Suspension of University Contributions to Defined Contribution Retirement Plan FAQ
Will my own contribution toward my Defined Contribution Retirement Plan account continue?
Yes. However, you can choose to suspend or change this contribution if you wish. You can also choose to make additional contributions to your retirement through the Voluntary Contribution Retirement Plan.
How can I make changes, or begin contributing to, the Voluntary Contribution Retirement Plan?
Step-by-step instructions can be found at https://benefits.georgetown.edu/saving/voluntary/.
What happens to the money that is in my Defined Contribution Retirement Plan account?
The money in your Defined Contribution Retirement Plan account remains there until you retire or leave Georgetown.
Am I able to make changes to my retirement investments?
Yes, you are able to change your investments at any time. Contact your retirement company (TIAA, Fidelity and/or Vanguard) for assistance.
I am currently in my waiting period to participate in the Defined Contribution Retirement Plan. Will my time of employment still be counted toward satisfying the waiting period?
Yes. It will be applied toward the phased waiting period.
I am in the first year of my phased waiting period, what will happen when I enter the second year of the waiting period?
You will be automatically enrolled in the Defined Contribution Retirement Plan with a 3% contribution. Any contributions that you have elected for the Voluntary Contribution Retirement Plan will end. If you’d like to continue contributing to the Voluntary Contribution Retirement Plan, or if you would like to change the level of your Defined Contribution Retirement Plan contribution, you may make that election in GMS.
I am a grandfathered participant. The University contributes 12% to my DCRP account. Will that be paused during this time?
Yes, any University contribution toward the DCRP will be suspended.
I work for Georgetown outside of the United States. How will the suspension impact me?
The changes to retirement contributions will not apply to employees in Qatar and the UK.