Retirement Savings Programs at Georgetown University
The following is an overview of the retirement saving vehicles offered to faculty and staff of Georgetown University.
Defined Contribution Retirement Plan: This is a retirement plan where contributions are made by both the employee and the employer. The fund's value is based on the amount of contributions made and the return on investment.
Who is eligible for the Defined Contribution Plan?
- All faculty, staff and AAPs working at least 20 hours or more per week.
- Fellows are not eligible to participate in this plan.
Georgetown University Retirement Plan (GURP): GURP is a defined benefit plan that provides participants a specific monthly benefit at retirement. Monthly benefits are calculated through a formula that considers both participants salary and service. A participant is not required to make contributions or investment decisions.
Who’s Eligible for GURP?
This plan is currently closed to new participants.
Legal Notice to All Interested Parties (click to view)
Voluntary Contribution Retirement Plan: A company-sponsored qualified retirement plan for employees. Contributions and earnings in a 403(b) plan are not subject to federal and most state income taxes until the funds are withdrawn. This plan allows you to save money on a pretax basis, decide how much you contribute (up to the maximum allowed by the government), and choose where you will invest your contributions (from a list of funds provided by your plan sponsor).
Who’s eligible for the Voluntary Contribution Plan?
All employees receiving a Georgetown University paycheck are eligible to participate in this plan. Including -
- Staff employees;
- Jesuit Community lay employees;
- staff covered under the collective bargaining agreements with the Allied International Union or SEIU 1199;
- fellows;
- academic employees; and
- faculty members.
