Retirement Investors’ Club (RIC) News
The RIC is the State of Iowa’s voluntary retirement savings program designed to supplement your Social Security and pension plan benefits. Participants in the RIC have two accounts: a 457 account, which receives automatic payroll deductions; and a 401a account, which receives employer-match contributions up to $75 a month for a total of $900 per year.
Contributions into your 457 account can be handled in two different ways. Roth contributions are taxed at the time they are deducted from your paycheck. This allows you to pay taxes on plan contributions upfront and not be taxed on future earnings. Non-Roth contributions are tax-deferred, meaning you aren’t taxed at the time you make your contributions, but you will pay taxes when you withdraw funds from the account.
Learn more about our employer-sponsored RIC benefits on the DAS/RIC website.
Automatic Roth Investing
For more Roth 457 information, see the Roth Summary or go to https://www.irs.gov/retirement-plans/roth-acct-in-your-retirement-plan. Consult a tax professional to determine if post-tax Roth contributions are appropriate for your needs.
News From RIC Providers
MassMutual has a variety of useful retirement planning tools to help you determine your retirement readiness. Now is a great time to access the MassMutual website for all your retirement planning needs at www.massmutual.com/iowaric. If you are a current plan participant, select “Login” to access account information. If you haven’t set up your online account, you can create an account by selecting “Create an Account” on the MassMutual homepage.
Valic is hosting two new webcasts for employees to learn about calculating retirement income benefits and managing finances to save for the future. Join Bryan Montemurro, CFP®, VALIC District Vice President, for one or both of the free webcasts shown below.
Take the next step - Voya invites current participants to start the journey to a secure future by taking advantage of the Financial Wellness Experience. This experience will help you think about your priorities and learn how to take meaningful actions regarding:
Not a Voya participant? No worries, you can find financial education tools and topics at Voya Financial Wellness.