Employees Retirment System of Rhode Island and Municipal Employees Retirement System Regulations

Regulation Authority:

Rhode Island Gen. Laws. 36-8-3

Purpose and Reason:

The Purpose of this amendment is to make technical changes to update ERSRI’s address; update statutory references; and amend Regulation 5 to eliminate the requirement that the ballots used for electing retirement board members marked in pencil be deemed void. In addition, the proposed amendments will make non-technical changes to amend Regulation 6 and add Regulations 14 and 15. Regulation 6 concerns the purchase of optional service credit and adds additional rules and requirements for the purchase of various types of optional service credit. Regulation 14.1 clarifies the language in Rhode Island General Law (RIGL) §16-16-12(c)(iv) in which the reference made in the first sentence of RIGL §16-16-12 (c)(iv) to this section shall be interpreted to mean section 16-16-12 (c). Regulation 14.2 is a regulation regarding the application of RIGL §36-8-1(5)(b) concerning the interpretation of the definition for average compensation. It addresses consistency with the expressed intention of RIRSA. Regulation 14.3 provides that for purposes of RIGL Sections §8-3-16, §8-8-10.1, §8-8.2-7 and §28-30-18.1, contributions commencing July 1, 2012 for judges hired on or before December 31, 1989, shall be designated as contributions within the meaning of Internal Revenue Code Section 414(h) and shall be made to a trust established effective July 1, 2012. Regulation 15 concerns the Access to Public Records and sets forth procedures to help those who wish to obtain public records from our agency. No substantive differences between proposed rule and final rule.