Instructions for Maximizing your Voluntary 403(b) Plan Contributions
Follow these steps if you wish to contribute up to the annual IRS maximum contribution limit each year. If you choose to maximize mid-year, your annual election will be deducted pre-tax from the remaining pays for the calendar year.
- Log in to Georgetown Management System (GMS) with your NetID and password.
- From your Home page, click the Benefits & Pay application
- Under Tasks and Reports select Change Retirement Savings
- Click “Edit” button at top of page
- Enter date you’d like the election to take effect (must be today or a future date – cannot be retroactive) and Continue
- Select the Voluntary box (Enroll or Manage)
- Enter $999 as the Employee Contribution Amount (this does not reflect the actual amount that will be deducted, it simply indicates that you intend to contribute the maximum)
In the column labeled Employee Contribution Allocation you will indicate the percentage of your contributions that you would like sent to each company (i.e. if you wanted all of your money to go to an account with TIAA, you would enter “100” in the field next to TIAA).
- Click Continue
- Click Enroll under Maximize VCRP (Your biweekly or monthly maximum contribution will be calculated and will take effect on the next possible pay date.)
- Choose Select and Confirm and Continue
- Hit Submit button
- Click Review on bottom of page
- Submit