Enrollment is always open!
RIC provider enrollment options are shown below. The RIC provider you choose has everything you need to open your accounts, select investments, begin payroll deductions, and receive the employer match. At no additional cost, advisors can explain the investments and help you complete the enrollment process.
State of Iowa Employees
RIC At-A-Glance
FAQ

Enrollment Options      

Online Enroll online   (Not available)   Enroll online (457b/401a)   Enroll online (457b/401a) 
In person (request meeting) Email Horace Mann  
Area agent list
  Email Mass Mutual 
Area agent list
  Email VALIC 
Area agent list
  Email Voya 
(Request agent info)
Over the phone 877-602-1870   (Not available)   800-945-6763   800-555-1970
Print forms Print forms   Print forms   Print forms (457b/401a)   Forms available on request
Request information 877-602-1870   800-743-5274   800-945-6763   800-555-1970

For a summary of the provider phone numbers and a list of investment options, view the RIC At-A-Glance.

 

 

Frequently asked questions

Which provider should I choose?
Can someone help me enroll?
How much should I save?
When will my deductions begin?
How much will I earn?
What if I change my mind?

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Investment providers

Each RIC provider offers a variety of investments, including guaranteed interest accounts, no-load/low-cost mutual funds, target date funds, and brokerage accounts. Investment advisors are able to explain the investments and answer questions at no extra cost. Investments have no sales charges, annual contract fees, fund transfer fees, or restrictions/penalties for eligible distributions and transfers between RIC providers. You may make changes to your investment options online, by phone, or with help from your advisor at any time. All funds must meet RIC's Investment Policy Standards and undergo annual review by an outside investment consultant.

The Iowa Retirement Investors' Club (RIC) plan conducts a public competitive bid (at least every 6 years) on behalf of participants to determine which providers will offer investment products and services. If you are not sure what to ask a provider in order to make an informed decision to invest, the Provider Interview may help.

No matter which provider you choose, all RIC providers meet minimum plan requirements such as:

  • 25+ well-diversified, competitive fund line-up
  • Restriction-free and penalty-free investments
  • Flexible distribution options
  • 24/7 internet and phone account access
  • Investment planning tools
  • Low costs (no cost for fixed rate accounts)

RIC provider information including website links, quarterly fund performance, advisor listings, fixed rates, etc. are easily accessed from the Providers and Investments webpage. There are no restrictions or fees for moving assets between active providers.

There are no surrender charges or annual contract fees on any of the products.

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Advisor services

A provider representative can be involved in your enrollment and investment selection process to the degree that you like. If you want help completing the applications and selecting your investments, the provider you choose has qualified representatives who will do just that. There is no additional cost associated with this service. Advisor information for each provider is available from the Providers and Investments webpage.

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Required paperwork

The RIC investment provider you choose will have their own forms that must be completed in order to select investment options and begin deductions from your paycheck. Provider representatives are available to help you consider the investments and complete the forms if you wish. The RIC provider you choose will request that you complete:

  • Their 457 application (to open your employee contribution account)
  • Their 401(a)application (to open your employer match account)
  • The RIC payroll deduction form (to request deductions from payroll)
  • A rollover form (if you wish to roll-in other retirement account assets)

After you have completed all forms, your provider will tell you where and how the forms will be processed.

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Savings amount

Contributions to RIC are made through payroll deduction. You may contribute as little as $25/mo up to the IRS maximum annual contribution limits. RIC investment providers have tools to help you determine how much you should save in order to generate the level of income you desire at retirement.

If you wish to see how much a payroll deduction amount will affect your take-home pay, you may use the Gross-to-Net Calculator on the HRIS system. Employees who use electronic time sheets may enter GN on the header action line of their time sheet. Employees who do not use electronic time sheets may request help from their personnel assistant (DOT employees contact Employee Services).

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Investment options

The RIC investment providers offer a variety of investment options to meet both conservative and aggressive investors' needs. For a list of funds, review the RIC At-A-Glance. Funds have no sales charges or transfer restrictions (short-term trading restrictions may apply).

All investment options must meet investment policy standards and undergo annual reviews. Variable rate investments are professionally managed by a variety of top-performing investment managers. Total variable rate fund fees range from .05% - 1.60%. RIC fixed rate accounts have no fees.

Planning tools and/or provider representatives can help you determine what type of investor you are and which investments are appropriate for your investment style. If you want help with your investment selection, see Advisor Services.

*Please note: investment returns are not guaranteed by the State of Iowa or the US Government and are not FDIC insured. Fixed rates are insured by the issuing investment provider.

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Payroll deductions

Payroll deductions begin with the first available check of the month following the month your request is received.

You have the option to have your deductions taken from all paychecks each month (26/year), 2 paychecks/month (24/year), or choose to have deductions come from only the 1st or 2nd paycheck/month (12/year).

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Investment Earnings

Your potential for earnings largely depends on what type of investor you are and what mix of investments you choose. You have the choice of a variety of fixed and variable rate investments with opportunity for a wide range of potential earnings .

Fixed rate accounts guarantee a fixed rate of interest. Mutual fund offerings have variable rates of return based on the performance of the underlying securities. The RIC providers have tools to help you determine your investment style based on your savings goals, tolerance for risk, and timeframe for investment. Historical performance of investments may be accessed from the providers and investments webpage.

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Changes

You may choose to stop or change the amount of your deductions, your investment mix/provider, beneficiary designation, etc. at any time (see Change Options).