Retirement Plans

Annual Retirement Plan Contribution Limits

403(b) Limits
 2023 Limits 2024 Limits
Standard Limit$22,500 $23,000
15-yr Catch Up Limit$3,000 $3,000
Age 50+ Catch Up Limit$7,500 $7,500
Total Employer, Employee Limit$66,000 $69,000
457(b) Limits
 2023 Limits 2024 Limits
Standard Limit$22,500 $23,000
Age 50+ Catch Up Limit           $7,500 $7,500

 

 

2023 Retirement Plan Limits

2024 Retirement Plan Limits

403(b) and 457(b) Plan Comparison

Managing Voluntary Retirement Savings Plans - Job Aid


Mandatory Retirement Contribution Rates

TIAA

Contributions are based on budgeted salary and deducted on a pre-tax basis.

1-5 Years of Service

Employee Contributes: 3 1/3% of the first $4800 and 5% of the remainder up to the IRS limit
ISU Contributes: 6 2/3% of the first $4800 and 10% of the remainder up the IRS limit

6+ Years of Service

Employee contributes: 5% of budgeted salary up to the IRS limit
ISU Contributes: 10% of budgeted salary up to the IRS limit

Contribution amounts are subject to change by Iowa State University with approval by the State Board of Regents.


IPERS

Regular employee contributes: 6.29% of budgeted salary effective July 1, 2021
ISU Contributes: 9.44% of budgeted salary effective July 1, 2021

Protection Occupation employee contributes: 6.21% of budgeted salary effective July 1, 2021
ISU Contributes: 9.31% of budgeted salary effective July 1, 2021

Contribution amounts are subject to change annually on July 1, by the Iowa Legislature. Any change may not exceed a 1% increase or decrease.