Tax Sheltered Annuity Plans (403(b) Plans) The amount you can contribute pre-tax to the 403b plan each year is determined by the IRS.
- For 2014, the maximum amount is $17,500 if you are less than 50 years old.
- For 2014, the maximum amount is $23,000 if you are 50 yrs of age or older.
New 403b plan participants must also create an account at TIAA-CREF: http://www1.tiaa-cref.org/tcm/nmt
Deferred Compensation Plan (457 plan)
The 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.
To create an account at the State of New Mexico 457 plan: http://www.pera.state.nm.us/deferredcomp.html
Tech Form: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:403(b) and 457 plans Salary Reduction Agreement The Tax Compliance Mgr will review and forward to payroll for processing.