457(b) Plan

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 include staff or faculty members whose total base salary (primary and secondary jobs) is at least 125% of the earnings threshold used by the Internal Revenue Service (IRS) to determine whether an individual is a highly compensated employee. For 2018, the salary requirement for participation in the 457(b) Plan is $150,000. For 2019, the salary requirement for participation in the  457(b) Plan will be $156,250.

The 457(b) Plan is not intended to replace the 403(b) Plan for eligible employees. Instead, the 457(b) is a “top hat” plan that provides an additional opportunity for retirement savings to eligible employees who are already contributing the maximum amount to the 403(b). In 2018, eligible employees may contribute up to $18,500 to the plan.  In 2019, eligible employees will be able to contribute up to $19,000 to the plan.  This contribution limit is established by the IRS 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) or to make changes to your deferral election, please download the following forms:

For 2018: 457(b) Salary Reduction Agreement

For 2019: 457 (b) Salary Reduction Agreement

Submit your completed form(s) to GW Benefits at [email protected] for processing.

You may select Fidelity or TIAA as the investment provider for your 457(b) account:

To understand how the 457(b) plan works together with your GW 403(b) and 401(a) plans, please review the Three-Plan Comparison (PDF).

 
     
 
 Limitation
 2018 Amount
 2019 Amount
 
Maximum annual compensation taken into account for contributions to a qualified plan
$275,000
$280,000
 
Basic elective deferral limitations for the 403(b) plan
$18,500
$19,000
 
Catch-up contribution limits for individuals aged 50 and older for the 403(b) plan
$6,000
$6,000
 
Annual salary required to participate in 457(b) plan
$150,000
$156,250
 
Elective deferral limitation for the 457(b) plan
$18,500
$19,000