Retirement is the time in your life when you can put yourself first and do the things you’ve always wanted to do. Hostos Community College offers a variety of investment options through automatic payroll deduction to two kinds of voluntary tax deferred plans to help you achieve your retirement goals:
The Tax Sheltered Annuity 403 (b) offers five Fund Sponsors from which to invest with – HRC Retirement, MetLife, TIAA-Cref and TRS. The New York State Deferred Compensation Plan is administered by New York State.
For 2009 the annual contribution limits for the Supplemental retirement plans have increased by $500. You may contribute $16,500 in a combination 403 (b)/401(k) and another $16,500 in the 457 plan.
If you are age 50 or over, you may contribute $22,000 in a combination 403(b)/401(k) and another $22,000 in the 457 plan. This means that you could contribute a total of $33,000 if you are under age 50 and a total of $44,000 if you are over 50.
In addition, if you are catching up for retirement you can contribute up to $33,000 in your 457 plan.
Employees may participate in the tax deferred 457 program in addition to participating in a regular tax deferred annuity.
You may enroll in only ONE tax deferred annuity program. The IRS does not permit
retroactive participation to a prior year. The IRS sets calendar-year limits on the maximum amount of money you can contribute to a TDA. The IRS may adjust these limits from time to time.