The University of Iowa and University Human Resources recently earned national recognition for enhancements to its TIAA retirement plan, supporting more than 44,000 employees and retirees and making it easier for them to save for retirement.

University Human Resources partnered with TIAA and CAPTRUST Financial Advisors to earn first place in the plan transition category at the 2026 Pensions & Investments Eddy Awards for its retirement plan modernization. The award recognizes the university's work to simplify the plan, reduce costs, and strengthen long-term retirement readiness.

The university streamlined its investment lineup, replacing a menu of more than 50 fund options with a smaller set of lower-cost funds. This change resulted in an estimated $5.3 million annual fee savings for participants, helping employees keep more of their retirement savings. At the same time, the plan expanded flexibility by adding a self-directed brokerage window for experienced investors who want access to a broader range of investment choices.

A new target retirement series and customized model portfolios also were introduced to improve the plan's default strategy—helping employees build a mix of growth and lifetime income, even if they prefer a more hands-on approach to retirement savings.

"This recognition affirms that putting people first leads to better outcomes," said Cheryl Reardon, chief human resources officer and associate vice president. "By simplifying decisions, lowering costs, and strengthening the default investment strategy, we've created a program that helps more employees stay on track for a fulfilling and secure retirement."

The award places Iowa alongside organizations such as UPS, Whole Foods, and Xerox, highlighting the results of an effort focused on reducing complexity, expanding flexibility, and helping employees prepare for retirement.