Text title
Retirees - Retiree FAQ
We’ve gathered a list of the most common questions we hear from our retirees and answered them on the Retiree FAQ page.
Tag name
H2
Text title
Planning For Retirement - How to Schedule Your Counseling Session - Calculating your benefits
In addition to reviewing your retirement eligibility, you can use the Pension Projection Tool on the ERSRI Member Portal to estimate your benefit amount. The Pension Projection Tool uses the information in your account, which has been submitted to ERSRI by your employer throughout your career. An ERSRI Retirement Counselor will also provide you with an estimate and discuss the calculation of your benefit and the payment options available to you at your counseling appointment.
To learn more about how your retirement benefit is calculated, click the link below.
Withdrawing Your Contributions
Upon termination of employment, if you are not vested in the system or if you are vested but elect not to receive a deferred retirement benefit from ERSRI, you can elect to take a refund of your pension contributions without interest. You can roll this money over into a qualified retirement account or take the refund as a direct cash payment.
If taken in the form of a direct cash payment to you (in lieu of a roll over), a refund of your contributions is subject to state and federal income taxes, and ERSRI must withhold 20% in federal tax from the taxable portion of your refund. In addition, if you receive a lump sum distribution of your pre-tax member contribution account from the System before the minimum age for federal and state requirements, and you do not roll it over into another qualified plan or an Individual Retirement Account (IRA), you may also have to pay a tax penalty for early withdrawal.
When considering a refund, ERSRI strongly encourages you to seek advice from a qualified tax professional. ERSRI cannot provide you with such advice.
To initiate a refund of your ERSRI contributions, use the link below to download and submit an Application for Termination Packet form or call the Member Service Center at (401) 462-7600 and request a Termination Packet.
Use this form to receive information regarding a refund of contributions.
If you wish to withdraw funds from your Defined Contribution Plan after you terminate your employment, or if you have related questions, contact TIAA at (800) 897-1026 or their website by using the link below. Note that your employer must terminate you in the TIAA system before you can take a refund, which may take up to 8 weeks from your last day of work.
Text title
Changes in Your Life or Job - Change or designate beneficiaries
Beneficiaries are individuals designated by an ERSRI member to receive survivor and/or death benefits after his or her death. It is important for members to keep their account updated, including beneficiary information. To designate or update your beneficiary, use the link below.
Text title
Retirement Eligibility - Leaving Employment Prior to Retirement Eligibility?
If you leave your job and terminate employment with a participating employer but are vested in the system (currently 5 years of contributing service), you may begin collecting your pension benefit when you meet your retirement eligibility criteria — as long as you do not withdraw your contributions.
Get to know ERSRI
Most members of the Employees’ Retirement System have a hybrid benefit plan made up of a Defined Benefit plan and a Defined Contribution plan.
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.
What is a Defined Benefit Plan?
A Defined Benefit Plan pays you a specific amount of money per month for your lifetime when you are eligible to retire. The amount of your monthly pension benefit is based on several criteria including when you were hired, how long you have worked, and your salary.
