Phased Waiting Period for Defined Contribution Retirement Plan
Under the Phased Waiting Period, DCRP-Eligible Employees who are hired by the University on or after February 1, 2018 would be eligible to receive a University matching contribution of up to 5% of earnings after one full year of service and a University core contribution of 5% of earnings after two full years of service.
If you qualify, and are approved, for a wavier of the waiting period (see below), you will automatically be enrolled in DCRP at a 3% employee contribution, a 5% University matching contribution and a 5% University core contribution*. These contributions will be defaulted to a TIAA Lifecycle Index fund. You may change your retirement vendor, fund allocations and employee contribution at any time.
Exceptions to the Waiting Period
In the following instances, the waiting period for the DCRP would be eligible for waiver:
- For eligible individuals who have a signed offer of employment or appointment letter by January 31, 2018 and have a start date of February 1, 2018 or later.
- For eligible employees whose last employers were academic institutions (colleges, universities, non-profit research institutes) where they received employer contributions or accrued benefits under that institution’s retirement plan.
- Eligible employees who previously worked for Georgetown University (prior to February 1, 2018), participated in DCRP or GURP, and are subsequently rehired by Georgetown.
- You may be eligible for a waiver if you have previously worked for Georgetown University for at least two years (but did not participte in DCRP or GURP) within the last five years.
If you believe that you meet one of the above criteria, please follow the instructions below.
Instructions for Requesting a Waiver from the DCRP Waiting Period in GMS:
- Login to GMS with your NetID and Password
- On your GMS home page, click on the Benefits icon
- Under Change, click on Benefits
- For Benefit Event Type, select DCRP Waiver and for the Event Date, use the current date
- Click on Submit
- Click on Open
- Under Benefit Plan, you will see “DCRP Waiver – Georgetown University”, which you should elect
- Click Continue
- Before submitting your election, you need to click on Select files and attach the DCRP Waiver application form which can be found here .
- Once you have attached this form and any required supporting documentation, check the “I agree” checkbox and click Submit
You should expect to hear from the Office of Faculty and Staff Benefits about your application within a week.
If you have questions about this waiver application process, please email email@example.com or call 202-687-2500
Phases of the Waiting Period
Phase 1: First year of employment
During this phase, new DCRP-Eligible Employees would not be eligible to participate in the DCRP, but would be eligible to participate in the Voluntary Contribution Retirement Plan (“VCRP”). These employees will be automatically enrolled in the VCRP to contribute 3% of their earnings on a pre-tax basis with such amounts invested in a TIAA LifeCycle Index Fund. Employees may log in to GMS to opt-out of, or increase or decrease, the VCRP 3% automatic employee contribution, and/or select different retirement vendors and/or investment fund allocation(s).
Phase 2: Second year of employment
Upon completion of one full year of employment, DCRP-Eligible Employees are automatically enrolled in the DCRP to contribute 3% of their earnings on a pre-tax basis to the DCRP with such amounts invested in a TIAA Lifecycle Index Fund. Any contribution to the VCRP elected during their first year of employment would end at this time. Employees may log in to GMS to opt out of, or decrease the automatic DCRP 3% election and/or select different retirement vendors and/or investment fund allocation(s). Based on the employee contribution, they would receive a matching contribution from the University as illustrated below:
- University contributes 5% (Employee contributes 3%)
- University contributes 3.34% (Employee contributes 2%)
- University contributes 1.67% (Employee contributes 1%)
- University contributes 0% (Employee contributes 0%)
Phase 3: Third year of employment
Upon completion of the second year of employment, DCRP-Eligible Employees receive a 5% core contribution from the University, increasing the total University contribution (match plus core contribution) as follows:
University contributes 10% (Employee contributes 3%),
University contributes 8.34% (Employee contributes 2%)
University contributes 6.67% (Employee contributes 1%)
University contributes 5% (Employee contributes 0%)