Voluntary Plan Options

One key step you can take to improve your financial future is saving for your retirement. Faculty and Staff members, whose wages are subject to tax withholding, have the option to make additional pre-tax or after-tax contributions into a retirement account.

Benefits of Participating

  • Allows you to increase your retirement income through regular, planned investing.
  • Participating with before-tax contributions, you lower your federal and state taxable wages (this does not apply to Social Security or Medicare taxable wages)

Pre-tax vs. After-tax

Pre-tax investment allows your contributions and earnings to grow over time while deferring the payment of taxes until you withdraw the funds.

After-tax ROTH contributions allows your already taxed contributions and earnings to grow over time with no tax liabilities upon withdrawal.

Two Plan Options Available

You can choose to contribute to one of these plans or maximize your savings by using both plans.

Deferred Compensation Plan
Voluntary Retirement Savings Account (VRSP)

only one company available in 2020, TIAA

6 companies to choose from
VRSP Company and Agent List


can make pre-tax or after-tax contributions

can make pre-tax or after-tax contributions

UI Contributions No No
Required Participation No, voluntary participation No, voluntary participation
Enrollment Enroll with TIAA first and then complete enrollment in Employee Self Service Enroll with the selected company of choice and to complete enrollment, finish enrollment in Employee Self Service


The following groups are eligible to enroll:

  • Regular Faculty and Staff with taxable wages
  • House Staff
  • Research Fellows and Post Docs
  • Temporary Staff


Enrollment in or changes will take effect the following month, depending on the timing of your elections. If you submit your enrollment and/changes before Payroll Cutoff which is always 5 business days before the last day of the month, you should see your new elections on the next paycheck. 

All regular Faculty, Staff and House Staff members should complete their enrollment and/or changes within Employee Self Service. If you are a bi-weekly employee, please contact University Benefits for a paper form. 

Purchasing U.S. Treasury Products through Payroll Deduction

Treasury Direct (U. S. Savings Bonds)

TreasuryDirect lets you buy and redeem securities, including savings bonds, directly from the U.S. Department of the Treasury in paperless electronic form.  In order to participate in payroll deductions for TreasuryDirect, participants need to first open a TreasuryDirect account. 

Once your account is established, you may then log in to Employee Self Service to establish your monthly payroll deduction in any amount you choose. "Time & Pay" tile >> "Giving" >> "Savings Bond Enrollment" and then complete the online form.

For more specific information, please reach out to the Payroll Services Office at payroll-services@uiowa.edu

Contact Information

University Benefits

Campus Address
120 USB
Mailing Address

120 University Services Building
Iowa City, IA 52242-1911
United States

Monday-Friday, 8 a.m.-5 p.m.