The University of Iowa sponsors the following retirement plans:
- the University of Iowa Funded Retirement Plan,
- the University of Iowa Tax-Deferred Annuity Savings Plan, and
- the University of Iowa 457(b) Deferred Compensation Plan (the “Plans”).
The Plans are intended to provide eligible employees with an opportunity for a long-term accumulation of retirement savings through a combination of employer and employee contributions to individual participant accounts.
Federal legislation has increased the responsibilities of employers as retirement plan sponsors and requires employers to take a more active role in administering their retirement plans. As the plan sponsor, the University of Iowa created the Retirement Fund Investment Committee (the “Committee”) to address the increased responsibilities to the Plans. The Committee responsibility includes the establishment of a formal, prudent process to making retirement plan investment option decisions consistent with fiduciary responsibilities. Fiduciaries have important responsibilities and are subject to certain standards of conduct because they act on behalf of the participants of the plan. This includes analyzing, reviewing, and documenting all actions taken to fulfill fiduciary responsibilities.
The plan sponsor defined the Retirement Fund Investment Committee membership to include the following university individuals:
- Terry Johnson - University Chief Financial Officer & Treasurer
- Susan Klatt - Assistant Vice President and Director of Treasury Operations and Financial Management
- Carroll Reasoner - Vice President, Legal Affairs & General Counsel
- Cheryl Reardon - Chief Human Resources Officer & Associate Vice President
- Joni Troester - Senior Assistant Vice President and Deputy CHRO
- Rebecca Olson - Senior Director, University Benefits
- Jon Garfinkel - Faculty/Staff Representative (FRIC Committee co-chair)
- Cathy Zaharis - Representative content expert from the College of Business
Responsibility of the Committee
The responsibilities of the Retirement Fund Investment Committee include:
- Establishing and maintaining the investment policy statement, including developing operating guidelines
- Monitoring compliance with relevant state and federal laws, regulations, and rulings that impact the investment process
- Selecting investment options
- Periodically evaluating the Plans’ investment options and recommending investment option changes
- Reviewing the investment fees paid to service providers and other investment options of the Plans for appropriateness.
- Reviewing University Human Resources reporting of recordkeeping and educational services on a regular basis
- Providing advisory input to the identification and selection of service providers to assist in meeting and maintaining the Plans’ investment objectives
Investment Goals and Objectives
The overall investment objective of the Plans is to offer participants a set of fund choices to choose from that provides opportunity for diversification and covers the risk/return spectrum.
The objective of each fund is to meet or exceed the target benchmark over a market cycle. Short term underperformance will be monitored, but not necessarily be cause for termination.
The selection of funds will consider the allocation and appropriateness of administrative and investment management costs.
Commonly asked questions
When was the Retirement Fund Investment Committee formed?
The Retirement Fund Investment Committee was created in 2018.