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The George Washington University Eligible Deferred Compensation Plan, or 457(b) Plan, allows a limited group of highly compensated employees to defer compensation in a tax-favored manner under a non-qualified plan. Eligible employees are staff or faculty members whose total base salary (primary and secondary jobs) is at least 125% of the earnings threshold used by the IRS to determine whether an individual is a highly compensated employee. For 2017, the salary requirement for participating in the 457(b) plan is $150,000.
The 457(b) Plan is not intended to replace the 403(b) Plan for eligible employees. Instead, the 457(b) Plan is a “top hat” plan which provides an additional opportunity for retirement savings to eligible employees already contributing the maximum amount to the 403(b) Plan. In 2017, eligible employees may contribute up to $18,000 to the plan. This contribution limit is established by the Internal Revenue Service each year, and may be increased in future years.
All contributions to the 457(b) plan are made on a pre-tax basis and are always 100% vested.
To enroll in the 457(b) plan or make changes to your deferral election, download and complete the 457(b) Salary Reduction Agreement (PDF). Return your form(s) to the Benefits Administration department for processing.
You may select Fidelity or TIAA-CREF as the investment provider for your 457(b) account:
- Fidelity 457(b) Enrollment Guide and Enrollment Form (PDF)
- TIAA 457(b) Enrollment Guide and Enrollment Form (PDF)
To understand how this plan works together with your GW 403(b) and 401(a) plans, please review the Three Plan Comparison (PDF) brochure.