Retirement Information Guide
This guide 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 booklet, you should have any additional questions or need any clarification, please contact the Office of Human Resources at 401-825-2311.
FOR CLASSIFIED EMPLOYEES
All Classified employees working 20 hours or more per week must participate in the Employees Retirement System (ERS). The ERS mandates employees to contribute 8.75% of gross earnings on a pre-tax basis each pay period. Employees are vested in the ERS upon completion of 3 years of service. Should an employee leave state service prior to becoming vested, he/she has the option of leaving his/her funds in the ERS, withdrawing funds, or rolling funds into a qualified retirement savings vehicle.
The ERS provides defined benefits, which are calculated based upon age, years of state service, and the highest five years of earnings.
FOR FACULTY & NON-CLASSIFIED EMPLOYEES
Non-Classified employees who are exempt from ERS*, 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 ERS at the time of employment at the Community College may elect to remain in the ERS if they so choose.
- American Association of Retired Persons (AARP)
- Board of Governors 403(b) Defined Contribution Plan
- Comparison Chart - ERS 401(a) vs. 403(b) Retirement
- How Do the 457(b) and 403(b) Plans Differ From Each Other?
- Metropolitan Life Insurance Company
- RI State Employees Retirement System (ERS)
- Social Security Administration
- Social Security's Online Retirement Planner
- Teachers Insurance and Annuity Association (TIAA-CREF)
- VALIC Retirement