Retirement Plans
Annual Retirement Plan Contribution Limits
| 403(b) Limits | |||
|---|---|---|---|
| 2022 Limits | 2023 Limits | ||
| Standard Limit | $20,500 | $22,500 | |
| 15-yr Catch Up Limit | $3,000 | $3,000 | |
| Age 50+ Catch Up Limit | $6,500 | $7,500 | |
| Total Employer, Employee Limit | $61,000 | $66,000 | |
| 457(b) Limits | |||
|---|---|---|---|
| 2022 Limits | 2023 Limits | ||
| Standard Limit | $20,500 | $22,500 | |
| Age 50+ Catch Up Limit | $6,500 | $7,500 | |
2020 Retirement Plan Limits
2021 Retirement Plan Limits
2022 Retirement Plan Limits
2023 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.