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IRA Accounts


An Individual Retirement Account shall be used for the specific purpose of saving funds to be used by the owner upon retirement. The credit union program is currently administered by Ascensus (a division of CUNA Service Group).

We offer 2 types of IRA’s (Individual Retirement Accounts) at the credit union-Traditional and Roth. The credit union does not invest the money in the IRA accounts, but rather it sits and earns dividends at whatever the current dividend rate is. Dividends are paid on a quarterly basis.

Traditional IRA’s

Download Traditional IRA Application

Eligibility- The owner must be under the age of 70 1/2 and must have some form of compensation to contribute.

Contributions- The annual contribution limit for 2013 is $6,000. Contributions are tax deductible, but deductibility may be limited if you or your spouse are an active participant in an employer retirement plan. Contributions and interest earned grow on a tax-deferred basis.

Withdrawals- An owner must be age 59 1/2 before making a withdrawal from a traditional IRA without incurring a 10% tax penalty; however there are several exceptions to this rule so check with the credit union or your financial advisor for all the details  if you are under the minimum age to see if you qualify. Earnings are taxed only upon withdrawal or distribution and distributions must begin at age 70 1/2.

Roth IRA’s

Download Roth IRA Application

Eligibility- An owner must have earned income to establish and contribute to a Roth IRA. There is no age limit or restriction.

Contributions- The maximum contribution rules are the same as for a traditional IRA even after age 70 1/2. Contributions to Roth IRA’s are not tax deductible.

Withdrawals- Qualified distributions can be made after a five year tax period is reached and the owner must be 59 1/2 years of age. Early withdrawals are allowed under certain circumstances. There is no required minimum distribution for Roth IRA’s.

An IRA is an excellent tool for retirement savings. IRA accounts grow by using a compounded interest over an extended period of time, meaning that accumulated interest is added to the principal each time in calculating earnings. Over the course of 20 or more years, these accumulations can be substantial. For more information about IRA’s or for further questions, please contact our office. Visit the forms page for IRA applications. For current rates, go to the rates page.

IRA Accounts

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