Benefits July 19, 2011
Iowa Universities Restore Retirement Contributions
July 19, 2011 (PLANSPONSOR.com) - The University of Iowa is restoring its retirement contribution for merit and professional and scientific staff to pre-recession levels, citing a strong economic outlook compared with recent years.
Reported by Rebecca Moore
A plan that cut UI’s contribution to employee retirement packages from 10% to 8% expired July 1, said Richard Saunders, an assistant vice president for Human Resources, according to the Iowa City Press-Citizen. The cut, which was in place for 18 months, was in response to a significant decrease in state appropriations.
The news report said the University of Northern Iowa also restored its contributions to the full level, 10%, on July 1.
Iowa State University also made cuts to employer contributions but for a shorter time period. ISU spokeswoman Annette Hacker said the school reinstated its full retirement package last year.
The Press-Citizen reports that the Board of Regents also has re-approved the phased retirement program for the three schools through 2017. The program allows individuals to reduce their employment situation from full time to half time and phase into retirement slowly over a period of up to five years.« Court Rebuffs Summary Judgment Request in Revenue-Sharing Suit