B&A-Retirement Plans

New Mexico Tech Contribution Form: 403b _457 contributions form.pdf (editable pdf)

Pre-tax contributions can be made through payroll deduction. Complete this form to initiate, modify, or cancel your contributions to the 403b plan or the 457 plan, and mail or email it to the Federal Tax Compliance Manager.  The Tax Compliance Mgr will review and forward to payroll for processing. An employee may participate in both 403b plans and the 457 plan.

 

Tax Sheltered Annuity Plans (403b Plans)  The amount you can contribute pre-tax to the 403b plan each year is determined by the IRS.

  • For 2015, the maximum amount is $18,000 if you are less than 50 years old.
  • For 2015, the maximum amount is $24,000 if you are 50 yrs of age or older.
  • For 2015, if you have at least 15 years service you may contribute an additional $3,000 per year above the age-based limits defined above (up to a career limit of $15,000 for this type of catch up)

New 403b plan participants must also create an account with the plan providers. Current plan providers are:

VALIC: www.valic.com

TIAA-CREFhttp://www1.tiaa-cref.org/tcm/nmt 

Fidelity Investments: www.fidelity.com/     

 

Deferred Compensation Plan (Government  457b plan)           

This deferred compensation plan is managed by the State of New Mexico and administered by Nationwide Retirement Solutions.

An individual makes pre-tax contributions to the plan.

The amount you can contribute pre-tax to the 457 plan each year is determined by the IRS.

  • For 2015, the maximum amount is $18,000 if you are less than 50 years old.
  • For 2015, the maximum amount is $24,000 if you are 50 yrs of age or older.
  • There are additional catch up contributions allowed during the 3 years prior to retirement. See the IRS regulations for amounts, or contact the Federal Tax Compliance Manager

The instructions on creating an account at the State of New Mexico 457 plan are located on Nationwide's web site: http://www.pera.state.nm.us/deferredcomp.html

Follow their instructions for completing forms, and use the help contact number they provide on their form.

Alternate Retirement Plan (Government  401a plan)  

This defined contribution retirement plan is managed by TIAA-CREF, and administered by NMT's Human Resources department.

The amount you can contribute pre-tax to the 401 plan each year is determined by the IRS.

  • For 2014, the maximum amount is $52,000
  • For 2015, the maximum amount is $53,000

Account Roll Overs 

The IRS has complied a summary level chart explaing what types of retirement account(s) you may roll your 430b or 457b account over to.

Link: IRS rollover chart for retirement plans_ ver 2014

Please review the IRS documentation: Rollovers of Retirement Plan and IRA Distributions  and consult with a certified investment or tax advisor before initiating the roll over with the plan administrator.

Contribution Questions?

See the Federal Tax Compliance Manager

Budget and Analysis dept.

Room 100, Brown Hall

x5984