ERSRI.org is your source for the latest information from Employees’ Retirement System of Rhode Island, the state’s largest public employee retirement system.
The nearly $8 billion retirement system works with state employees, teachers, the Municipal Employees’ Retirement System (MERS), MERS police and fire, correctional officers, BHDDH nurses, state police and judges regarding pension issues.
Here, you'll find the latest tools to help you plan for your retirement, calculate your benefits and eligibility, and understand how laws and regulations may affect you.
Planning to Retire Soon?
Are you planning to retire within the next nine months? If so, ERSRI offers group retirement counseling at our Warwick office. A benefit estimate and retirement forms are provided at the group sessions. Please schedule your appointment six to nine months before retirement by contacting ERSRI at 401-462-7600.
The ERSRI Customer Service Center is open Monday - Friday from 8:30 a.m. until 4:00 p.m.
If you have additional questions, please use the "Contact Us" page.
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News and Updates
R.I. Pension Fund Continues to Rally, Earns $45.8M in September
October 26, 2016: The state's pension system continued its months-long rally earning more than $45 million in positive returns in the month of September, announced Rhode Island General Treasurer Seth Magaziner today at a meeting of the State Investment Commission.
"Rhode Island's investments continue to deliver positive performance for retirees and taxpayers," said General Treasurer Seth Magaziner. "While this is encouraging, we are also taking steps to do even better. Our team is in the process of implementing our 'Back to Basics' strategy, which was designed to deliver stronger returns, reduce volatility, and strengthen retirement security for Rhode Island public employees."
September's performance marks the seventh consecutive month of positive performance for the fund, returning $45.8 million net investment performance and beating both the portfolio's benchmark and a traditional 60% stock, 40% bond portfolio. Year-to-date, the fund has returned 6.2% compared to its 5.7% benchmark. This growth comes despite first quarter fallout from the U.K.'s market-reeling Brexit vote.
International Emerging Markets were the portfolio's strongest investment category for the month, returning 1.31% in September. Year to date, emerging markets equities have returned 15.7%.A number of hedge funds continue to fall short of their benchmarks and lag the overall portfolio in 2016 to-date. Under Treasurer Magaznier's new 'Back to Basics' investment plan, the state is in the process of exiting a majority of its hedge fund investments.
Detailed information about the fund's investment strategy, performance and managers are published online as part of Treasurer Magaziner's 'Transparent Treasury' initiative at: investments.treasury.ri.gov
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Treasurer Magaziner Announces 'Back to Basics' Plan to Strengthen Pension Fund
September 28, 2016: General Treasurer Seth Magaziner announced today a new "Back to Basics" investment strategy for the Rhode Island pension fund, following unanimous approval by the State Investment Commission.
Among the changes that were recommended by Treasurer Magaziner is a significant reduction in the state's investments in hedge funds. Under the "Back to Basics" plan, the state will reduce its investment in hedge fund strategies by more than $500 million over the next two years, and reallocate these funds to more traditional asset classes.
You can read more about the plan here.
Gov. Signs Bill Expanding Post-Retirement Employment for Substitute Teachers
July 14, 2016: Governor Raimondo recently signed companion bills into law that allow retired members of Employees’ Retirement System of Rhode Island who are certified as substitute teachers to substitute teach for up to ninety (90) days a year without reduction in retirement benefits. The law became effective immediately upon the Governor’s signature.
On behalf of the members of the Employees’ Retirement System of Rhode Island, Treasurer Magaziner commends the sponsors of the legislation, Senator Nesselbush and Representative Shekarchi, and the members of the General Assembly for their leadership on this initiative.
R.I. Budget Includes New Tax Exemption for Retirees
July 5, 2016: Rhode Island’s 2017 fiscal year budget, which took effect on July 1, 2016, includes a new tax exemption for qualified retirees.
The first $15,000 of retirement income will be exempt from state personal income tax for retirees who have reached full social security retirement age and have a gross income of $80,000 or less for single filers, or $100,000 in gross income for joint filers.
In the 2016 budget, the Rhode Island General Assembly passed a similar initiative that provided a tax exemption only for Social Security benefits. This year’s budget also includes an exemption for other types of retirement income, including public and private pensions.
The exemption is now expected to provide over $6 million in tax relief in 2017 and nearly $14 million in tax relief in 2018, reducing the tax burden for over 60,000 Rhode Island taxpayers.
On behalf of the members of the Employees’ Retirement System of Rhode Island, Treasurer Magaziner commends House Speaker Mattiello, Senate President Paiva Weed and the members of the General Assembly for their leadership on this initiative.
You can read more about Rhode Island’s 2017 budget here.
DISCLAIMER: This information is not intended to provide legal or accounting advice. Please consult a tax advisor for information on your specific situation.