GASB 68 Employer Reporting Accounting Schedules – Prepared By GRS
To view the report that corresponds with your MERS reporting unit please reference the Employer Report Reference Key. First find your current ERSRI Employer Unit Number(s) that you use when submitting data to ERSRI. In the column to the right of that number will be the Reserve Reporting Employer Unit Number that is used to identify your report prepared by GRS.
GASB 68 Employer Reporting Accounting Schedules
To view the report that corresponds with your MERS reporting unit please reference the Employer Report Reference Key. First find the current ERSRI Employer Unit Number that you use when submitting data to ERSRI (see column 1). The 2nd column contains the Reserve Reporting Employer Unit Number that is used to identify your report prepared by GRS.
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.
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.
Retirement eligibility schedule rules
Eligibility based on the Rule of 95
The Rule of 95 is an alternative full benefit retirement eligibility date to allow members to retire earlier than their schedule-based eligibility date. Under the Rule of 95, members can retire when their age plus their years of service equal 95 provided that they are at least 62 years old.
For example, a member who is 62 years old could retire with 33 years of service rather than waiting until their schedule-based eligibility date (62 + 33 = 95).
Each schedule has different rules that are used to determine your retirement eligibility date, your accrual rate for each year of service and total service credit factor, and your pension benefit calculation. Your retirement eligibility determination considers your vesting status, when you were hired, how many years of service you had, plus your age at certain milestone dates.
Find your employment type below for more detailed information about eligibility and schedules.
For more detailed information on eligibility for JRS members, State Police, Central Falls Police and Fire legacy members, West Warwick legacy members, please call the Member Service Center at (401) 462-7600.
Credit for Service in a Non-Participating Municipality
- You may purchase service credit for time spent in other municipalities within Rhode Island that do not participate in MERS, so long as you are not using that time to receive a retirement benefit from that municipality.
- Service purchases must be made within three years of your initial date of hire.
- You will be charged the full actuarial cost of the service credit you are purchasing, based on your current age and your eligible retirement age.
- Purchased Service in a Non-Participating Municipality is considered non-contributory service and does not count toward vesting.
Out-of-State and Private School Teaching
- If you are a public school teacher in Rhode Island, you may be eligible to purchase up to five years of out-of-state teaching or private school teaching time.
- Service purchases must be made within three years of your initial date of hire.
- You will be charged the full actuarial cost of the service credit you are purchasing, based on your current age and your eligible retirement age.
- Purchased Out-of-State and Private School Teaching time is considered noncontributory service and does not count toward vesting.
Military Service Credit (Active Duty during ERSRI membership after 6/30/2005)
If you are called to active duty in the United States Armed Services during your active employment as a public employee after 6/30/2005, you may purchase the missed time by paying the contributions that would have been paid had you not been on leave. You must return to active employment within one month of your active duty ending to be eligible to make this purchase.
Purchased Active Duty military service is considered contributory service and does count toward vesting.
Military Service Credit (prior to ERSRI membership)
- If you served in the Armed Services prior to being hired as a public employee, you may purchase up to four years of credit for time spent on active duty for service in the United States Armed Services, Reserves, or the Merchant Marine.
- The purchase of Military Service credit is based on 10% of your first full year of earnings as a member of ERSRI, plus interest as applicable.
- Purchased Prior military service is considered non-contributory service and does not count toward vesting.
Official Leave of Absence
- You may purchase up to four years of credit for time spent on an official leave of absence from your employment. You must return to active employment for at least one year before you are eligible to make this purchase.
- You must make this purchase within three years of your leave concluding.
- You will be charged the full actuarial cost of the service credits you are purchasing, based on your current age and your eligible retirement age.
- Purchased Workers’ Compensation leave is considered contributory service and does count toward vesting. However, all other types of purchased leave are considered noncontributory service and do not count toward vesting.
