IRA Traditional *
IRA Roth*
 
 
Member Profile
You are interested in tax-deductible or tax-deferred retirement savings plans
You are interested in tax-deductible or tax-deferred retirement savings plans
  
 
Types Offered
Share Certificate
Share Certificate
 
 
Minimum Opening Deposit
$500
$500
 
 
Terms
12, 18, or 30 months
12, 18, or 30 months
 
 
Contributions
Contribute at any time up to April 15th of the following year for the current tax year. Maximum contribution limits will be defined by current year’s tax guidelines. You may participate until the year you turn 70½. Contributions are generally tax-deductible.
Contribute at any time up to April 15th of the following year for the current tax year. Maximum contribution limits will be defined by current year’s tax guidelines. Continue to contribute after age 70½, if you choose. Contributions are post tax.
 
 
Distribution
Age 59½. Exceptions may apply for early withdrawal. Withdrawals subject to income tax.
Age 59½. Exceptions may apply for early withdrawal. Withdrawals are not subject to income tax.
 
 
IRS Penalties
A 10% penalty tax applies to distributions made before 59½. Exceptions may apply.
A 10% penalty tax applies to distributions made before 59½. Exceptions may apply.
 
 
Early Withdrawal Penalties
On a Share Certificate, no loss of principal balance. Up to 90-days loss of dividends earned, on terms of one year or less. Up to 180-days loss of dividends earned on terms greater than one year.
On a Share Certificate, no loss of principal balance. Up to 90-days loss of dividends earned, on terms of one year or less. Up to 180-days loss of dividends earned on terms greater than one year.
 
 
Insurance
Federally-insured separately from regular share accounts up to $250,000 by NCUA.
Federally-insured separately from regular share accounts up to $250,000 by NCUA.
 
 
Other
Also available as a share account.
Also available as a share account.
 
 

*This information is effective for tax-year 2007 and thereafter. This information is intended to provide general information on Federal tax laws governing IRAs. It is not intended to provide legal advice or be a detailed explanation of the rules or how such rules may apply to your individual circumstances. For specific information, you are encouraged to consult your tax or legal professional.