IPERS
A Defined Benefit Retirement Plan
The Iowa Public Employees' Retirement System (IPERS) is a University Sponsored Retirement plan option that offers a defined benefit at retirement. The guaranteed lifetime monthly benefit payment is calculated using a formula based on years of service and highest average salary. Your payment is not tied to the performance of the stock market and IPERS does all the investing and takes on the risk.
If eligible, you have 60 days from the date of eligibility to elect a University Sponsored retirement plan.
Eligibility Criteria for IPERS
Temporary Faculty and Staff
- Hold a full or part-time appointment for six (6) months or longer.
- Work 1,040 hours in a calendar year.
Temporary Faculty
Temporary faculty must meet one of the following eligibility criteria:
- Hold a full or part-time appointment for six (6) months or longer;
- They are appointed for a second consecutive semester at 20 hours (50% time) or more per week.
Temporary Staff
You are eligible to participate in IPERS when you meet one of the following:
- Appointed more than six (6) months.
- Wages paid are $1,000 or more in two (2) consecutive quarters at the university.
- Hours worked in a calendar year are 1,040 or more.
Regents Police Officers
Regents Police Officers Who Provide Security
In addition to meeting the general eligibility requirements, Iowa Regents employees who meet the definition of Regents Police Officers must contribute at the protection occupation and be reported to IPERS under Occupation Code 26 for wages paid on or after July 1, 2016. Protection occupation rates can be found below.
Definition of a Regents Police Officer
A peace officer employed by an institution under the control of the state board of regents whose position requires law enforcement certification pursuant to section §262.13.
262.13 Security Officers At Institutions As Peace Officers
The board may authorize any institution under its control to commission one or more of its employees as special security officers. Special security officers shall have the powers, privileges, and immunities of regular peace officers when acting in the interests of the institution by which they are employed. The board shall provide as rapidly as practicable for the adequate training of such special security officers at the Iowa law enforcement academy or in an equivalent training program, unless they have already received such training.
J-1 Visa Holders with a Social Security Number
- A J-1 visa holder may only elect TIAA during the first two calendar years that they are considered a non-resident alien.
- Once two calendar years have concluded, visa holders will have 60 days in which they can elect the IPERS (Iowa Public Employees Retirement System) plan.
Employees Eligible for TIAA & IPERS
Upon becoming eligible for a University-sponsored retirement plan, you may elect to contribute to either TIAA or IPERS.
This decision is irrevocable and will continue through your active employment at the university. If no decision is made within your enrollment time frame you will automatically be enrolled in IPERS.
Coverage
IPERS Benefits Coverage Start Date
| Life Event | Coverage Starts |
|---|---|
| New Hire | First day of employment. |
| Qualifying Employment Event | Effective the first of the month after the event. |
IPERS Benefits Coverage End Date
| Life Event | Coverage Starts |
|---|---|
| No Longer Eligible | Effective the last day of the month the appointment is no longer eligible. |
| Separation of Employment | Effective the last day of the separation month. |
Overview of UNI Retirement Plan Options
Discover how to choose between TIAA and IPERS retirement plans as a University of Northern Iowa employee — understand the key differences, benefits, and what each option could mean for your financial future.
Contribution Rates
| Contributions Effective | Your Share | UNI's Share | Total |
|---|---|---|---|
| 7/1/18 – | 6.29% | 9.44% | 15.73% |
Contribution percentages will be deducted from paychecks on a pre-tax basis.
Note: IPERS contributions are based on your earnings which include vacation and sick leave (excluded are vacation and sick leave lump sum payouts), as well as overtime wages. Bonuses are excluded.
Regents Police Officers
| Contributions Effective | Your Share | UNI's Share | Total |
|---|---|---|---|
| 7/1/18 – 6/30/19 | 6.81% | 10.21% | 17.02% |
| 7/1/19 – 6/30/20 | 6.61% | 9.91% | 16.52% |
| 7/1/20 – 6/30/21 | 6.41% | 9.61% | 16.02% |
| 7/1/21 – 6/30/25 | 6.21% | 9.31% | 15.52% |
| 7/1/25 – | 6.335% | 9.185% | 15.52% |
Contribution percentages will be deducted from paychecks on a pre-tax basis.
Note: IPERS contributions are based on your earnings which include vacation and sick leave (excluded are vacation and sick leave lump sum payouts), as well as overtime wages. Bonuses are excluded.
Vesting
A vested member is old enough or has enough years of service to receive monthly benefits upon retirement. You are always 100% vested in your contributions to IPERS. Vesting entitles you to a portion of the employer contributions and additional benefits, such as death and disability.
Employees Hired on July 1, 2012 or After
You become a vested member in IPERS when you meet one of the following:
- 28 quarters (7 years) of reported wages from an IPERS-covered employer.
or - When you reach age 65 while still employed at an IPERS-covered employer.
Employees Hired Before July 1, 2012 and Regents Police Officers Who Provide Security
You become a vested member for whichever comes first of the following:
- After 16 quarters (4 years) of reported wages.
or - When you reach age 55 while still employed at an IPERS-covered employer.
