Benefit Payments

You can expect to receive your first pension payment within two to three months. Your first payment will be retroactive to the date of your retirement.

Monthly Benefit Payments

ERSRI pays benefits on the last business day of each month. For members with direct deposit, when the last day of the month falls on a weekend or holiday, your monthly benefit will be deposited the previous business day. Click the link below to download a payment schedule for the current year.

2024 Payment Schedule
2024 Payment Schedule

Setting up Direct Deposit

ERSRI offers direct deposit to ensure your monthly benefit payments are securely and conveniently deposited at your financial institution. If you would like to make changes to your direct deposit information or set up a new direct deposit, click the link below to learn more.

Direct Deposit Information

Tax Withholding

Retirement benefit payments are generally considered taxable income under both federal and State of Rhode Island income tax laws. At the time of retirement, you will need to instruct ERSRI on your tax withholding election, and you can update your elections at any time. Click the link below to learn more.

TAX WITHHOLDING INFORMATION

COLA

A COLA is a Cost of Living Adjustment. Not all employers offer a COLA, and not all ERSRI members are eligible. Depending on economic factors, for members with a suspended COLA, an interim COLA may be calculated and awarded every four years during the suspension period.

LEARN MORE ABOUT COLA

1099-R information

ERSRI issues 1099-R forms for retirees by January 31st of each year. You should receive your form by mail in the following weeks. Additionally, your 1099-R is available to view or print by logging into your online retirement account on the ERSRI Member Portal.

LEARN MORE ABOUT 1099-Rs