Welcome to the University of Iowa's Retirement Benefits page. Whether you're just beginning to plan for the future or preparing to retire soon, this page provides essential information to support your journey.
Here, you'll find details about the university's mandatory retirement plans - IPERS and TIAA - as well as voluntary savings options like 403(b) and 457(b) accounts to help you build additional financial security. You'll also discover resources and guidance for retiring from the university including eligibility requirements, benefit transitions, and planning tools to ensure a smooth and informed retirement experience.
Mandatory Retirement Plans
The University of Iowa offers two mandatory retirement plan options to help eligible employees build a secure financial future. Participation is required for regular faculty and staff with appointments expected to last six months or more. Employees must choose between the Iowa Public Employees’ Retirement System (IPERS) and the Teachers Insurance and Annuity Association (TIAA) plan. If no election is made within 60 days of hire or eligibility, employees are automatically enrolled in IPERS.
Iowa Public Employees' Retirement System (IPERS)
- Type: Defined Benefit Pension Plan (401(a))
- Benefits: Provides a guaranteed monthly retirement income based on age, years of service, and wages. The plan assumes all investment risk.
- Contributions: Shared by employee and university; tax-deferred until retirement. Rates may adjust annually.
- Vesting: After 7 years of service or age 65 while employed.
- Enrollment: Automatically enrolled unless TIAA is elected within 60 days of hire date.
Teachers Insurance and Annuity Association (TIAA)
- Type: Defined Contribution Plan (403(b))
- Benefits: Employees manage their own investments; retirement income depends on market performance.
- Contributions: Fixed employee rate; university contributes double. Contributions are tax-deferred.
- Vesting: Immediate
- Enrollment: Must elect within 60 days via Employee Self-Service.
Voluntary Retirement Plans
In addition to mandatory retirement contributions, the University of Iowa offers voluntary retirement savings options to help employees further prepare for their financial future. These plans allow eligible employees to make pre-tax or after-tax (Roth) contributions beyond what is required, offering flexibility and control over retirement planning.
Retiring from the University
Retirement marks a major life transition, and the University of Iowa is committed to helping employees navigate this process with clarity and confidence. Whether you're considering full retirement or a phased approach, this section outlines the steps, eligibility criteria, and benefits available to support your journey.
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.