The Rhode Island Retirement Security Act of 2011 (RIRSA) was implemented on July 1, 2012. As part of RIRSA, a Defined Contribution component was added to the plan.
Beginning in 2012, most state employees, teachers, and municipal employees began making mandatory pre-tax contributions to their Defined Contribution Plan, in addition to making a required contribution to the Defined Benefit Plan. For ERSRI, the Defined Contribution Plan is managed by TIAA.
Employee and Employer contribution rates are defined in Rhode Island General Laws §36-10.3-4 and §36-10.3-5. These rates will remain in effect until there is an approved legislative change by the General Assembly.
Current rates for TIAA DC plans.
Historic rates for TIAA DC plans.