The retirement pension in Rhode Island is one of the well known state retirement systems in the US. The retirement pension system is managed by the Employees Retirement System of Rhode Island (ERSRI). The plan mostly caters to the employees of the public sector and the plan is handled by the ERSRI. The ERSRI is a part of the Department of Treasury.
The state of Rhode Island looks after the public retirement system of the state level and local employees. The benefits that you get as a retiree are based in the service credits and the final average salary. The benefits are calculated by using a basic equation. There are different benefits for public service jobs which have high risks such as firemen, police and so on. Around 21 benefit structures are managed by the Employees Retirement System of Rhode Island. They include health insurance, retirement eligibility conditions, Cost of Living Adjustments and so on. To make the retirees aware about the various retirement benefits, the system offers free counseling and advice to make the retirees choose their ideal retirement benefits.
Health coverage is given by the Employees Retirement System of Rhode Island to the retired state workers and the public employees. Health care benefits are provided as well to the school teaches. However, for that one needs to be a member of the Employees Retirement System. In case of the municipal employees who have retired, they receive health care benefits from their former municipal employer.
Many job openings are also provided by the Employees Retirement System of Rhode Island. There are part time jobs as well as full time jobs. Retirees can also take up jobs on a contractual basis. The jobs make the retirees and older adults financially stable even after they retire from the main job.
Survivor benefits are also provided to the members by the ERSRI. Retirees and older adults who are covered under the various plans are entitled to the various benefits. After they die, the survivors of the nominees are entitled to the benefits.