Retirement Savings Programs at Georgetown University
The following is an overview of the retirement saving vehicles offered to faculty and staff of Georgetown University.
Defined Contribution Retirement Plan: 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. To learn about the enhancements being made to this Plan for January 2009, click here.
Who is eligible for the Defined Contribution Plan?
- A faculty member working 50% or more time (as defined by class code);
- An academic and administrative professional (AAP) working 50% or more time (as defined by class code); or
- A staff member with an annual base salary greater than or equal to the Social Security Wage Base. The wage base changes annually -- it is $102,000 for 2008.
Georgetown University Retirement Plan (GURP): 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?
You are covered under the GURP Plan if you are a nonacademic full-time, part-time, or temporary employee, including:
• Georgetown University staff employees (including employees covered under the Allied International Union and SEIU District 1199E-DC);
• Jesuit Community lay employees
You are not eligible to participate in GURP if you participate in the Defined Contribution Plan or GURP A.
Voluntary Contribution Retirement Plan: 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Contributions and earnings in a 403(b) plan are not subject to federal and most state income taxes until the funds are withdrawn.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?
• A staff employee;
• A Jesuit Community lay employee;
• An employee covered under the collective bargaining agreements with the Allied International Union or the District 1199E-DC Union/SEIU;
• A fellow;
• An academic employee; or
• A faculty member.
Series EE Savings Bonds: These bonds are Treasury Securities that earn interest at market rates for up to 30 years. The purchase price of a bond is 50% of its face amount. For example, a $100 bond costs $50.
Who is eligible for Savings Bonds?
All employees receiving a Georgetown University paycheck are eligible to participate in this plan.
