Guidelines
- After a two-year waiting period you may be eligible to participate in the BOG 403(b) retirement plan if you are a faculty or non-classified staff employee on continued appointment with a workload of at least 20 hours (17.5 for faculty) per week and more than six months in duration.
- Grant-funded faculty and staff whose grant is expected to be a period of one year or more are included.
- Temporary employees replacing faculty or staff on leave, or other adjunct employment, are excluded.
- Active members of the Employees' Retirement System of Rhode Island (ERSRI) may elect to remain in ERSRI. This decision must be made within 60 days of becoming eligible for participation in the 403(b) retirement plan.
- Once you become eligible to participate in this retirement plan, your contribution will be a minimum of 5% of your biweekly salary. URI will contribute 9% biweekly, and all monies will be directed to an individual retirement account.
Two-year waiting period waiver
The two-year waiting period for participation in the BOG 403(b) retirement plan may be waived if you meet one of the following conditions.
- You have a fully vested, fully funded 403(b) or 401(a) account that was issued under the terms of an institutional retirement plan to which employer contributions were made.
- You have five (5) years of experience in your field, not including work done while a graduate student, and you are at least 30 years of age.
Appointments to complete paperwork to waive the two-year waiting period must be scheduled within 30 days from your date of hire. Failure to complete and return the necessary documents within 60 days of hire will result in a waiver of eligibility until you have completed two years of service.
Other options
If you are required to serve the standard two year waiting period for retirement and you are eligible for other benefits, you can make tax-deferred contributions to a Group Supplemental Retirement Annuity 403(b) or a 457(b) Deferred Compensation Plan.
Please note that only employee contributions are made to these retirement plans.
Forms
A PF-14 form to change your retirement contribution
A PF-15 to start a GSRA
A PF-16 to make changes to your GSRA
457 Non-classified Employee Form
457 Classified Employee
Have questions? Contact Employee Benefits or call 874-2921, 874-2778 or 874-9054.
