It's probably the most intimidating part of the process, but it shouldn't be. One small step - enrolling in your plan - will help put you on the right path. Starting now is important. The sooner you start to save, the more time your money has to grow.
The University automatically contributes 5% of your gross pay, regardless of whether you personally contribute; the University will contribute an additional 5% when you contribute 3% of your salary. In other words, when you contribute 3%, the University will contribute an additional 10% for a total of 13% being contributed to the Plan.
If you contribute less than 3% to the Plan (0%, 1% or 2%) the University will contribute less (5%, 6.67% or 8.34%, respectively).
Instructions for enrolling in GMS can be found here. Please note, you must be on the Georgetown University network to access this link.
Keep in mind: As your savings grow within your retirement plan, you pay no taxes on the growth. The powerful, long-term benefit for you? By earning returns on funds that would have otherwise been paid in taxes, your savings may grow faster and to a potentially greater amount. That's the power of tax-deferred compounding. In the chart to the right, see how starting early on the path to compounding can have a dramatic impact on your long-term savings. Then, take the Next Step and enroll in your plan.