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 to enroll or change voluntary retirement contributions

Changes can be made to your contribution amount at any time.  All changes must be completed through the Retirement@Work® website. This brings all of your Iowa State University Retirement Plan account information together, regardless of investment provider – AIG, Ameriprise Financial, or TIAA. You will still access your accounts directly with your chosen provider to manage your account (i.e., update investments and beneficiaries). 

Eligible employees can enroll through Retirement@Work today and start saving for their financial future. From one website, you can now:

  • Enroll in ISU voluntary retirement plan(s).
  • Select an investment provider(s) and research investments for all plan(s).
  • View your Iowa State University Retirement Plan balances for all plans, regardless of vendor.
  • Change your voluntary contribution amounts.
  • Access investment tools and calculators.

LOG IN TODAY

First, you will log into OKTA on the ISU sign-on page. Then you can follow the steps in this job aid to add the Retirement@Work OKTA tile to your dashboard. Once it is added, you can simply click the OKTA tile to access the Retirement@Work site to update your contribution amount or change your vendors. Employees will no longer be making these changes in Workday.

The Quick Start Guide will help you get started using the system. You may also watch this short video for a step-by-step visual guide to using Retirement@Work.

 Managing your Voluntary Retirement Savings Plans Article.

 

The Retirement@Work phone contact center, managed by TIAA, can be reached at 844-567-9090 and will be available for assistance with enrolling and managing your accounts weekdays, 7 a.m. to 9 p.m. (CT). For general plan questions, contact the Fringe Benefits Accounting and Compliance office at fbac@iastate.edu.

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 enrollment/change request in Retirement@Work. 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

 

AIG

Offering in-person, virtual or on campus meetings

Dan Allen 515-322-0990

Daniel.allen@aig.com   

950 Office Park Road, STE 328

West Des Moines, IA 50265

 

Ameriprise

Offering in-person or virtual meetings

Colette Gunhus 515-233-5402

Colette.gunhus@ampf.com       

Emily Mickelson 515-253-8200

Emily.mickelson@ampf.com     

2625 North Loop Dr Suite 2200

Ames, IA  50010

 

TIAA Ames Office

Offering in-person, virtual, or on campus meetings

You can also review additional information here about TIAA current consultation offerings.

Paige Philips 515-268-8607

Paige.philips@tiaa.org 

Jay Albrecht 515-268-8614

jalbrecht@tiaa.org        

2713 Stange Road Suite 105

Ames, IA 50010