ERSRI.org is your source for the latest information from Employees’ Retirement System of Rhode Island, the state’s largest public employee retirement system.
The $8 billion retirement system works with state employees, teachers, the Municipal Employees’ Retirement System (MERS), MERS police and fire, correctional officers, BHDDH nurses, state police, and judges.
Here, you'll find the latest tools to help you plan for your retirement, calculate your benefits and eligibility, and understand how laws and regulations may affect you.
Are You Planning to Retire Soon?
Are you planning to retire within the next nine months? If so, ERSRI offers group retirement counseling sessions at our Warwick office. During your counseling session, ERSRI will provide you with a benefit estimate and the required retirement forms.
Please schedule your counseling session six to nine months before retirement by calling ERSRI at 401-462-7600.
If you have additional questions, please contact ERSRI using our "Contact Us" page or by phone at 401-462-7600.
The ERSRI Member Service Center is open Monday - Friday from 8:30 a.m. until 4:00 p.m.
News and Updates
Treas. Magaziner to SEC: Student Loan Debt Crisis isn't “Ordinary Business”
February 16, 2018: Rhode Island Treasurer Seth Magaziner yesterday sent a letter to the U.S. Securities and Exchange Commission, in response to Navient Corporation’s (NASDAQ: NAVI) attempt to deny shareholders the chance to vote on his proposal requesting that the company provide investors with information on the measures it is taking related to risks associated with the student loan debt crisis.
“Shareholders have good reason to be concerned about risks associated with the student loan industry,” said Treasurer Magaziner. “Nationally, there are more than 44 million borrowers with an estimated $1.5 trillion in student loan debt, an amount second only to mortgage debt.”
Navient, which is facing lawsuits by four states and the Consumer Financial Protection Bureau, as well as a class-action lawsuit from investors, has appealed to the U.S. Securities and Exchange Commission (SEC) for permission to deny shareholders a chance to vote on the shareholder proposal submitted by Treasurer Magaziner. Navient is claiming that the growing level of unsustainable student loan debt, and the risk the company is taking on, is “ordinary business”.
You can read the entire press release here.
# # #
Members of 52 MERS Plans will Receive a COLA in 2018
Members of fifty-two municipal (MERS) pension plans will receive cost-of-living adjustments (COLA) in 2018. All members of these 52 plans who retired before June 30, 2012 and were previously receiving or eligible for a COLA - will receive a COLA beginning the month following their retirement date in 2018. Click here for a list of the MERS plans providing a COLA in 2018.
General MERS members of these MERS plans who retired after June 30, 2012 – will be eligible to receive a COLA three years after your retirement date or at their Social Security Normal Retirement Age, whichever is later. Police and Fire MERS members of these plans who retired between July 1, 2012 and June 30, 2015 – will be eligible to receive a COLA three years after their retirement date or when they reach age 55, whichever is later. Police and Fire MERS members of these plans who retired after June 30, 2015 - will be eligible to receive a COLA three years after their retirement date or when they reach age 50, whichever is later.
Teachers’ Survivor Benefits: Current eligible beneficiaries of the Teachers’ Survivor Benefit receive the same COLA granted to members of Social Security. The increase, which begins in January 2018, is 2.0% as announced by the Social Security Administration in October 2017.
How is the COLA calculated?: Eligible retirees of the 52 MERS plans will see an increase of 1.51% on the first $26,291 of their annual pension benefit for calendar year 2018. The Teachers’ Survivor Benefits plan COLA is determined by the Social Security Administration.
How is it determined which plans get COLAs and which plans do not?: Municipal plans that are part of MERS, and have adopted a COLA provision, provide a 2018 COLA when the actuary determines the individual plan is at least 80% funded as of June 30, 2017. Plans that have chosen not to offer a COLA and plans that are not 80% funded do not provide a COLA to members.
Recipients of the Teachers' Survivor Benefit (TSB) will receive COLA as determined by the Social Security Administration. NOTE: There may be years that the Social Security Administration does not grant a COLA.
A handout with this information can be downloaded here.
# # #
Retirees: Does ERSRI Have Your Current Mailing and E-Mail Address?
Each month, ERSRI sends an e-mail to retirees letting you know that your Pay Statement is available to view, as well as quarterly e-mails letting you know when Compass
, ERSRI’s newsletter, is available. Additionally, ERSRI will be mailing 1099 tax statements during the first quarter of 2017.
To update your contact information, please log into your account
and click on the “Update My Personal Information” icon, which looks like this:
There, you will see a “Changing Your Personal Information” box, which looks like this:
Simply update any outdated information and click the green “Update” button and you’re done.