Frequently Asked Questions - MERS - Police & Fire

A MERS Police and Fire Guide to RIRSA

• Member contributions to DB: Seven percent contribution with no COLA election; eight percent contribution if municipality elected COLA.  
• Member contributions to DC: Three percent for public safety employees without Social Security
• Employer contributions to DC: Three percent for public safety employees without Social Security
• Annual DB pension accrual rate: Two percent
• Average Compensation: Average of the highest five consecutive years of compensation. For those eligible to retire on or before June 30, 2012 average compensation remains the same as previous plan rules.
• COLA: Same provisions as MERS general, except a retiree is eligible to begin receiving a COLA at the later of age 55 or 3 years after retirement. (See COLA FAQs)
• Retirement age: 55 years old with 25 years of service; if currently age 45 with 10 years of service and eligible to retire prior to age 52, new retirement is age 52. Any member may retire at retirement date under current plan rules and receive pension benefit calculated as of June 30, 2012.
• Vesting: 5 years for DB. For members without Social Security and in DC plan: 3 years for employer contributions to DC; immediately for employee contributions to DC

Member Contribution Rate to Defined Benefit Plan	Retirement Eligibility	Benefit Multiplier	Average Compensation Period	Post-Retirement Benefit Adjustments	Defined Contribution Plan
Seven percent/eight percent based on COLA election	Age 55 with 25 years of service	Two percent	Highest consecutive five years	Risk-adjusted COLA targeting two percent. Calculated as five-year smoothed investment return less 5.50 percent, with 0 percent Floor and 4 percent cap, applied to first $25,000 of benefit, indexed. COLA delayed until later of age 55 or three years after retirement. See COLA FAQs for suspension rules.	Without Social Security: three percent Member and three percent Employer contribution.