University Resumes 403(b) Contributions in June
On April 28, 2021, Vice President and CHRO Anthony Kinslow outlined the University’s plan to resume contributions to the 403(b). University contributions to the Defined Contribution Retirement Plan (DCRP) 403(b) will be reflected in the June 18, 2021 paycheck for biweekly-paid employees and the June 30, 2021 paycheck for monthly-paid employees. All provisions that were in place prior to the University’s temporary suspension of contributions will be reinstated.
Eligible employees who have been working at Georgetown for at least two years and who contribute 3% of pay to the DCRP will again receive a University contribution of 10% of pay. Employees previously covered under the legacy plan provisions prior to 1996 will continue to receive 12% if they contribute 3% to the DCRP.
Employees who have stopped or reduced DCRP contributions during this time, will need to restart them in order to get the full University match.
Frequently Asked Questions
No, as long as you have fulfilled the DCRP phased waiting period and make a 3% employee contribution, you will receive a 5% matching contribution and a 5% core contribution from the University.
You will not receive the University’s 5% matching contribution. In order to get the full University contribution for the month of June, increase your contribution to 3% by June 13, 2021 if you are paid bi-weekly or by June 23, 2021 if you are paid monthly.
What if I continued my 3% DCRP contribution and have already deferred $6,000 to my account prior to the match being reinstated?
Once the match is reinstated, you’ll be able to contribute additional dollars (up to $3,238.35) for the remainder of the calendar year.
- Log in to GMS
- Select Benefits
- Select Change Retirement Savings
- Enter June 1, 2021 as Benefit Event Date, click Continue
- Select Manage Defined Contribution
- Change Contribution % to 3
- Under Employee Contribution specify the percentage of your total contributions you’d like to invest with each retirement vendor (i.e., 100% Vanguard)
- Employer Contribution should be 0%
- Click Continue, Review and Submit
Once your change has been submitted, it will be reviewed and approved by the retirement benefit analyst within a few days.
Nothing has changed. During the temporary suspension of the university contribution , you continued to accrue time toward fulfilling your DCRP waiting period. You will be automatically moved to the next phase once you complete a full year of service. You can learn more here. (new window)
You will be matched on the earnings you receive between June 18-December 31, 2021 up to $107,945. The IRS requires that partial year employer matching contributions be prorated.