Retirement Plans
New Mexico Tech Contribution Form
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.
Universal availability notice: New Mexico Tech sponsors a tax sheltered annuity type retirement plan (called a 403(b) plan) and a deferred compensation plan (called a 457 plan) that allow you to defer income taxes on earnings that are contributed to the plan. Participation in the plans is voluntary. Complete the contribution form that is linked above to either begin making contributions to a new account, or change your contributions. You may initiate or make changes to your contribution amount at the start of any payroll period. The limit on the number of contribution changes you can make is set by the number of pay periods in a year.
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 2016, the maximum amount is $18,000 if you are less than 50 years old.
- For 2016, the maximum amount is $24,000 if you are 50 yrs of age or older.
- For 2016, 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-CREF: http://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 2016, the maximum amount is $18,000 if you are less than 50 years old.
- For 2016, 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 2016, 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 403b or 457 account over to.
Please review the IRS documentation and consult with a certified investment or tax advisor before initiating the roll over with the plan administrator.
Contribution Questions?
See the Budget and Analysis dept.
Room 100, Brown Hall