When can I retire with a full ERSRI pension?

Four ways to a full pension

1. You could retire by June 30, 2012. Schedules A, ABE, B and B1E kept the retirement date they had. Handbook, p. 17, Eligible Retirement Age and note 24 ('Employees who were eligible to retire as of June 30, 2012 were not affected by this change'); R.I. Gen. Laws § 16-16-12(c)
2. Your Social Security full retirement age (never over 67), with 5 years of contributory service. Handbook, p. 17, Eligible Retirement Age ('mirrors your Social Security Normal Retirement Age (SSNRA), not to exceed 67 years old'); R.I. Gen. Laws § 36-8-1(20)
3. A scaled-back age if you had 5+ years of contributory service on June 30, 2012 (Schedules ABNE and B1NE). Never below 59. How it works. Handbook, p. 18, Transition Rules ('a downward adjustment from your Social Security Normal Retirement Age (SSNRA) based on the amount of service you had earned as of June 30, 2012'); Handbook, p. 17, Schedules ABNE and B1NE; R.I. Gen. Laws § 16-16-12(c)(ii); ERSRI RIRSA Guide (Jan. 2012), pp. 24-27 (method and examples)
4. The Rule of 95: age plus service of at least 95, at age 62 or older. Handbook, p. 18, Rule of 95 ('your age and years of service must add up to 95 ... (but not lower than age 62)')

Whichever comes first is your full-pension date. The calculator checks all four.

When your pension starts

Your retirement is effective on the day after your termination date or on the first day of the month ERSRI receives your completed application, whichever is later. Payments are made in arrears on the last business day of each month; the first one usually takes 2-3 months and is retroactive. Handbook, p. 37, When will my retirement become effective? / When can I expect to receive my retirement benefit?; R.I. Gen. Laws § 16-16-12(a)(i)

What the handbook says

• Unless you could retire by June 30, 2012, your full-pension retirement age is your Social Security Normal Retirement Age (SSNRA), never more than 67, with at least 5 years of contributory service. SSNRA depends on the year you were born.Handbook, p. 17, Eligible Retirement Age
• Rule of 95: if your age plus your years of service add up to 95, you can retire with a full pension, but not before 62. Examples: 62 with 33 years, 63 with 32, 64 with 31, 65 with 30. Use it only if it gives an earlier date than you already have.Handbook, p. 18, Rule of 95
• Check with ERSRIThe statute lists the four example pairs (65/30, 64/31, 63/32, 62/33) for 'teachers in active service', while the handbook gives the general sum-of-95 rule. We follow the handbook, for teachers still working.Handbook, p. 18, Rule of 95; R.I. Gen. Laws § 16-16-12(d)Whether ERSRI applies the Rule of 95 to someone who left teaching before meeting it is not stated.
• If you had at least 5 years of contributory service on June 30, 2012, ERSRI gives you a 'downward adjustment' from SSNRA based on the service you had then. The more service you had in 2012, the bigger the adjustment. It can't go below age 59.Handbook, p. 18, Transition Rules; p. 17, Schedules ABNE and B1NE
• If you could retire by June 30, 2012 (Schedules A, ABE, B and B1E), the 2011 law did not change your retirement date.Handbook, p. 17, Eligible Retirement Age, note 24
• Transition Rule 2: with at least 10 years of contributory service on June 30, 2012, you can retire on the date you'd have had under the law then. Your pension uses only your service and highest average pay as of June 30, 2012, with no credit for anything after.Handbook, p. 18, Transition Rule 2
• Your retirement starts the day after your last day of work, or the first of the month ERSRI receives your completed application, whichever is later. Teachers who served the required 180 days have a July 1 retirement date.Handbook, p. 37, When will my retirement become effective?; Treasurer's Article 12 guide (July 1, 2024), p. 14

Questions

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