State of Rhode Island: Office of the General Treasurer
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Frequently Asked Questions - Service Credit
FAQ by Plan
FAQ by Design
- Retirement Age
- Cost of Living Adjustment
- Service Credit Guide
- Hybrid Defined Benefit / Defined Contribution Plan
More FAQs about RI's Pension Crisis
The information outlined below is based on the Rhode Island Retirement Security Act of 2011, a law enacted November 18, 2011.
A Service Credit Purchasing Guide to RIRSA
Question: I want to purchase service credit after July 1, 2012. How would the law enacted November 18, 2011 legislation affect me?
Answer: Service purchases made on or after July 1, 2012 (except military purchases and refunds) will be calculated at full actuarial value based on the plan’s assumed rate of investment return minus 1 percent. Currently, this rate would be 6.5 percent.
Question: Will I be able to purchase service credits at any time?
Answer: No. Service credit purchases must be made within 3 years of initial eligibility for purchase, but all existing eligible purchases as of June 30, 2012 have until June 30, 2015 to be exercised.