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 on the Providers & Investments page. 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.