Mandatory Plan Options
Eligibility
All staff members (except house staff, fellows, adjunct faculty, and students) with employment expected to last 6+ months must participate in a retirement program.
Plans
Choose between IPERS (Iowa Public Employees' Retirement System) or TIAA (Teachers Insurance and Annuity Association).
IPERS (Iowa Public Employees' Retirement System)
- Type: Defined Benefit Pension Plan (401(a))
- Benefits: Provides guaranteed retirement benefits based on a formula considering age, years of service, and covered wages. IPERS takes on all investment risk, ensuring your benefit amount is not affected by stock market fluctuations.
- Contributions: Both the University and the employee contribute to the plan. Federal and state income taxes on contributions are deferred until benefits are received.
TIAA (Teachers Insurance and Annuity Association)
- Type: Defined Contribution Plan (401(a))
- Benefits: Retirement income is based on the performance of investments chosen by the employee. Offers flexibility in investment options and the potential for growth based on market performance.
- Contributions: Both the University and the employee contribute to the plan. Contributions are tax-deferred until benefits are received.
Voluntary Plan Options
In addition to the mandatory retirement plans, the University of Iowa offers voluntary retirement savings options. These plans allow participants to save additional funds for retirement.
- Additional Contributions: Make pre-tax or after-tax contributions into a 457(b) and/or a 403(b) retirement account. Participation is voluntary, and the university does not contribute to these plans.
- Six different vendors are available for the 403(b) VRSP account.
- TIAA is the only vendor available for the 457(b) account.
Retiring from the University
When you're ready to retire, you must make important financial and health benefits decisions.
Retirement Fund Investment Committee
Our Retirement Fund Investment Committee (RFIC) oversees the investment options available to you, ensuring they align with financial goals and the university's commitment to supporting your retirement planning.
ABOUT OUR SITE:
The information on our website describes only the highlights of the plans and does not constitute official plan documents. Additional terms and conditions may apply. If there are any discrepancies between the information contained herein and the official plan documents, the plan documents will govern.