Rhode Island ERS Retirement Calculator: How to Use It
An ERSRI pension is built from two piles of service: what you earned before July 1, 2012 under the old schedules, and what you've earned since at 1% or 2% a year. The calculator needs both.
What this calculator does
It estimates the single-life defined benefit for ERSRI state employees and teachers from the statutes (R.I. Gen. Laws 36-10-10 and 16-16-13). It adds pre-2012 schedule credit to post-2012 credit, applies the 75% or 80% cap, then checks your planned age against the retirement rules and the early retirement table. It assumes continuous service since July 2012. It doesn't model the frozen-2012 option, survivor options, disability, the defined contribution plan, or MERS municipal plans.
What each input means
Years of ERSRI service so far
Total service credit today. The calculator adds the years until your planned retirement age.
Years of service at June 30, 2012
Your service on that date, including service purchases approved or applied for by then. Enter 0 if you were hired later.
Schedule A and service at Sept. 30, 2009
Check the box only if you joined before July 1, 2005 with 10 years by then. Schedule A rates run through Sept. 30, 2009; the calculator uses Schedule B rates from there to June 2012.
Final average salary
Your highest three consecutive years of compensation, the rule for retirements on or after July 1, 2024.
Retirement age on your ERSRI statement
Optional. If you had 5 years by June 30, 2012, your eligible age is prorated below your Social Security age. Enter it in years (63.5 for 63 and 6 months). Blank means the calculator uses your Social Security full retirement age, estimated from your current age.
Understanding the outputs
Schedule B member with 6 years at June 30, 2012, retiring at 67 with 30 years and a $75,000 FAS: 6 x 1.6% = 9.6% pre-2012, plus 24 x 1% = 24% after, for 33.6%. That's $25,200 a year. The same member at 64 with 27 years and a statement age of 67 is three years early: 30.6% x $75,000 = $22,950, less 24%, is $17,442.
The COLA panel explains the rule but doesn't project it, since the rate depends on investment returns, inflation and the funded ratio, and applies to only part of the check.
Related calculators
Frequently asked questions
Why does the calculator ask for my service at June 30, 2012?
Service before July 1, 2012 earns the old Schedule A or B rates, from 1.6% to 3.0% a year. Service after earns 1%. And if you had 20 or more years on June 30, 2012, your service from July 1, 2015 earns 2% instead of 1%.
Am I Schedule A or Schedule B?
Schedule A if you joined before July 1, 2005 and had at least 10 years of contributory service by then. Everyone else is Schedule B. Schedule A is capped at 80% of FAS and Schedule B at 75%.
What is my retirement age?
Your Social Security full retirement age, or a prorated earlier age (never below 59) if you had 5 years by June 30, 2012. Your ERSRI statement shows it. Active members can also go unreduced at 65 with 30 years, 64 with 31, 63 with 32 or 62 with 33.
How big is the early retirement cut?
With 20 years you can go up to five years early. The cut is 9% for the first year, 8% for the second and 7% for each of the next three, prorated by month. Three years early is 24%.
Does ERSRI coordinate with Social Security?
The pension isn't offset by Social Security. If your position is covered, you collect both. The COLA can't start before your Social Security retirement age.