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 $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.
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.
Are You Planning to Retire Soon?
On October 6th, the Department of Administration (DOA) announced a voluntary retirement incentive for State employees who receive longevity and will reach their full retirement benefit eligibility date on or before December 31, 2017.
This is not a Retirement System initiative. DOA will notify employees who may qualify by November 10, 2017.
If you believe you qualify for the incentive, but have not receive notification from DOA, please contact them by phone at 401-222-2160 or by e-mail at email@example.com.
ERSRI will be validating retirement eligibility and providing pension benefit estimates to employees who have received an incentive packet from DOA. In order to expedite responses, we ask members who have been notified by DOA that they may qualify for the incentive to submit all inquiries relating to the retirement system online at: www.ersri.org/vri.
Note: It is possible that the voluntary retirement incentive will lead to a large number of members contacting ERSRI in a short period of time. As such, all members should be prepared to experience delays in application processing and member inquiry response times.
More information about the voluntary retirement incentive can be found at www.ersri.org/vri. If you have additional questions, please contact ERSRI using our "Contact Us" page or by phone at 401-462-7600.
The ERSRI Member Service Center is open Monday - Friday from 8:30 a.m. until 4:00 p.m.
News and Updates
Compass, ERSRI’s Member Newsletter, is Available Online
November 28, 2017: The Fall/Winter 2017 issue of Compass, ERSRI’s member newsletter, is now available. Articles include:
• Message from Treasurer Magaziner
• Retirement System Update
• 2017 Legislative Update
• DOA’s Voluntary Retirement Incentive Information
• Protecting Your Identity
• Member Profile: Meet Michael Allen
Retirement System Advises Members to Prepare for Delays Due to Voluntary Retirement Incentive
November 3, 2017: Members of the Employees’ Retirement System of Rhode Island should be prepared to experience delays in retirement application processing and member service inquiries in coming months as the voluntary retirement incentive is expected to generate a high volume of inquiries and retirement applications in a short period of time.
Members are reminded that the voluntary retirement incentive is not a Retirement System initiative. The Department of Administration (DOA) will be contacting employees that may qualify for the incentive directly. Questions about DOA notifications should be made to Human Resources, not the Retirement System.
ERSRI will be validating retirement eligibility and providing pension benefit estimates to employees who have received an incentive packet from DOA. To expedite responses, ERSRI is asking members who have been notified by the Department of Administration that they are qualify for the voluntary retirement incentive to submit all retirement related inquiries and applications online via: www.ersri.org/vri
The Employees' Retirement System is committed to providing its members with timely, quality services and will make every effort to keep delays in processing to a minimum. ERSRI does not anticipate any delay in pension payroll or other functions that are not related to new retirement applications.
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Treasurer Magaziner Joins Investor Coalition Demanding Opioid Distributors and Manufacturers Examine Their Role in Overdose Crisis
October 30, 2017: Rhode Island Treasurer Seth Magaziner has joined a coalition of 30 treasurers, asset managers, faith-based investors, public and labor funds with a combined $1.3 trillion in assets under management in engaging with companies on board oversight of business risks related to opioids at ten opioid distributor and manufacturer companies.
The devastating increase of opioid-related deaths in Rhode Island requires that state, federal, non-profit and the private sector all work together to curb opioid misuse and abuse. The pharmaceutical industry must do more to end this epidemic - not profit from it,” said Rhode Island Treasurer Seth Magaziner.
You can read the entire press release here.
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Rhode Island Pension Fund Earns $872 Million in First Year of Treasurer Magaziner's 'Back to Basics' Strategy
October 25, 2017: Rhode Island's pension fund continues to deliver strong investment performance, earning $74.3 million in the month of September 2017, and more than $872 million in the 12 months since Treasurer Magaziner announced his Back to Basics investment strategy.
"I am committed to bringing growth and stability to our State's pension fund," said Treasurer Magaziner. "Our Back to Basics approach is improving investment returns through common sense investments and providing financial security for those who have dedicated their careers to public service."
For the 12-month period ending September 30, 2017, the fund earned over $872 million, a return of 11.6 percent, which beats the plan's 11.1 percent benchmark and a traditional 60% stock/40% bonds portfolio which would have earned 10.9 percent.
Treasurer Magaziner announced the Back to Basics investment strategy in September 2016 and has moved more than $500 million out of hedge funds in favor of more traditional investments for growth and stability.
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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Governor Raimondo Announces Retirement Incentive for Eligible State Employees - Details to Follow by November 1st
October 9, 2017: On October 6th, the Raimondo Administration announced an incentive for State employees who are eligible for retirement this year. The incentive consists of a one-time payment equal to twice the value of the eligible employee’s annual longevity bonus dollar amount, with a total cap of $40,000. This is not an early retirement incentive. The incentive will be available to members with a normal retirement eligibility date occurring before December 31, 2017.
The Department of Administration will provide more detailed information about this incentive prior to November 1st. ERSRI will provides updates, as available, at www.ersri.org.
Longevity payment details for State employees are maintained by employers and not by ERSRI. If you believe you may be eligible or have questions about the incentive, we respectfully request that you do not contact ERSRI or your Human Resources representative until the Department of Administration releases additional information.
If you are considering retirement, have not received a retirement packet within the past 12 months, and would like to receive information on your eligibility and estimated pension benefit amount, please complete, sign and return this form to ERSRI.
Note: Rhode Island State Police and Department of Corrections officers are not eligible for the incentive due to differing retirement arrangements.
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Rhode Island Pension Fund Has Pulled More than $500 Million from Hedge Funds
October 3, 2017: Rhode Island General Treasurer Seth Magaziner today announced his office’s redemption from seven hedge funds has topped $500 million as the implementation the Treasurer’s Back to Basics investment strategy reaches the one-year milestone.
"My Back to Basics strategy is getting the pension system healthy in order to provide retirement security for those who have dedicated their careers to public service and bring more stability to Rhode Island’s finances,” said Treasurer Magaziner.
Since October 2016, the Treasurer’s office redeemed positions with Ascend Capital, Brevan Howard, Brigade Capital Management, Emerging Sovereign Group, Partner Fund Management, Samlyn Capital, and Och-Ziff management.
The move away from hedge-funds was a part of Magaziner’s Back to Basics investment policy which found that high-fee hedge funds had underperformed, despite commanding high fees. Under Back to Basics, most of the state’s previous hedge fund investments were abandoned in favor of more traditional investment strategies.
The $8.17 billion Rhode Island Pension Fund has earned more than $840,000,000 in investment gains in the 12-month period ending August 31, 2017. This 11.27% return beat the plan’s own benchmark of 10.95%, and outperforms a traditional 60% stock/40% bonds which would have returned 10.21% over the same period.
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Retirees: Does ERSRI Have Your Current Mailing and E-Mail Address?
Each month, ERSRI sends an e-mail to retirees letting you know that your Pay Statement is available to view, as well as quarterly e-mails letting you know when Compass
, ERSRI’s newsletter, is available. Additionally, ERSRI will be mailing 1099 tax statements during the first quarter of 2017.
To update your contact information, please log into your account
and click on the “Update My Personal Information” icon, which looks like this:
There, you will see a “Changing Your Personal Information” box, which looks like this:
Simply update any outdated information and click the green “Update” button and you’re done.