IPERS Resources
Individual Counseling
IPERS offers several options for one-on-one retirement counseling, so you can choose the option that best suits you. Call 800-622-3849 or log in to My Account to schedule your appointment.
Creating a Secure Retirement
This full-day, three-part virtual workshop brings together everything you need to know about Social Security, Medicare, IPERS and personal savings. This session is ideal for any IPERS members within five years of retirement.
Education
The road to retirement takes planning and preparation. That’s why IPERS offers members several opportunities for education ranging from individual counseling to workshops.
Accessing Your Online Account
You will need your IPERS Member ID number to login to your online account. If you don't have your Member ID number, call IPERS at 800-622-3849 or look at the top of your last statement.
First-time User:
- Visit IPERS.org.
- Click on Member log in.
- Click on Register.
- Accept the Terms of Service.
- Enter your Member ID number, last name and date of birth.
- Click Verify.
- Create Username and Password.
- Enter security questions and personal information.
- Click Submit.
Returning User:
- You may click on member login and enter your username and password
- Be sure to designate beneficiaries after logging in.
Leaving UNI
Leaving UNI Before Age 55
If you are leaving UNI and will no longer be employed with an IPERS eligible employer, you may:
- Leave your funds in IPERS until you are eligible for retirement benefits, return to work for an IPERS-covered employer or elect another option.
- Roll your funds over to another qualified retirement plan.
- Take a refund of your funds.
- Refunds are cash withdrawals and will be subject to taxation.
- If you withdraw funds prior to age 59 ½, you may be subject to an additional 10% early withdrawal penalty.
- In order to receive all employer contributions, you must work at an IPERS-covered employer for 30 years.
For more details, visit IPERS website, contact IPERS counselors via phone at 800-622-3849 or meet with your financial professional.
If you are leaving UNI, but you will be employed with another IPERS eligible employer:
- No action is needed your account will continue until you leave employment with an IPERS-covered employer.
Retiring from UNI
If leaving employment and you qualify for retirement contact IPERS (800-622-3849) to discuss your benefit estimate, purchasing service and restrictions with working after retirement.
IPERS also offers a free webinar entitled Ready, Set, Retire. This webinar provides you with the broad range of information you need to prepare for retirement. Visit https://ipers.org/calendar for more information.
Eligibility for Monthly Retirement Benefits
- A vested IPERS member.
- Age 55 or older.
- Eligible for a monthly benefit of at least $50.
Retirement Tax Law
Consult with your tax advisor regarding regulatory changes to retirement plan savings and distributions. Iowa House File 2317 provides tax relief for certain retirement incomes as well as other income tax bracket adjustments. Now is a great time to meet with your financial advisor, or an IPERS or TIAA consultant, to see how the changes may impact your income and savings plans. An online request for tax guidance is also available through the Iowa Department of Revenue.
Retirees Returning to Work
IPERS Participant
- If a retiree who is younger than age 65 and returns to work at an IPERS-covered employer, and previously participated in IPERS at UNI or another state agency, they cannot receive IPERS distributions if they earn an annual salary of $50,000 or more at any state agency.
- Members who are older than age 65 are not subject to an annual earnings limit when returning to work for an IPERS-covered employer.
- It is necessary to establish a clear separation from IPERS-covered employment after retirement for retirees age 55-70.
- A bona fide retirement period is a legally required time of separation from IPERS-covered employment and IPERS-covered employers.
- For more information on retirement restrictions with IPERS members returning to work, please visit the IPERS Returning to Work webpage.
TIAA Participant
- If a retiree returns to work at UNI, and previously participated in TIAA, they cannot return in a TIAA eligible position and continue to contribute to TIAA while receiving distributions.
- If the retiree is now participating in IPERS they cannot hold a non-temporary appointment at the university and receive TIAA distributions.
Independent Contractors
- An employee may not return to work as an independent contractor during the bona fide retirement period.
- The employee may not enter into a written or oral agreement to perform services as an independent contractor until at least one benefit payment has been received from IPERS.
Frequently Asked Questions
- 1Q: What does vested mean?
1A: A predetermined length of time an employee must satisfy to receive full benefits from the plan. You are always 100% vested in your own contributions.
- 2Q: What is the difference between IPERS and TIAA?
2A: IPERS is a defined benefit plan and TIAA is a defined contribution plan. View this plan comparison for more detailed information.
- 3Q: Can I be enrolled in IPERS and TIAA at the same time?
3A: You can be enrolled in the IPERS group retirement plan and have a TIAA TDA or TIAA Roth TDA.
Wherever conflicts occur between the contents of this site and the contracts, rules, regulations, or laws governing the administration of the various programs, the terms set forth in the various program contracts, rules, regulations, or laws shall prevail. Space does not permit listing all limitations and exclusions that apply to each plan. Before using your benefits, review the plan's coverage manual. Benefits provided can be changed at any time without the consent of participants.