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. For 2023, the maximum elective contribution is $22,500 for those under 50 and $30,000 for those 50 and older.
Your annual election will be deducted pre-tax from remaining pay for the calendar year. For example, if you go from contributing $0 to the VCRP Maximum in October 2023, up to $22,500 will be deducted from your remaining pay through December 2023.
- Log in to Georgetown Management System (GMS) with your NetID and password.
- Click on Benefits Icon
- Under Change select 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)
- Scroll down past Defined Contribution to Voluntary
- 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).
- Elect “Maximize VCRP” (Your biweekly or monthly maximum contribution will be calculated and will take effect on the next possible pay date.)
- Hit Submit button