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TIAA - Teacher's Insurance Annuity Association
Employees with a budgeted salary of $7,800 or more may elect this option in lieu of IPERS.
Note: Pre/Post Doctoral associates are NOT eligible for TIAA.
What is TIAA?
TIAA is a type of defined contribution plans (403b). The amount contributed to the plan is known at the beginning, the retirement income is not known. The income will be determined by investment performance.
The rules governing the operation of TIAA are controlled by Iowa State University with approval by the State Board of Regents. Changes are communicated by ISU directly to members.
Contributions are based on your budgeted salary and deducted on a pre-tax basis
|Years of Service||Employee Contribution||ISU Contribution|
|1-5||3 1/3% of first $4,800 & 5% of the remainder||6 2/3% of first $4,800 & 10% of the remainder|
Contribution amounts are subject to change by Iowa State University with approval by the State Board of Regents.
Vested: Ownership in the retirement funds deposited and earned in your account by you or ISU.
A member is always 100 percent vested in their contributions.
Employees become vested after any of the following:
- completion of 3 years of continuous service
- age 65
- designated as a disabled employee
- decease while employed
- ISU discontinues the retirement plan
The member may roll funds over to another qualified plan or leave money in TIAA for later distribution subject to investment choices earnings or losses.
- Only member funds and the vested ISU Contribution account balances will be portable.
- Members may receive a lump sum payment once employment ends.
Contact TIAA directly to discuss options for distribution.
List of investment fund options available to ISU TIAA participants.