The Rhode Island Supplemental Retirement Plan (RI SRP) is a government-sponsored retirement savings program designed to supplement the retirement income of employees who participate in the state's MERS (Municipal Employees' Retirement System) pension plan. It provides an additional retirement savings option for public employees working for participating municipalities and school districts in Rhode Island. The RI SRP offers several types of retirement plans to suit the varying needs and preferences of the participants. One such plan is the defined contribution plan, where employees make contributions to their individual retirement accounts (IRAs) on a pre-tax basis via payroll deductions. These contributions can be invested in a range of investment options, such as stocks, bonds, and mutual funds, allowing their retirement savings to potentially grow over time. Another type of plan under the RI SRP is the deferred compensation plan. This plan enables employees to defer a portion of their salary, again on a pre-tax basis, into a retirement account that can be invested. This plan offers flexibility to participants, as they have the ability to choose how much of their income they want to defer and when to receive distributions in retirement. Additionally, the RI SRP offers a 457(b) plan, which is a tax-advantaged retirement savings vehicle available to employees of government and certain non-profit organizations. Similar to the deferred compensation plan, employees can contribute a portion of their income on a pre-tax basis, subject to certain contribution limits set by the Internal Revenue Service (IRS). This plan also allows for potential investment growth and provides participants with the freedom to control their retirement savings. The Rhode Island Supplemental Retirement Plan aims to provide public employees with a reliable and efficient way to save for their retirement and ensure financial security in their post-employment years. By offering various retirement plan options, the program caters to the diverse needs and preferences of participants, empowering them to take control of their retirement savings journey.
Rhode Island Supplemental Retirement Plan
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FAQ
The Supplementary Retirement Plan (SRP) provides additional pension benefits to MEPP members whose annual salaries exceed the Salary Cap. SRP is supplementary to MEPP, however not all employers participate.
Supplemental contributions Type of limit2023403b under age 50$22,500403b age 50 and over$30,000Compensation limit (employer's matched retirement contributions are limited to matches made on this amount of salary)$330,000
A supplemental executive retirement plan is a deferred compensation agreement between the company and the key executive whereby the company agrees to provide supplemental retirement income to the executive and his family if certain pre-agreed eligibility and vesting conditions are met by the executive.
A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.
The employer buys the insurance policy, pays the premiums, and has access to its cash value. The employee receives supplemental retirement income paid for through the insurance policy. Once the employee receives income in retirement, that benefit is taxable. At that point, the employer receives a tax deduction.
It's a lump-sum cash award, designed to offset the effects of your reduced pension contributions due to your service-related disability.
The COLA rate for a given year is calculated using 50% of the previous five-year average investment return minus 5.00%, and 50% of inflation as measured by the CPI-U Consumer Price Index for All Urban Consumers, then applied to a portion of your pension benefit determined by RI General Law.
If you leave your job and terminate employment with a participating employer but are vested in the system (currently 5 years of contributing service), you may begin collecting your pension benefit when you meet your retirement eligibility criteria ? as long as you do not withdraw your contributions.