When an employee reaches two years of qualifying service, they are eligible to participate in the 401(a) Retirement Plan for Faculty and Staff.
Upon eligibility, GW will automatically contribute a university base contribution equal to 4% of your eligible compensation. Additionally, if you contribute to the 403(b) retirement plan, you are eligible for a university match contribution.
Please review the Prior Service section below for details on how employment at other educational institutions may count towards the two year service requirement.
The 401(a) Summary Plan Description (PDF) provides a comprehensive description of your rights and obligations under the Plan. If you would like to receive a paper copy of the SPD, please email [email protected] or call 571-553-8382 and one will be provided to you free of charge.
Eligible employees will automatically begin receiving 401(a) contributions on completion of required service.
Eligible employees will automatically begin receiving contributions on completion of 2 years of qualifying service at GW. A year of qualifying service is a continuous 12 month period (starting with your hire date) during which you work at least 1000 hours.
The two year service requirement may be satisfied in whole or in part by service at another university or college of higher education (see Prior Service Verification).
Most GW employees are eligible for 401(a) contributions, including temporary/non-regular employees who are not eligible for health & welfare benefits. However, the following are not eligible (regardless of service):
Once you are eligible for GW 401(a) contributions, Fidelity Investments will contact you with information about your account and how to make your elections:
Both providers offer a number of funds you can invest in. If you make no investment election, contributions will be invested in your chosen provider's default fund.
The two year service requirement may be fulfilled in whole or in part by service at another educational institute of higher learning. In addition, service at GW MFA is also creditable. A year of qualifying service is a continuous 12 month period (starting with your hire date) during which you work at least 1000 hours. To submit your previous service to meet the two year requirement, please provide a completed Prior Employment Verification Form (PDF) to GW Benefits.
The two year service requirement may be fulfilled in whole or in part by service at another educational institute of higher learning. A year of qualifying service is a continuous 12 month period (starting with your hire date) during which you work at least 1000 hours. To submit your previous service to meet the two year requirement, please provide a completed Prior Employment Verification Form (PDF) to GW Benefits.
All contributions made by GW to the 401(a) plan are 100% vested.
Once an employee is eligible, GW will automatically contribute an amount equal to 4% of your eligible compensation each pay check into the 401(a) plan.
If you participate in the GW 403(b) Plan, GW will also contribute an amount equal to 150% of the first 4% of your eligible compensation that you contribute to the 403(b) Plan. The maximum match is 6% of your eligible compensation.
The IRS limits compensation that can be taken into account when determining your retirement plan contributions during the year; for 2024 the annual compensation limit is to $345,000.
The IRS limits compensation that can be taken into account when determining your retirement plan contributions during the year; for 2023 the annual compensation limit is to $330,000.
Loans or hardship withdrawals are not available from the 401(a) plan. Employees may request in-service withdrawals of matching contributions at age 59½ or older, and base contributions at age 62 or older. Otherwise, you may request withdrawals from your 401(a) account once your employment with GW ends.
To request a withdrawal from your Fidelity account, please call (800) 343-0860. To request a withdrawal from your TIAA account, please call (800) 842-2776.
Current taxes on contributions to your account, and on interest and earnings from the account, are deferred until withdrawal or when you begin receiving regular payments.
Please Note: Investment values will fluctuate so that an investor's units, when withdrawn, may be worth more or less than the original cost. You can manage your account, including making changes to investment amounts, at any time throughout the year.