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Restoration of Service Credit – Withdrawal or Refund Payback
- You can pay to restore your credits after completing one year of service (from the date of your return).
- You must pay into the system the amount you had refunded to you, plus interest.
- Service purchases must be made within three years of your rehire date.
- Unlike other types of service purchases, purchase of withdrawn service credit is not included in the maximum five-year purchase limit. It is considered contributory service and does count toward vesting.
- Restoration of contributory service credit will effectively restore your retirement credit in the years it was originally earned.
How do I purchase service credit?
There are various types of service credit you may be eligible to purchase, along with a request form for each type. Once you have completed the appropriate form and have had it certified by your employer, you can submit it to ERSRI for processing. You may pay either by lump sum, an installment agreement via payroll deduction, or a rollover of pre-tax dollars from a qualified plan (i.e. a 401(k)). Once you have selected a payment method, you may not change it, as required by federal law. Use the section below for the more common types of credit as well as the full list.
Listed here are a few of the more common types of credit you may be able to purchase.
For a full list of the various types of service credits and the request forms for each, use the link below.
To read more about the different types of service credits that may be purchased, see pages 9-11 in the Member Handbook.
How to Schedule Your Counseling Session
To schedule your counseling session six to twelve months before retirement, please call ERSRI at (401) 462-7600.
ERSRI also provides individual counseling to members planning to retire within the next 3 years. Use the link below for more information and to initiate your counseling request.
Deferred Retirement
In some cases, your eligibility date may change if you leave employment prior to reaching your full retirement date. However, your accrued benefit will be the same as it was the day you terminated employment. Depending on several factors, including the amount of service you earned before terminating your employment, you may be eligible to initiate your retirement benefit prior to reaching your full eligibility date by electing to retire under a Transition Rule. However, exercising early retirement will result in your receiving a reduced benefit.
It is important to know that after leaving active employment, ERSRI will not automatically begin sending your pension benefit to you once you have reached eligibility. It is your responsibility to notify ERSRI of your decision to retire and to submit a service retirement application approximately three to six months before you are eligible to begin collecting your benefit.
If you do not apply for your pension benefit when you first become eligible, you will not receive retroactive benefits to the date when you were initially eligible. Deferred retirement benefits are payable beginning on your eligibility date or on the first of the month in which your completed application is received by ERSRI, whichever is later.
To qualify for a deferred retirement benefit, you must leave your money on deposit with ERSRI when you terminate employment.
QDRO Model Multiple Beneficiaries
The QDRO Model for multiple beneficiaries is for active state employees or teacher members only.
QDRO Model - Option 2
The QDRO models listed below are for retirees who selected Option 2 form of payment.
QDRO Model - Option 1
The QDRO models listed below are for retirees who selected Option 1 form of payment.
QDRO Model - Maximum Benefit
The QDRO models listed below are for retirees who selected the maximum benefit form of payment.
Qualified Domestic Relations Order (QDRO)
A Domestic Relations Order (DRO) is a court order or judgment that sets forth how a member’s retirement benefit is to be divided upon retirement. The Order must be a judgment, decree, or court order relating to the provision of marital property rights awarded to a spouse. (See RIGL §15-5-16.1)
A Qualified Domestic Relations Order (QDRO) is an order that assigns an Alternate Payee a portion of the pension benefits payable to a Participant of a retirement plan.
Ongoing Compliance Requirements for Disability Pensions
Members who have been awarded disability pensions and have not reached their retirement age are required to provide ERSRI with periodic medical updates and earnings information. Use the link below to learn more about member reporting requirements.
