Welcome State of Iowa Employees!
The Iowa Retirement Investors' Club (RIC) 457/401(a) program is your employer-sponsored supplemental retirement savings benefit. Your savings in RIC, plus the State's matching contributions, are meant to supplement your pension benefits (Social Security, IPERS, POR, Judicial). You choose a payroll deduction amount and decide pretax and/or Roth!
Eligibility
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.
Contributions
Deductions are deposited into your selection of RIC investments in a 457 employee contribution 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.
457 Pretax contributions
- Payroll deductions are taken before state and federal tax withholding. This lowers your taxable income for the year.
457 Roth contributions
Payroll deductions are taken after state and federal tax withholding. There is no immediate tax benefit.
Employer Match
401a Employer matching contributions
Your employer match contributions of up to $75/month (Legislators excluded), are deposited pretax into your selection of RIC investments in your 401a account. There are no vesting requirements for either account. The match benefit applies to pretax and Roth 457 contributions.
Resources
Additional Education
If you would like additional education on the basic features and benefits of the RIC program, you may:
- Contact RIC or the investment providers at anytime.