Rhode Island Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service Rhode Island Retirement Benefits Plan, also known as the Rhode Island Retirement System (AIRS), is a comprehensive pension program established to provide retirement benefits to eligible public employees in the state. The plan is designed to offer financial security and stability to individuals who have dedicated their careers to public service in Rhode Island. The Rhode Island Retirement Benefits Plan offers various types of retirement plans to accommodate the diverse needs of eligible employees. These plans include: 1. Defined Benefit Plan: This traditional pension plan provides retirees with a fixed monthly benefit amount based on factors such as years of service, final average salary, and an established benefit formula. It offers a reliable source of income during retirement. 2. Optional Hybrid Plan: This plan gives employees the choice between a defined benefit and a defined contribution plan. It combines elements of both, allowing participants to receive a pension based on a formula, and contribute to an individual investment account, the Defined Contribution 401(a) Plan. 3. Defined Contribution 401(a) Plan: This retirement savings plan enables participants to contribute a portion of their salary into individual investment accounts. The funds are invested, typically in a variety of investment options, such as mutual funds or target-date funds. The account value at retirement is dependent on the performance of the investments made. 4. Defined Contribution 457 Plan: Specifically designed for public employees, the 457 plan offers voluntary retirement savings options, allowing eligible participants to set aside a portion of their salary on a pre-tax basis. These contributions, along with potential earnings, grow tax-deferred until retirement, providing an additional source of income. Rhode Island Retirement Benefits Plan is managed by the Employees' Retirement System of Rhode Island (ER SRI), which oversees the administration, investment, and distribution of retirement benefits. The plan ensures that participants receive comprehensive retirement benefits and access to support services, including retirement counseling and educational resources. To be eligible for participation in the Rhode Island Retirement Benefits Plan, individuals generally must be employed by a participating Rhode Island public employer, meet specific service requirements, and contribute a portion of their salary towards the plan. By offering a range of retirement plans, Rhode Island aims to address the diverse needs and preferences of its public employees, providing them with attractive retirement benefits and helping ensure their financial well-being during their post-employment years.

Rhode Island Retirement Benefits Plan, also known as the Rhode Island Retirement System (AIRS), is a comprehensive pension program established to provide retirement benefits to eligible public employees in the state. The plan is designed to offer financial security and stability to individuals who have dedicated their careers to public service in Rhode Island. The Rhode Island Retirement Benefits Plan offers various types of retirement plans to accommodate the diverse needs of eligible employees. These plans include: 1. Defined Benefit Plan: This traditional pension plan provides retirees with a fixed monthly benefit amount based on factors such as years of service, final average salary, and an established benefit formula. It offers a reliable source of income during retirement. 2. Optional Hybrid Plan: This plan gives employees the choice between a defined benefit and a defined contribution plan. It combines elements of both, allowing participants to receive a pension based on a formula, and contribute to an individual investment account, the Defined Contribution 401(a) Plan. 3. Defined Contribution 401(a) Plan: This retirement savings plan enables participants to contribute a portion of their salary into individual investment accounts. The funds are invested, typically in a variety of investment options, such as mutual funds or target-date funds. The account value at retirement is dependent on the performance of the investments made. 4. Defined Contribution 457 Plan: Specifically designed for public employees, the 457 plan offers voluntary retirement savings options, allowing eligible participants to set aside a portion of their salary on a pre-tax basis. These contributions, along with potential earnings, grow tax-deferred until retirement, providing an additional source of income. Rhode Island Retirement Benefits Plan is managed by the Employees' Retirement System of Rhode Island (ER SRI), which oversees the administration, investment, and distribution of retirement benefits. The plan ensures that participants receive comprehensive retirement benefits and access to support services, including retirement counseling and educational resources. To be eligible for participation in the Rhode Island Retirement Benefits Plan, individuals generally must be employed by a participating Rhode Island public employer, meet specific service requirements, and contribute a portion of their salary towards the plan. By offering a range of retirement plans, Rhode Island aims to address the diverse needs and preferences of its public employees, providing them with attractive retirement benefits and helping ensure their financial well-being during their post-employment years.