In addition to Federal Social Security, every staff member (except students, House Staff, fellows and adjunct faculty) with an appointment expected to last six months or more must participate in a retirement program. Newly hired staff members (or those who have had a greater than 30 day break in service and thus considered to be a new hire) who are not currently participating in one of the University retirement plans may choose to participate in either IOWA PUBLIC EMPLOYEES RETIREMENT SYSTEM (IPERS) or in the University Funded Retirement Plan (TIAA).
Serious consideration must be given to choosing a retirement plan because your choice of a retirement plan is an irrevocable decision that must be made within 60 days of your hire date (or eligibility date if transferring from an ineligible appointment). The IPERS plan is a Defined Benefit plan and retirement income is determined by a formula based on your years of service and salary earned. The TIAA plan is a Defined Contribution plan and retirement income depends upon your individual retirement investment returns. IPERS is the default retirement program at the University of Iowa; employees are automatically enrolled in IPERS unless they elect TIAA within 60 days of their hire/eligibility date.
You must complete the Retirement Election Form (pdf) within 60 days of your hire date.
Members of professional groups where part-time income from UI is not the majority of their income can use IPERS Exemption Claim Form (pdf) to request exemption from IPERS.
Voluntary Retirement Savings Program
No matter which retirement plan you select, arrangements can also be made for additional before-tax and after-tax contributions (over and above required contributions), within IRS guidelines, to a Voluntary Retirement Savings Program (VRSP).
An individual is allowed to freely change or terminate VRSP contributions during the calendar year. There is additional information regarding VRSPs available under "Saving Extra for Retirement" section.