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State of Iowa Employees or Non-state Public Employees
State of Iowa Employees or Non-state Public Employees
Contributions
457 Plans
Maximum contribution limits: Pretax and post-tax (if employer allows) 457 contributions may be made in the same year in any proportion you choose. However, the combined amount of all elective contributions made in a calendar year is limited by the 457(e) limits shown below:
- Regular limit: $19,000 (2019 limit)
- 50+ Catch-Up limit: $6,000 (2019 limit) — $25,000 total for persons 50 and older
401(a) Plans
Review your employer's plan details by clicking on your plan below:
Investments
SFR Program Performance Reports for Iowa RIC:
Active Account Management: CLS or Managed by Morningstar®
Check out our Retirement Plan Calculators to help plan for your future!
Changes
Ask your local financial professional to help you roll your outside retirement plan assets into the RIC plans at any time. See Rollovers for more information.
- Payroll deduction: To make changes to payroll deductions, submit an RIC form to your payroll office. To download a form, click on your plan below:
- Non-state and state public employees (457 Plans)
- State employees (401(a))
- Plans Investment selection: You may transfer assets to new investments and/or redirect future contributions only by contacting Security Benefit at 800.888.2461, contact your local financial professional or logging into your account.
- Personal information: You may update your name, address and beneficiaries by contacting Security Benefit or logging into your account.
- How do I change my PIN?: Contact Security Benefit at [email protected] to request a new PIN.
Distribution
457 Plans
- In-service: Unforeseeable Emergency, Cash-Out, Age 70 ½, Service Credit Purchase
- Termination from employment
- Cash distributions: Taxed as ordinary income and reported on IRS 1099R Form. No age limitations at termination from employment
- Rollover: Non-taxable transfer to an eligible employer plan or IRA
401(a) Plans
- In-service: Age 70½
- Termination from employment
- Cash distributions: Taxed as ordinary income and reported on IRS 1099R Form. IRS 10% age penalty may apply prior to age 59½
- Rollover: Non-taxable transfer to an eligible employer plan or IRA
Rollovers
Existing assets in previous employer 401(a), 401(k), 403(a), 457, 408(a) and 403(b) as well as assets in traditional, rollover, and SEP IRA accounts may be rolled into the RIC 401(a) Plan at anytime. This is a non-taxable transfer.
To request a rollover, you may:
- Contact your financial professional
- Call Security Benefit customer service at 800.888.2461
Tax Benefits
457 Plans
- Pretax: Contributions are made before state and federal taxes and earnings grow tax-deferred for qualified distributions.
- After-tax: Roth contributions are made after tax and investment earnings grow tax-free.
401(a) Plans
Employer contributions (if applicable-click your plan below for more information) are made before state and federal taxes and earnings grow tax-deferred.
Security Benefit Life Insurance Company is not a fiduciary and the information provided is not intended to be investment advice. This information is general in nature and intended for use with the general public. For additional information, including any specific advice or recommendations, please visit with your financial professional.
Security Benefit, its affiliates and subsidiaries, and their respective employees and representatives, do not provide tax, accounting, or legal advice. Any statements contained herein concerning taxes were not intended as and should not be construed as tax advice, nor should they be used for the purpose of avoiding federal, state, or local taxes and/or tax penalties. Please seek independent tax, accounting, or legal advice.