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Retirement Plans
Eligible employees at the Community College of Rhode Island must participate in the appropriate retirement plan as follows:
Classified Employees participate in the
State Employees Retirement System (ERS).
All Classified employees working 20 hours or more per week must
participate in the ERS. The ERS mandates employees to contribute 8.75% of gross earnings
on a pre-tax basis each pay period. Employees are vested in the ERS upon completion of 10
years of service. Should an employee leave state service prior to becoming vested, he/she
has the option of leaving his/her funds in the ERS, withdrawing funds, or rolling funds
into a qualified retirement savings vehicle.
The ERS provides defined benefits, which are calculated based upon age, years of state service, and the highest three years of earnings. For more specific information regarding retirement benefits, employees may call the Office of Human Resources.
Non-Classified Employees participate in either
AIG Retirement (formerly VALIC),
Metropolitan Life Insurance Company, or
Teachers Insurance and Annuity Association
(TIAA/CREF).
Non-Classified employees who are exempt from ERS*, who have reached the
age of 30, and who have two (2) years of service are required to participate in the AIG, Metropolitan Life or TIAA-CREF retirement plans as a condition of employment. Participation is permitted, on a voluntary basis, for eligible employees under the age of
thirty (30).
Employees must contribute at least 5% of their gross biweekly earnings. These contributions may be made on a pre-tax basis. The College will contribute 9% of the employee’s gross biweekly earnings. The employee may designate how these funds are invested. There is no vesting period.
Should an employee leave the College prior to retirement, the employee's options regarding their retirement funds include continued investment; rollover, or withdrawal. Further details regarding these options may be obtained from the Office of Human Resources.
*Non-classified employees who are members of the ERS at the time of
employment at the Community College may elect to remain in the ERS if they so choose.
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