IRAs

It's never too early to plan for your retirement or your children’s education expenses.  Making regular deposits to your IRA through payroll deduction is convenient and can help ensure your accustomed lifestyle after retirement.  Choose from our Traditional, Roth, or Coverdell Education Savings (IRA) programs.  Each IRA has different rules regarding tax deductions, tax deferred earnings, deposit amounts, income levels, and draw periods.  IRA rollovers are welcome.

Traditional IRA

A Traditional IRA is an individual retirement arrangement that allows you to save for retirement with tax deferred earnings and the possibility of tax deductible contributions. Contribute up to $5,500 in 2017 ($6,500 for age 50 and older). Tax deductibility depends on your income and participation in a pension plan. Earnings are tax deferred until withdrawn. Withdrawals without penalty generally cannot be made before age 59 ½.

Roth IRA

Unlike a Traditional IRA, contributions to a Roth IRA are never tax deductible. But money you contribute to your Roth IRA can be withdrawn tax free at any time and if you qualify, you can withdraw the earnings tax free as well. A Roth also allows contributions after age 70 ½, but with limitations based on income. In 2017, the maximum annual contribution is $5,500 ($6,500 for age 50 and older). These limits are subject to annual cost-of-living adjustments. Withdrawals without penalty generally cannot be made before age 59 ½.

Coverdell Education Savings (IRA) Account

A Coverdell Education Savings Account can help you save for a child’s education expenses, such as tuition, fees, books, supplies, equipment, and, in some cases room and board.  The non-deductible contributions provide the potential for tax free withdrawals – including earnings – later in life. Maximum contribution of $2,000 each year per child under the age of 18, with limitations based on income.

Please consult your tax advisor to determine if contributions are tax deductible, and for other limitations associated with IRAs

Member deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA) a U.S. government agency. This insurance applies to the total funds you have in your share savings, share draft, and certificate of deposit accounts. In addition, retirement accounts are covered separately up to $250,000.