The Retirement Investors' Club (RIC) is the State's voluntary retirement savings program that allows you (if eligible) to set aside a portion of your salary, through automatic payroll deductions, for use as income in retirement. Your contributions to the RIC 457, along with the employer matching contributions to the RIC 401a, are designed to help supplement employer-sponsored pension and Social Security benefits. You choose how much to save monthly (monthly minimum of $25 up to the IRS annual limits).
Deductions are deposited into your selection of RIC investments in a 457 employee contribution account.
Employer matching contributions are deposited into your selection of RIC investments in a 401(a) employer match account. There are no vesting requirements for either account. You may choose to have deductions taken from your paycheck before state and federal income taxes (pretax) or after taxes have been withheld (post-tax Roth) or a combination of both.
You are eligible to contribute if you are a permanent or probationary employee of the State of Iowa working 20+ hours per week or an employee who has a fixed annual salary. This program is not offered to Board of Regents Institution employees.
If you would like additional education on the basic features and benefits of the RIC program, you may:
State of Iowa Employees
RIC overview video
RIC Program Summary