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.

How much can I contribute to a voluntary retirement savings account?

  • All contributions to the voluntary retirement plan must be made by payroll deduction. The minimum contribution is $20.00 per month. During the 2019 calendar year, most employees can contribute up to $19,000 to their voluntary retirement savings.
  • Those who will be 50 or older in 2019 may be eligible to contribute an additional $6,000. Certain employees who have been in Iowa State for at least 15 years may be able to contribute an additional $3,000.
  • These maximum amounts apply only to the additional voluntary contributions by the employee, not your required contributions or the University contributions. To see how much you are eligible to contribute, contact the Office of Fringe Benefit Accounting and Compliance by calling 515-294-7662, or email fbac@iastate.edu to have your maximum contribution calculated.

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 made in Workday. To get started:

  1. Log in to Workday.
  2. On your landing page, select the Benefits application.
  3. Under the Change section, select Benefits. You will then be directed to the Change Benefits page.
  4. In the Benefit Event Type field, use the drop down arrow to select Change Retirement Savings.

What is a Roth voluntary retirement account?

The Roth voluntary retirement account provides the capability to make after-tax contributions to your retirement savings. These savings, and any potential earnings, are not taxed when qualified distributions are made. Voluntary retirement savings can be pre-tax or Roth.  Visit with your tax advisor, TIAA, or AIG Retirement Services (VALIC).

Approved Vendor List

TIAA
2713 Stange Road, Suite 105, Ames, IA 50010
Enrollment:  ask for Paige Philips or Jay Albrecht
515-268-8600 Ames Office
800-732-8353 TIAA National Appointment Scheduling Service for the Ames Office

AIG Retirement Services (VALIC)
950 Office Park Rd, Suite 328, West Des Moines, IA 50265
Enrollment:  ask for Daniel Allen or David Dykstra
913-402-5000 District Office