The 401(a) plan was created through the Rhode Island Retirement Security Act of 2011. The plan includes State workers, MERS members, along with police and fire personnel who do not pay into social security. Together with the defined benefit pension system, the 401(a) defined contribution plan allows for a secure and more portable retirement system.
The State has partnered with a non-profit, TIAA-CREF to administer the plan. The majority of the assets in the plan, which reached over $375 million as of March 31, 2015, are in the low-fee Vanguard age-based index funds. More details on the investment lineup including performance data, investment fees and universe comparisons can be found in the monthly State Investment Commission reports.
Members can schedule individual counseling sessions at no additional charge by calling 800 732-8353, Monday to Friday, 8 a.m. to 8 p.m. (ET). TIAA-CREF’s office is conveniently located at The Gateway Center at 15 Park Row West, Suite 102 in Providence, RI. Complimentary parking is available.
For more information please visit the Rhode to Retirement website at http://www1.tiaa-cref.org/tcm/ri