Georgetown University Retirement Plan (GURP)
Important Updates for GURP Participants
February 14, 2024: Personalized Election Kits have been mailed to GURP participants (whether currently employed by Georgetown University or not) who have a vested benefit in the Plan will have the opportunity to elect payment of their Plan pension benefit; either as a lump sum payment or monthly annuity to be paid or commence in May 2024. If you wish to receive benefits beginning in May 2024, you will need to make an election by April 1, 2024.
Transition and Distribution Options Information Sessions on Zoom
Join Charles DeSantis, Vivek Kumar and our partners at Willis Towers Watson for this information session to help understand and complete your distribution packet ahead of the April 1st deadline. Sessions will be held at noon and 3 p.m. on March 7, 12 and 13. Register on Eventbrite.
Georgetown University Retirement Plan Transition Service Center
If you have questions, call the Georgetown University Retirement Plan Transition Service Center at 1-866-778-4822. Representatives are available through May 21, 2024, between 9:00 a.m. and 6:00 p.m. Eastern Time Monday through Friday, excluding holidays.
View GURP Cash Balances in GMS
Did you know that current staff employees who are GURP participants can view their cash balance account at any time? You can now view your account balance as of 12/31/2022 in GMS. Go to your GMS home page and click on the GURP icon.
This plan is closed to new participants. As of January 1, 2020, all remaining active GURP participants were transferred to the Defined Contribution Retirement Plan. All participants, including those who transferred or terminated employment prior to January 1, 2020, maintain their GURP balance as of time of the transfer or termination and continue to earn annual interest credits on that balance.
Prior to 2008, staff employees became participants in the Plan on the January 1st of the year in which they complete 12 months of service during which they worked 750 hours and attained at least age 21. Enrollment in the Plan was automatic.
Participants received their first employer contributions as of the December 31st following their date of participation. For example, if an employee was hired full-time into a benefits-eligible position in April of 2002, she became a participant in the plan as of January 1, 2003. She received her first employer contribution as of December 31, 2003 (the last day of the plan year).
Frequently Asked Questions
during which a participant works 750 or more hours, the participant will receive a Benefit Credit. The amount of the Benefit Credit is based on age, years of service and annual pay. The Benefit Credit is equal to a percentage of the participant’s earnings in that calendar year, based on age and years of service.
Age Plus Service Benefit Credit
0 – 39 3.5%
40 – 49 4.0%
50 – 59 4.5%
60 – 69 6.0%
70 – 74 8.0%
75 – 79 9.0%
In addition, each participant receives an annual Interest Credit. This credit varies each year and cannot exceed 10%, nor may it fall below 5%.
This means that you are entitled to the greater of:
• The benefit calculated based on the cash balance benefit formula
• The benefit calculated based on the “grandfathered benefit formula”
In order to be a legacy participant, you must have accumulated at least five years of credited service and vested in your benefit as of December 31, 1995 (or December 31, 1997, if represented by 1199SEIU ).
This benefit formula takes into consideration the five consecutive years of highest compensation, years of service, offset by estimated social security benefits at age 65. Please contact firstname.lastname@example.org to determine if you are eligible for a benefit under this formula.
The University pays the entire cost of this plan. No employee contributions are required, nor are they permitted. This Plan does not accept rollover contributions. If you wish to contribute to your retirement savings via payroll deduction, or by rollover, you may do so through the Voluntary Contribution Retirement Plan.
Vesting is the granting of pension credits to an employee even if they separate from the job prior to retirement. Once vested, you are due a GURP benefit when you retire or leave Georgetown University.
Generally speaking, you are vested in GURP after accumulating three years of vesting service. (The vesting period changed from five to three years on January 1, 2008.) For each calendar year that you complete 750 hours, you are credited with one year of vesting service.
However, there are other ways in which you may become vested in your GURP benefit. You will become vested when you attain age 65, if you become disabled, or if you die while employed by the University, regardless of how many years of service you have accumulated.
If you leave Georgetown University (for any reason) after becoming vested, you will be entitled to a distribution from the Plan. If you left Georgetown University (for any reason) prior to being vested, you forfeit your benefit.
Active employees who have a GURP account balance are able to view it at any time by logging in to the Georgetown Management System with the netID and password. This reflects the balance as of the January 1st of the current year. Former employees and legacy participants may request an estimate or distribution using this online request form.
No. This Plan does not permit any in-service distributions. No loans are permitted. No hardship withdrawals are permitted.
No. This plan does not accept rollover contributions. However, you may roll over tax-qualified funds from your previous employer’s retirement plan into the Voluntary Contribution Retirement Plan instead.
How does my participation in GURP affect my ability to contribute to an Individual Retirement Account (IRA)?
contributions to an IRA, are complex and depend on many factors that are beyond the scope of your employment at Georgetown. Your marital status, total household income, other sources of income (self-employment income from outside consulting is one of many examples) amount of employee contributions made to our plans, and other factors can impact the type of IRA that is appropriate for you. Consequently, the Office of Faculty and Staff Benefits cannot provide you with guidance regarding IRA contributions. You should contact your tax or investment advisor for assistance.
Follow the instructions on preparing a QDRO.
After you terminate your employment, please complete the online GURP estimate and distribution request form.
After we receive your request, we will complete your distribution paperwork and mail it to the address you provide. When you receive your distribution paperwork, complete the forms and return them to our office. The forms outline the various payment options available to you. If you wish to defer receipt of your benefit, you need not return the forms.
If you defer receipt, you may contact email@example.com at a later date to request payment of your retirement benefit. We will recalculate the value of your benefit, but only once per calendar year.
Please note that the turnaround time for receipt of your retirement benefits is generally four to six weeks after we receive all the necessary paperwork. Please take this into your financial planning considerations.
The process for receiving a distribution when you retire (leaving the university on or after your 65th birthday) is similar to that of receiving a benefit as a terminating employee (see above).
It is critical you understand the difference in the definition of retirement for purposes of GURP, and the definition of retirement for purposes of the retirement benefit program. For the purposes of GURP, you are eligible for retirement – or distributions from the plan – when you attain age 65. For purposes of receiving other Georgetown University retiree benefits, the definition of retirement is the Rule of 75.