Thinking About Retirement?

Frequently Asked Questions Regarding Retirement

When can I retire?
Providence public school teachers can retire with 28 years of service at any age or at age 60 with ten years of contributing service. For teachers not vested (10 years) as of July 1, 2005, teachers may retire at age 59 with 29 years of service or age 65 with 10 years of service or age 55 with 20 years of service (at a reduced pension).

What steps do I have to take when I'm ready to retire from teaching?
1.) Contact the RI Employees Retirement System about six months prior to your desired date of retirement to verify service credit and to begin the application process.

2.) After you have met with a retirement counselor and have determined a definite date of retirement, you should notify the Office of Human Resources of your intent to retire approximately thirty days prior to said date.

How does the Employees Retirement System determine my retirement allowance?
Teachers who are contemplating retirement, should schedule an appointment with a counselor from the RI Employees Retirement System (222-2203) for a complete financial review.

When will I receive my first benefit check?
Allow 2-3 months for receipt of your first benefit check, which will be retroactive to your date of retirement. Pension checks are issued in arrears; i.e. your check for the month of January will be processed for availability January 31st. Your first check will arrive in the mail; however, direct deposit is mandatory for subsequent checks.

What type of medical benefits am I entitled to once I retire from teaching in Providence?
Teachers who contribute ten (10) years of service in Providence and who are eligible to apply for their retirement pension within 90 days after the completion of their teaching service will receive an individual medical plan (with applicable co-share) and will be given the opportunity to purchase family coverage and medical/dental riders at the group rate. The medical plan is the same coverage enjoyed as an active teacher. Upon attainment of age 65, said coverage converts to Plan 65 unless the retiree chooses to retain his/her medical coverage by paying the School Department the difference between Plan 65 and the cost of their chosen medical coverage. This coverage is provided for life. Upon the death of the retiree, the fully paid coverage is provided to the retiree's spouse.

What is the cost for family coverage and the medical/dental riders?
Rates vary from year to year. Once you notify the School Department of your intent to retire, they will provide you with the rates in effect at that time.

Can I make changes to my medical coverage as a retiree?
Every open enrollment period (September 1st - 20th) retirees can change from one medical plan to another. Retirees who have opted to defer spousal/domestic partner coverage or additional coverages (i.e. prescription, dental) may activate those coverages during open enrollment.