Voluntary Retirement Plan Options

Start Saving for Your Future Today

The University offers two voluntary retirement savings plans that you can enroll in through Employee Self-Service. These plans allow you to make before-tax or after-tax contributions in addition to your required contributions, following IRS guidelines.

You can start, stop, or change your contributions at any time during the year—giving you flexibility and control over your savings.

Please note: The University of Iowa does not contribute to these voluntary plans.

Why consider a voluntary retirement savings plan (VRSP) or 457(b) plan?

These plans give you flexibility and control to build additional financial security beyond your mandatory contributions. You might enroll if you:

Want to save more in addition to your IPERS or TIAA contributions
Prefer tax advantages—choose pre-tax to lower taxable income now, or Roth after-tax for potential tax-free withdrawals later
Are age 50 or older and want to use catch-up contributions
Have a high income and want to maximize annual IRS contribution limits
Want flexibility in choosing investments—select from multiple vendors and investment options (403(b) plans)
Want to diversify your retirement savings across different tax treatments and plan types

Both plans are flexible: you can start, stop, or change contributions at any time.

Note: Everyone’s tax situation is different. Review your options carefully and consult a financial advisor to determine what’s best for you.

Eligibility to Participate

You can enroll in a voluntary retirement plan if you are a University of Iowa employee whose wages are subject to tax withholding. This includes:

Regular faculty and staff
House staff members
Postdoctoral research scholars and interns
Temporary staff

Compare Your Voluntary Retirement Options: VRSP 403(b) & 457 (b)

You can contribute to one plan, or maximize your savings by using both.

If you choose to participate in both the VRSP and the 457(b), your VRSP deduction will occur first, followed by the 457(b) deduction.

Contribution Limits
You can make pre-tax or after-tax (Roth) contributions to your plan, up to the annual IRS limit. There is no employer contribution to these plans.

Your Roth contributions count toward your maximum annual limit, including any catch-up contributions if you qualify.
For current IRS limits, visit https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-contribution-limits.

Voluntary Retirement Savings Plan (VRSP)

Tax-Deferred Annuity Plan (403(b))

Benefits: Save pre-tax or Roth after-tax dollars with tax-deferred growth.
Eligibility: All faculty and staff with taxable wages.
Contributions: Subject to IRS limits; catch-up allowed-no university match.
Vendors: Choose from multiple approved retirement plan providers.
Enrollment: First, enroll with an approved vendor, then complete setup in Employee Self-Service.

457(b) Deferred Comp Savings Plan

Governmental Deferred Compensation Plan

Benefits: Save pre-tax or Roth after-tax dollars beyond 403(b) limits.
Eligibility: All faculty and staff with taxable wages.
Contributions: Separate IRS limits; catch-up allowed—no university match.
Vendor: TIAA only.
Enrollment: First, enroll with TIAA, then complete setup in Employee Self-Service.

Voluntary Retirement Savings Plan (VRSP) Providers

Eligible University of Iowa employees can choose from the following approved companies to manage their VRSP account. Each company has agents available to assist you:

Ameriprise Financial
Ameritas
Fidelity Investments
Pacific Life
TIAA
Voya Reliastar

457(b) Retirement Plan

Vendor
TIAA is the only approved vendor for the 457(b) plan.

Can I participate in both the 457(b) and VRSP?
Yes. You can enroll in the Voluntary Retirement Savings Plan (VRSP), the 457(b) plan, or both.

If you choose both, your VRSP deduction will occur first, followed by your 457(b) deduction.