State of Rhode Island: Office of the General Treasurer

Secure Path RI

The information outlined below is based on the Rhode Island Retirement Security Act of 2011, a law enacted November 18, 2011.

Member contributions to DB: One to two percent based on COLA election
Member contributions to DC: Five percent; additional two for those without Social Security
Employer Contributions to DC: One percent; additional two percent for members without Social Security
DB pension accrual rate: One percent per year (See Hybrid FAQs)
Average Compensation: Average of the highest five consecutive years of compensation
COLA: (See COLA FAQs)
Retirement age: Social Security Normal Retirement Age; same transition rules as State Employees and Teachers (See Retirement Age FAQ)
Vesting: 5 years for DB; 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 Contributions
One percent/two percent based on COLA election	Social Security Normal Retirement Age (SSNRA). Same transition rules as state employees and teachers	One percent	Highest consecutive 5 years	Risk-adjusted COLA targeting two percent. Calculated as five year smoothed investment return less 5.50 percent, with 0 percent Floor and four percent cap, applied to first $25,000 of benefit, indexed. COLA delayed until later of SS NRA or three years after retirement. See COLA FAQs for suspension rules	Five percent Member plus one percent Employer DC contribution. Member without Social Security: Additional two percent Member and two percent Employer contribution.