Saving Extra for Retirement

Voluntary Retirement Savings Program (VRSP)

One key step you can take to improve your financial future is saving for your retirement.  The VRSP is a benefit available to you as a University of Iowa employee.  Although the University does not match these contributions, the VRSP allows you to save additional before-tax and after-tax (Roth) money for retirement. 

Related Links

Purchasing U.S. Treasury Products through Payroll Deduction

Treasury Direct (U.S. Savings Bonds) Information

Benefits Office

Campus address
120 USB
U.S. mailing address
The University of Iowa
University Benefits Office
120 University Services Bldg.
Iowa City, IA 52242-1911
Phone
319-335-2676
877-830-4001
FAX
319-335-2776

Frequently Asked Questions

No. Extra contributions cannot be made to the "basic" retirement account. Extra contributions must be put into the Voluntary Retirement Savings Program (VRSP). Some VRSP contributions can be made on a tax-deferred or after-tax basis.

The Voluntary Retirement Savings Program is available for employees to make additional contributions to a retirement plan.  This was formerly referred to as GSRA or a Group Supplemental Retirement Annuity.  Because there are multiple products offered for employees to use for savings, this has been renamed the Voluntary Retirement Savings Program.  The IRS establishes the maximum that can be contributed to this 403(b) plan.  Refer to the Benefits Saving Extra for Retirement website for instructions to enroll.

Any employee who receives a paycheck with Federal, State, and FICA tax deductions can contribute to the Voluntary Retirement Savings Program.