Text title
As a member of the Employees’ Retirement System, you’ll likely have a hybrid benefit plan made up of a Defined Benefit plan and a Defined Contribution plan. Click here to view the current member contribution rates.
(Note: Correctional Officers, State Police, and certain public safety employers only provide the Defined Benefit plan and do not participate in the Defined Contribution Plan pursuant to Rhode Island General Law.)
A Defined Benefit Plan is commonly known as a “pension.” This plan pays you a specific benefit amount each month when you retire, for your lifetime. These plans have formulas to determine how much you will receive each month, based on criteria such as how long you worked and your salary.
The Defined Contribution plan allows you to save money for your retirement in a tax-deferred account that is similar to a 401(k) plan. Both you and your employer are required to contribute a percentage of your salary to your Defined Contribution plan. TIAA invests these funds on your behalf and as you instruct and when you retire, you are able to begin withdrawing these funds. To learn more, visit the TIAA webpage.
