§ 36-10.3-1. Definitions. As used in this chapter, the following terms, unless the context requires a different interpretation, shall have the following meanings: (1) “Compensation” means compensation as defined in § 36-8-1(8). (2) “Employee” means an employee as defined in §§ 36-8-1(9) and 45-21-2(7) and a teacher as defined in § 16-16-1(12), effective July 1, […]
§ 36-10.3-10. Rollover contributions and distributions. (1) An employee entering the plan may elect, at the time and in the manner prescribed by the administrator, to have all or part of a direct rollover distribution from an eligible retirement plan owned by the member paid directly into the member’s individual account. (2) Rollover contributions do […]
§ 36-10.3-11. Annual report and statement. The retirement board shall submit to the governor, the general treasurer, the auditor general, the speaker of the house of representatives and the president of the senate, on or before the first day of December of each fiscal year, an annual report including a financial statement of the plan […]
§ 36-10.3-12. Severability. The holding of any section or sections or parts hereof to be void, ineffective, or unconstitutional for any cause shall not be deemed to affect any other section or part hereof. History of Section.P.L. 2011, ch. 408, § 9; P.L. 2011, ch. 409, § 9.
§ 36-10.3-13. Waiver of administrative fees. Any plan administration fees assessed to members of the plan after July 1, 2015, shall be reimbursed by the state for any member whose annual compensation is thirty-five thousand dollars ($35,000) or less, said dollar amount to be indexed annually in the same percentage determined under § 36-10-35(h)(1)(B). History […]
§ 36-10.3-2. Establishment. (1) A defined contribution retirement plan is established for members of the of the Employees’ Retirement System of Rhode Island (ERS) and the Municipal Employees’ Retirement System of Rhode Island (MERS). (2) The defined contribution retirement plan is a plan in which retirement savings are accumulated in an individual account for the […]
§ 36-10.3-3. Supplemental participation for local public employers. Employers that include job positions, other than public safety positions, that do not participate in Social Security under the Federal Old Age, Survivors and Disability Income program, but which currently contribute to ERS or MERS on behalf of such positions, shall make supplemental contributions to the plan […]
§ 36-10.3-4. Member contributions. (1) Each regular member shall contribute to the member’s individual account in the plan an amount equal to five percent (5%) of the member’s compensation from July 1 to the following June 30. (2) Each public safety member not participating in Social Security under the Federal Old Age, Survivors and Disability […]
§ 36-10.3-5. Employer contributions. (1) An employer shall contribute to each regular member’s individual account the following amounts on the date contributions are withheld but no later than three (3) business days following the pay period ending in which contributions were withheld: (i) For members with fewer than ten (10) years of total service as […]
§ 36-10.3-6. Supplemental employer and member contributions. (a) A supplemental member shall contribute to the member’s individual account an amount equal to two percent (2%) of the member’s compensation from July 1 to the following June 30 in addition to the requirements of § 36-10.3-4. For these members, a supplemental employer shall contribute to the […]
§ 36-10.3-7. Vesting of contributions. (1) The total amount contributed by the member, including associated investment gains and losses, shall immediately vest in the member and is non-forfeitable. (2) The total amount contributed by the employer, including associated investment gains and losses, vests with the member and is nonforfeitable upon completion of three (3) years […]
§ 36-10.3-8. Investments. The state investment commission shall determine from time to time the investment options available under the plan and a member may direct his or her account among the investment options offered under the plan pursuant to the plan documents. History of Section.P.L. 2011, ch. 408, § 9; P.L. 2011, ch. 409, § […]
§ 36-10.3-9. Distributions. The plan documents shall specify the distribution options available under the plan which shall include a lump sum and rollover distribution option, and may include such installment, annuity, hardship, loan or death benefit options as determined by the state investment commission in its discretion subject to § 36-10.3-2(5). History of Section.P.L. 2011, […]
