Updating Retirement Savings in GMS
Employees can change their 403(b) retirement savings elections at any time through the Georgetown Management System (GMS).
Getting Started in GMS
- Log in to gms.georgetown.edu with your Georgetown netID and password
- From your Home page in GMS, click the Menu button in the upper left corner and click on the Benefits application
- Click Change Retirement Savings.
- Click Edit.
- Enter an Event Date for the changes to take effect. You may use today’s date or choose a future date.
- Click Continue.
Making Changes to Defined Contribution Retirement Plan
The first section is in reference to your Defined Contribution Retirement Plan, the portion that gets you a match from GU.
Follow these instructions to update your elections to the DCRP:
- In the field labeled Employee Contribution – Percent, enter the percentage you would like to be taken pre-tax from your paycheck and routed into your 403(b) account (0, 1, 2 or 3)
- 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).*
- You do not need to put anything in the Employer Contribution Allocation column unless you chose not to contribute to the plan, in which case you will indicate the company to which your 5% employer contribution should go.*
Making Changes to the Voluntary Contribution Retirement Plan
The second section refers to the Voluntary Contribution Retirement Plan (VCRP), which allows you to contribute in excess of the 3%, up to the IRS Maximum Contribution Limit. This portion gets you no match from the University. You may contribute to the plan on a pre-tax or Roth (post-tax) basis.
Follow these instructions to update your elections to the VCRP:
- Enter either a dollar amount or a percentage to be deducted per-pay period.
- In the column labeled Employee Contribution Allocation you will indicate by company the percentage of your contributions that you would like deducted pre-tax or Roth (i.e. if you wanted all of your money to go to an account with TIAA on a pre-tax basis, you would enter “100” in the field next to TIAA Pre-Tax; If you would like half of your money to go to an account with TIAA on a Roth basis, you would enter “50” in the field next to TIAA Roth and “50” in the field next to TIAA Pre-Tax).
- Do not enter anything in the Employer Contribution Allocation column.
- Click Submit to finalize your elections.
Maximizing your VCRP Contributions up to the IRS Limit
You may contribute up to the annual IRS maximum contribution limit each year by enrolling in the Maximize VCRP plan in GMS. 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.
You can find instructions for enrolling in the Maximize VCRP option on this webpage.
Retirement Investment Company Contacts
Frequently Asked Questions
Since GMS classifies this as a “Benefit Change,” it will come to the Retirement Benefits Analyst in the Department of Human Resources for approval before it is reflected on your benefits screen in GMS. Occasionally this can take a day or so, but there is no need to submit your request multiple times.
You may split your elections between the three companies in any way you like, however we do not recommend doing so without carefully considering the investment options available with each. All three are top-tier companies and there is a good deal of overlap in terms of the types of mutual funds available from each. For those less involved in the management of their investments, splitting contributions between multiple companies only leads to more paperwork when it comes time to take the money out or transfer it to a new employer’s plan.
n your behalf and you are defaulted to your chosen vendor’s Lifecycle/Target fund based on your projected retirement age. You can change this asset allocation at any time by contact your vendor directly.
utions should go to the new vendor. We will open an account on your behalf and about 10 days after your first contribution is made, you can contact the new vendor to transfer the balance of your old account.
Contact us any time at
firstname.lastname@example.org or 202-687-2500