Rhode Island Code of Regulations
Title 120 - Treasury Department
Chapter 00 - N/A
Subchapter 00 - N/A
Part 1 - Employees' Retirement System of Rhode Island and Municipal Employees' Retirement System Regulations
Section 120-RICR-00-00-1.16 - Regulation Regarding the Election of R.I. Gen. Laws Sections 36-10-10.3 and 45-21-17.2 Social Security Supplemental Option

1. R.I. Gen. Laws §§ 36-10-10.3 and 45-21-17.2 permit a vested member to elect this option which provides for payment of a larger benefit before the attainment of age sixty-two (62) and a reduced amount thereafter. The reduced amount shall be equal to the benefit before age sixty-two (62) including cost of living increases minus the member's estimated social security benefit payable at age sixty-two (62). The benefits payable before and after the attainment of age sixty-two (62) will be actuarially determined to be equivalent to the lifetime service retirement allowance as determined in R.I. Gen. Laws §§ 36-10-10 and 45-21-17 respectively.

2. This option is not available for police/fire retirees, Disability retirees, nurses retiring from the Department of Behavioral Healthcare Developmental Disabilities and Hospitals or Department of Mental Health Retardation and Hospitals or schedule B retirees.

3. The purpose of this Regulation is to permit retirees who had elected the social security supplemental option at the time of retirement and prior to November 17, 2011, to adjust the effective date of the reduction of the larger benefit before the attainment of age sixty-two (62). This Regulation does not apply to any member retiring on or after November 17, 2011. The adjustment under this Regulation will be actuarially determined to be equivalent to the lifetime service retirement allowance as determined in R.I. Gen. Laws §§ 36-10-10 or 45-21-17. Members are precluded from selecting joint and survivor options pursuant to R.I. Gen. Laws §§ 36-1019 and 45-21-30.

1. Eligible retirees will be given a one (1) time election to adjust the effective date of the reduction of the larger benefit before the attainment of age sixty-two (62). This selection shall be deemed irrevocable on issuance of the first (1st) payment. Retirees, before the attainment of age sixty-two (62), who select this adjustment, will have their current benefit adjusted during calendar year 2014 (January 1, 2014 to December 31, 2014).

2. Upon request, on a form provided by ERSRI, an eligible retiree's current benefit will be reduced on the month following the retiree's birthday during calendar year 2014 based on an actuarial equivalent amount provided for this purpose. The actuarial equivalent amount will be developed by the System actuary and will be based on the assumptions and tables established on the retiree's date of retirement.

3. Retirees must submit their request on the ERSRI form no later than sixty (60) days prior to the member's birthday in calendar year 2014. In all cases, the eligible retiree will receive a larger benefit before the attainment of age sixty-two (62) and a reduced amount thereafter, and the reduced amount shall be equal to the benefit before the reduction, including cost of living increases, minus the retiree's estimated social security benefit payable at age sixty-two (62), and the benefits before and after the adjustment will be actuarially determined to be equivalent to the lifetime service retirement allowance as determined by R.I. Gen. Laws §§ 36-1010 or 45-21-17 respectively, as required by the Rhode Island General Laws.

4. Example of an adjustment: