Rhode Island FICA Alternative Retirement Income Security Program
These are important details regarding this plan.
You are eligible to participate immediately in this plan.
This plan allows only employee contributions.
State of Rhode Island does not make matching contributions with this plan.
"Vesting" refers to an employee's right, usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. Your contribution to this account will be 100% vested immediately.
Your employer offers you a variety of investment choices from an array of asset classes. You can see a list of the investment choices under this plan on the Investment Choices page.
Expenses vary from investment to investment. To learn about expenses associated with an investment, see a list of the investment choices under this plan on the Investment Choices page, and read the Fact Sheet or the prospectus for that investment.
You have a variety of options1 when it’s time to take income from this plan:
This plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.
This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.
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Because you make contributions with pretax dollars, federal income taxes are deferred until you begin taking withdrawals later on.
No taxes are due on contributions and earnings until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment (subject to plan rules).
For additional information and guidance, contact your tax advisor.
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This plan does not offer a loan feature.
1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Talk to your benefits office for details.