457(b) and 401(a) plans
Welcome to the website AIG Retirement Services has created especially for you, as an employee eligible to participate in the State of Iowa 457(b) and 401(a) retirement plans. As a provider for your retirement plans, AIG Retirement Services is committed to providing personal service whenever and wherever it is convenient for you.
The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.
Participation in the plan is open to:
The plan does not allow legislators to participate in the employer contributions portion of the plan.
There is no age or service requirement for eligible employees to participate in the plan.
The maximum amount you are allowed to contribute to your 457(b) plan is based on your taxable compensation as defined by the Internal Revenue Code. Special catch-up provisions may also be available.
If you have an existing qualified retirement plan (pre-tax) or deferred compensation plan account with a prior employer or hold a traditional IRA account, you may transfer or roll over that account into the 401(a) plan anytime. Only funds from other 457(b) plans of governmental employers may be rolled over to the 457(b) plan. Funds rolled over to the 457(b) plan become subject to the 457(b) plan's withdrawal restrictions. Please check with your former provider first, to see if surrender charges are applicable.
You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan.
The plan also provides for State of Iowa to make matching contributions.
Vesting refers to your "ownership" of a benefit from the plan. You are always 100% vested in employee contributions, employer contributions and rollover contributions, plus any earnings they generate.
Access to your contributions to the 457(b) plan
Money may be withdrawn from the plan in these events:
In the event that a lifetime income investment option will no longer be permitted in the plan, the lifetime income investment option may be directly rolled over to an IRA or other eligible retirement plan in the 90-day window prior to the date of such elimination from the plan. This would be permitted even though the participant is not otherwise entitled to a distribution.
Access to employer contributions
Employer contributions may be taken upon separation from service.
Income taxes are payable upon withdrawal and federal restrictions apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your Plan account.
You must begin taking minimum required distributions the later of attainment of age 70½ or separation from service from the employer sponsoring the plan. Contact your financial advisor for further information about minimum distributions.
The following mutual funds are available in your retirement plan. They provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences.
To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.