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
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.