Retirement Savings Programs at Georgetown University
Concerned about recent market volatility? Here is some guidance for investors from our retirement plan vendors:
This is a retirement plan where contributions are made by both the employee and the employer. The fund’s value is based on the amount of contributions made and the return on investment.
Who is eligible?
All benefits-eligible faculty, staff and AAPs who are at least 18 years old and whose position is at least half Full Time Equivalent (“FTE”) or who are regularly scheduled to work at least 20 hours per week.
As of February 1, 2018, a Phased Waiting Period (new window) for participation will be in effect. Under this new waiting period, eligible faculty and staff receive a “matching” University 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. Certain exceptions may apply. Please note that University contributions to the DCRP have been temporarily suspended (new window).
A company-sponsored qualified retirement plan for employees. Contributions and earnings in a 403(b) plan are not subject to federal and most state income taxes until the funds are withdrawn. This plan allows you to save money on a pretax basis, decide how much you contribute (up to the maximum allowed by the government), and choose where you will invest your contributions (from a list of funds provided by your plan sponsor).
Who’s eligible for the Voluntary Contribution Plan?
All employees receiving a Georgetown University paycheck are eligible to participate in this plan. Learn more.
GURP is a defined benefit plan that provides participants a specific monthly benefit at retirement. Monthly benefits are calculated through a formula that considers both participants salary and service. A participant is not required to make contributions or investment decisions.
Who’s Eligible for GURP?
This plan is currently closed to new participants.
The 457(b) Plan offers an opportunity to highly compensated employees to double the tax-deferred contributions that can be set aside annually for retirement.
Who’s eligible for the 457(b) Deferred Compensation Plan? You must have a base salary that is equal to or exceeds $200,000 and be making the maximum deferrals allowed by the IRS to the Defined Contribution Retirement Plan (DCRP) and the Voluntary Contribution Retirement Plan (VCRP).