Legislative Update for Fiscal Year 2019

July 2019: During the 2019 legislative session the Rhode Island General Assembly passed several bills that may affect members of Employees’ Retirement System of Rhode Island:

• Contribution Timing: Beginning July 1, 2020, employers will have 3 business days to transmit contributions to the Retirement System. Currently, an employer has up to 45 days to transmit contributions to the Retirement System. This new law will enable the Retirement System to process retirement paperwork more quickly; helping reduce the delay in providing new retirees with their first retirement check.
• Correctional Officer / State Employee – Combining Service Credit: Members of the Retirement System who have worked both as a Correctional Officer and as a State employee will now be able to combine their service when determining their retirement eligibility date and the calculation of their retirement benefits.
• Central Falls Has the Option to Join the State Retirement System: With the passage of this law, the City of Central Falls’ public safety pension plans now have the opportunity to join the State Retirement System if all stakeholder groups approve. Importantly, this legislation does not require the City’s public safety employees to join the Retirement System, it simply gives the City and the members of its public safety pension plans the option. Central Falls’ municipal employee plan is currently managed by the State Retirement System.  
• The funded status and liability of each municipal plan managed by the Retirement System is calculated separately. When a municipal plan joins the Retirement System there is no impact to the existing municipal plans, or to the State Employee plan.

You may read more about the 2019 legislative changes here.