’s gross biweekly earnings. The employee may designate how these funds are invested. There is no vesting period.
Should an employee leave the College prior to retirement, the employee's options regarding their retirement funds include continued investment; rollover, or withdrawal.
*Non-classified employees who are members of the ERSRI at the time of employment at the Community College may elect to remain in the ERSRI if they so choose.
- Retirement Toolkit
- 457(b) Deferred Compensation Plans
- Board of Education Retirement Information Guide (for Faculty & NonClassified Employees)
- Board of Governors 403(b) Defined Contribution Plan
- Board of Education Medical Retirement
- Comparison Chart - ERSRI 401(a) vs. 403(b) Retirement
- How Do the 457(b) and 403(b) Plans Differ From Each Other?
- Employment Benefits at CCRI
- ERSRI Retiree Health Care
- Phased Retirement for Faculty
- Post 65 Medical Coverage
- Retirement Benefits Summary
- Social Security Administration
- Social Security's Online Retirement Planner
- Supplemental Retirement Annuities (SRA's)
RETIREMENT COMPANY WEB SITES:
- American Association of Retired Persons (AARP)
- Employees' Retirement System of Rhode Island (ERSRI)
- Metropolitan Life Insurance Company
- Teachers Insurance and Annuity Association (TIAA-CREF)