UI reducing retirement contributions - KWWL - Eastern Iowa Breaking News, Weather, Closings

UI reducing retirement contributions

IOWA CITY (KWWL) -- The Univeristy of Iowa is reducing contributions to employees retirement plans.

Beginning with the current payroll period that started on November 1, 2009, contributions to the Defined Retiremnet Plans will be reduced by 20%, from 10% to 8%.

The reduction will end with the payroll period that ends June 30, 2011.

The temporary reduction is in response to Governor Culver's 10% across the board budget cuts and was approved by the Iowa Board of Regents.

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