Human Resources
Retirement Investors' Club (RIC)EnrollmentYou may sign up with the Retirement Investors' Club (RIC) at any time. Open your accounts today by completing these 4 easy steps: |
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choose an investment provider |
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decide how much to save |
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3. |
select appropriate investments |
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4. |
complete required paperwork |
Choose an investment provider
For help in choosing an investment provider, please review RIC's Investment Provider Summary . This comparison lists the contact and product information, investment offerings, and product fees of each of the four active investment providers. There are sample questions for you to use when calling the providers for enrollment and product information. All four active providers have an A+ credit rating or higher. There are no surrender charges on any of the products.
When you enroll with one of the providers, they will open both a 457 employee contribution account and a 401(a) employer match account. You may choose to invest the money in these accounts the same way or differently if you wish. You are fully vested in both of these accounts from day one.
Although it is not recommended, you may choose to invest with more than one provider. There are no surrender charges if you choose to change active investment providers. There are no restrictions on moving assets among active providers with the exception of Nationwide's fixed rate account (5-year restriction for transfers to other investments or providers while employed with the state of Iowa).
Our four active investment providers (shown below) have all the investment information and forms you need to get your 457/401(a) accounts started. Don't miss any more match; sign up today!
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515-267-1099 |
800-424-2825 |
800-555-1970 |
877-677-3678 |
Decide how much to save
Contributions to RIC are made through payroll deduction. You may contribute as little as $25/mo or as much as the contribution limits shown below. Each of the active providers have tools to help you determine how much you should save in order to generate the level of income you desire at retirement.
IRS Annual Contribution Limits
| Year | Regular Contribution Limits |
50+ Catch-Up** Contribution Limits |
3-Year Catch-Up*** Contribution Limits |
|---|---|---|---|
| The lesser of 100% of compensation* or: | For participants age 50 or older, the regular limit is increased by: | The total of the regular limit plus amount of missed contributions up to: | |
| 2008 | $15,500 | $5,000 | $31,000 |
* Compensation is your gross salary minus your retirement (IPERS, POR, Judicial) deductions. The maximum amount you may contribute is reduced by deductions for FICA, and may be reduced by insurances, flexible spending accounts, auto use maintenance, employee organizations, and assignments.
** Participants are not able to use the 50+ Catch Up limits and the 3-Year Catch-Up limits at the same time.
*** If you are within three years of your normal retirement date, you may qualify to contribute more than the regular maximum under the program's 3-Year Catch-up Provision.
Please Note: The total of all contributions made to this 457 plan and/or any other government employer's eligible 457 plan in 2008, must not exceed the IRS maximum limit of $15,500 ($20,500 for employees age 50 or older and $31,000 for 3-Year Catch-Up participants).
Select appropriate investments
The four active providers offer one or more of the investment products* shown below. There are many options within each of these types of investments to meet both conservative and aggressive investors' needs. Review the Investment Provider Summary for basic product information.
- Mutual funds (Investment Fees)
- Variable annuity funds
- Guaranteed interest accounts (fixed rate accounts)
- Self-directed brokerage accounts (SDBA)
Planning tools and/or provider representatives can help you determine what type of investor you are and which investments are appropriate for your investment style.
*Please note: investment returns are not guaranteed by the State of Iowa or the US Government and are not FDIC insured. Fixed rates are insured by the issuing investment provider.
Complete required paperwork
The four active providers each have their own set of applications and forms that must be completed in order to begin deductions from your paycheck. The enrollment kit that the provider uses to open your accounts includes everything you need. It is important to ask the provider of your choice for help in completing the forms. After you have completed all the paperwork, your provider will tell you where and how the forms will be processed.
To request an enrollment kit. contact the provider of your choice at the numbers listed below.
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800-424-2825 |