Thursday Sep 09
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What It Is   A fixed rate account with the expressed purpose of saving for retirement
What It Does   Allows members to save for retirement in a safe, insured account that offers tax benefits depending on the type of account
Who Is Eligible   TRADITIONAL
Anyone under age 70 ½ who has income from compensation, or anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan into an IRA

ROTH
Anyone who has income from compensation, with MAGI up to $105,000 for single filers and up to $166,000 for joint filers. Reduced contributions allowed for higher incomes.
Types  

-Traditional
-ROTH
-SEP (Simplified Employee Pension)
-Coverdell Education Savings
Terms   24 months
Minimum Deposit   $2,500.00
Minimum Balance to
Earn Interest (APY)		   $2,500.00
Monthly Service Fee   NO
Dividends Paid  

YES
Semi-Annually
Tiered Rate   NO
How Often Can
APY Change		   Rates are determined by the board and can change at anytime. CDs that are locked in, however, can only be changed at maturity or during the grace period.
Limit on Withdraws
or Transfers		  

YES
Withdrawals or deposits can only be made when the CD is in its grace period.
Revoking  

Can only be revoked within 7 days after receiving disclosure statement
Withdraw Fee  

Taxes/penalties may apply to withdrawals depending on type of IRA, when the withdrawal occurs, and what the withdrawal is for.
Balance Method  

Daily - meaning dividends are calculated by applying a rate to the balance in the account each day.
Contribution Limit  

Varies each year
Dormant Fee   NO
Special
Characteristics		   -Can choose to contribute under previous tax year prior to April 15th of current
  year.
-Must designate percentage of distribution for beneficiaries, if applicable
-IRA Disclosure Statement details further limitations & benefits
-Must be single ownership, no joint IRAs
-Insured up to $250,000 by NCUA and are insured separately from other share
  accounts

 

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