Voluntary Retirement Savings
What is the Voluntary Retirement Savings Plan?
A Voluntary Retirement Savings Plan allows you to contribute additional funds to your retirement on a tax-deferred, or after-tax (Roth) basis. Even with Social Security, pension plans, and savings accounts it can be difficult to save enough for retirement. A voluntary savings account can be a useful asset in helping you prepare for retirement.
What Options are Available for the Voluntary Retirement Savings Plan?
403(b) and 457(b) - The following documents can help you choose which plan is best for your retirement goals:
How much can I contribute to a voluntary retirement savings account?
Please visit the Payroll, Benefits, & Tax website for the most up to date news and annual IRS contribution limits.
Will the university match my voluntary retirement contributions?
No. Voluntary retirement savings plans are for additional employee contributions only. The university matching is automatically calculated and contributed to the mandatory retirement savings plan along with the employee's required portion. These required amounts cannot be changed by the employee.
How often can I change the amount of my voluntary retirement contribution?
Changes can be made to your contribution amount at any time, and you can also start or stop contributions at any time. All changes must be completed in Workday. To get started:
- Log in to Workday.
- Follow steps 1-12 in the Managing your Voluntary Retirement Savings Plans Job Aid.
Do I need to take action after my contribution is set in Workday?
Yes, depending on your choice of vendor. Contact information for each vendor can be found in the next section.
- TIAA – If no immediate action is taken, your contribution will be automatically sent to TIAA (Pre-tax or Roth) and initially invested in the life-cycle mutual fund closest to your retirement date. In order to change your current and future investments, update beneficiaries, etc. you must create an online account using the following code (if prompted):
- ISU 403(b): 100280
- ISU 457(b): 408040
- Ames Lab 403(b): 400016
- Ames Lab 457(b): 408051
- AIG – If no immediate action is taken, your contribution will be automatically sent to AIG (Pre-tax or Roth) and initially invested in a government money-market mutual fund. You must contact an AIG representative in order to change your current and future investments, update beneficiaries, and create an online account.
- Ameriprise – A pre-tax account must be set up prior to submitting your “Change Retirement Savings” request in Workday. This can be accomplished by contacting Keeling Wealth Advisors. Their representatives will assist you with establishing your account, choosing your investments and beneficiaries, and creating an online account.
Approved Vendor List
2713 Stange Road, Suite 105, Ames, IA 50010
Enrollment: ask for Paige Philips or Jay Albrecht
Ames Office: (515) 268-8600
TIAA National Appointment Scheduling Service for the Ames Office: (800) 732-8353
AIG Retirement Services (VALIC)
950 Office Park Rd, Suite 328, West Des Moines, IA 50265
Enrollment: ask for Daniel Allen (515) 322-0990 or David Dykstra (515) 419-3944
District Office: 515-440-3000
Ameriprise Financial Services, Inc
Keeling Wealth Advisors
426 5th St, Suite 102, Ames, IA 50010
Enrollment: ask for Colette Gunhus (515) 233-5402