An Individual Retirement Account (IRA) is a savings program that lets you set aside money for retirement. Some contributions are tax deductible and earnings on IRAs are not taxed until they are distributed to you.
Eligibility – All employees earning compensation at some time during the year are eligible to participate in an IRA, even if you are currently participating in another IRA. Members’ spouses are also eligible to open an IRA.
Contributions – Once you have established an IRA, you may contribute up to $5,500 per year plus a catch up contribution of $1,000 if 50 or older. You may make the contributions by share draft or have it automatically deducted from your paycheck each month.
Withdrawals – You may make withdrawals from your IRA at any time. However, since an IRA is a long-term investment designed to help you save for retirement, penalties will be assessed for early withdrawals. You may make withdrawals from your IRA without penalty once you reach the age of 59 1/2 or if you become permanently disabled.
Term APR APY Minimum Balance
24 Months .300% .300% $500.00
36 Months .450% .451% $500.00
60 Months .800% .802% $500.00
* Certain limitations and guidelines apply to IRA contributions and withdrawals, see an IRA specialist for details. APR=Annual Percentage Rate. Early withdrawal is subject to penalty.