Human Resources
Retirement Investors' Club (RIC) 403b Program
EnrollmentTo enroll in your employer-sponsored 403b plan, follow the steps below or simply contact a provider . The provider has the investment information, account application, and the salary reduction form needed to get you started.
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Choose an investment provider
For help in choosing an investment provider, please review RIC's 403b 2009 Provider Summary . This comparison lists the contact and product information, investment offerings, and product fees of each of the six active investment providers. There are sample questions for you to use when calling the providers for enrollment and product information. There are no surrender charges on any of these products.
Although it is not recommended, you may choose to invest with more than one provider.
The six active investment providers (shown below) have all the investment information and forms you need to get your 403b account opened and begin your salary reductions.
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Decide how much to save
Contributions to RIC are made through salary reductions. The minimum amount you may contribute is established by your employer. The maximum you may contribute is 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 403b 2009-2010 Annual Contribution Limits
| Regular Limit | 15-Year Catch-Up Limit |
50+ Catch-Up Limit |
Maximum Total Limit |
|---|---|---|---|
| The lesser of 100% of compensation* or: | This catch-up applies if you have worked for your employer for at least 15 years and you meet other eligibility criteria. | For participants age 50 or older, the Regular Limit is increased by: | This limit is available if you eligible for both the 50+ AND 15-Year Catch-Up limits. |
| $15,500 | $18,500 | $5,000 | $23,500 |
| $16,500 | $19,500 | $5,500 | $25,000 |
* Compensation is your gross salary minus your retirement (IPERS) deductions. The maximum amount you may contribute is reduced by deductions for FICA, insurances, flexible spending accounts, employee organizations, assignments, and other like items.
Please Note: The total of all contributions made to this 403b plan and/or any other employer's eligible 403b plan in a calendar year, must not exceed the IRS maximum limits shown above.
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Select appropriate investments
The six 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 2009 403b Provider Summary for basic product information.
- Mutual funds
- 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.
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Complete required paperwork
The six 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 if you have questions. 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 or a personal meeting, contact the provider of your choice.
If you have decided to consolidate your old and new accounts, your active provider will have you complete their request to exchange form authorizing them to get the money from your old "inactive" 403b provider and move it to your new account. Ask your RIC provider to help you consider appropriate investments and complete the applications if you need assistance.
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