The Rhode Island Retirement Security Act of 2011 (RIRSA) was implemented on July 1, 2012. As part of RIRSA, a Defined Contribution component was added to the plan.
Beginning in 2012, most state employees, teachers, and municipal employees began making mandatory pre-tax contributions to their Defined Contribution Plan, in addition to making a required contribution to the Defined Benefit Plan. For ERSRI, the Defined Contribution Plan is managed by TIAA. Click the link below to visit the TIAA website.
Your employer also makes a mandatory contribution to your Defined Contribution account. You are vested in the portion you contribute immediately; you are vested in the portion contributed by your employer after 3 years. Employees with 20 or more years of service as of June 30, 2012 stopped contributing to the Defined Contribution Plan (as of July 1, 2015). If you are a member in this group, you continue to own your account with TIAA. Members may not withdraw their contributions from TIAA until they have separated from service.
For more information about your TIAA contribution rates, click the link below.
New hires are automatically enrolled in a target date fund, but changes can be made by logging into your account and changing your investment options.
There are a couple of easy ways you can login to your TIAA account:
- 1. Login directly from the TIAA website using the link below.
- 2. Use the link below to login to the ERSRI Member Portal. Then access your TIAA account by clicking on the “My TIAA Account” under “My Plans”.
For questions concerning your Defined Contribution Plan, including how to withdraw funds from your Defined Contribution Plan after you terminate your employment or to learn about your options at retirement, contact TIAA at (800) 897-1026 or visit www.tiaa.org/ri. Note that your employer must remove you in the TIAA system before you can take a refund, which may take up to 8 weeks from your last day of work.
TIAA’s 2021 guide: Your money. Your future. Your options.
To schedule an appointment with a TIAA Financial professional, click the link below, or call (800)-897-1026.