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Messages to the Georgetown Community

Enhancing Retirement Benefits for Georgetown University Faculty and Staff

December 9, 2007

Dear Faculty and Staff:

I am writing to share the good news that Georgetown’s Board of Directors last week unanimously approved a plan to enhance the retirement benefits available for our staff.  I am pleased to inform you that as of January 2009 all benefits eligible employees will be able to participate in a defined contribution retirement plan that will include a Georgetown matching contribution of up to 10% with vesting immediately upon employment.

For many years we have hoped to develop a new approach to benefits for staff.  A combination of the University’s strong financial performance, the willingness of individual campuses to absorb the increased costs, and new leadership in benefits administration enabled us to successfully realize this longstanding goal.  This change will make a meaningful difference in the total compensation package of our workforce.  It demonstrates one way we are actively working to recruit and retain the most highly qualified employees in today’s competitive marketplace.

I am deeply grateful to the members of the Benefits Advisory Committee and leadership of Associate Vice President and Chief Benefits Officer Charles DeSantis as well as Senior Vice President Spiros Dimolitsas.  Their work has enabled us to develop a framework to move forward to our community’s great benefit, and I commend their dedication to addressing this issue.

The Office of Faculty and Staff Benefits will be working over the next year to determine the specifics for enrollment in the GURP defined contribution retirement plan and how to successfully transition from one plan to another.  You can look to them to provide details as information becomes available.

I wish you and your family peace and joy as we begin to celebrate the holiday season.

Sincerely,

John J. DeGioia
 

Georgetown University37th and O Streets, N.W., Washington D.C. 20057(202) 687.0100

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