Salary Reduction form New York 529 College Savings Enrollment Application New York 529 College Savings Payroll Deduction form 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: Tax Deferred Annuities Teacher’s Retirement System (TRS Members only) TIAA-CREF (For All Staff) New York State Deferred Compensation Plan- Program 457 (All staff) The Tax Sheltered Annuity 403 (b) offers five Fund Sponsors from which to invest with TIAA-Cref and TRS. The New York State Deferred Compensation Plan is administered by New York State. The annual contribution limits for the Supplemental retirement plans are $18,000 for under age 50. Age 50 or over, you may contribute $24,000. In addition, if you are catching up for retirement you can contribute up to $33,000 in your 457 plan. Special Rules 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. Employees may participate in the tax deferred 457 program in addition to participating in a regular tax deferred annuity.