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IRAs

Individual Retirement Accounts (IRAs) are a great way to save for retirement. No minimum contribution per year is required. Please contact the IRA specialist located at each branch for more information. 

  • Traditional IRA

    Highlights
    Excellent savings plans for those not covered by other plans but who have earned income.

    Max. Employee Contribution
    2015 $5,500
    2016 $5,500

    Max. Employer Contribution
    N/A

    Max. Contribution ALL Sources
    2015 $5,500
    2016 $5,500

    Over Age 49 Additional Catch-Up
    $1000

    Tax Deduction
    Yes

    Withdrawals
    Taxed

    Earnings
    Tax deferred

    Form by
    2015 by 4/15/16
    2016 by 4/18/17

    Contribute by
    2015 by 4/15/16
    2016 by 4/18/17

    Penalty Issues
    10% before 59 1/2

    Qualifications
    1. Earned income
    2. Max age 70 1/2
    3. Not covered by another plan
    4. If covered, must be below income limits

    Distributions
    Start by April 1 of year after turning 70 1/2

    Interest Rates
    View Rates
  • Roth IRA

    Highlights
    Great long-term plan that offers tax-free accumulations and withdrawals.

    Max. Employee Contribution
    2015 $5,500
    2016 $5,500

    Max. Employer Contribution
    N/A

    Max. Contribution ALL Sources
    2015 $5,500
    2016 $5,500

    Over Age 49 Additional Catch-Up
    $1000

    Tax Deduction
    No

    Withdrawals
    Nontaxable

    Earnings
    Nontaxable

    Form by
    2015 by 4/15/16
    2016 by 4/18/17

    Contribute by
    2015 by 4/15/16
    2016 by 4/18/17

    Penalty Issues
    10% before 59 1/2 on earnings only

    Qualifications
    1. Earned income
    2. Max income

    Distributions
    No requirements

    Interest Rates
    View Rates
  • Nondeductible IRA

    Highlights

    Max. Employee Contribution
    2015 $5,500
    2016 $5,500

    Max. Employer Contribution
    N/A

    Max. Contribution ALL Sources
    2015 $5,500
    2016 $5,500

    Over Age 49 Additional Catch-Up
    $1000

    Tax Deduction
    No

    Withdrawals
    Earnings taxed

    Earnings
    Tax deferred

    Form by
    2015 by 4/15/16
    2016 by 4/18/17

    Contribute by
    2015 by 4/15/16
    2016 by 4/18/17

    Penalty Issues
    10% before 59 1/2

    Qualifications
    Earned income

    Distributions
    No requirements

    Interest Rates
    View Rates
  • SEP IRA

    Highlights
    Excellent contribution limits, IRS forms 5500/EZ not required, but 100% employer funded.

    Max. Employee Contribution
    $0

    Max. Employer Contribution
    2015 Less of 25% of W-2 or $53,000
    2016 Less of 25% of W-2 or $53,000

    Max. Contribution ALL Sources
    2015 $53,000
    2016 $53,000

    Over Age 49 Additional Catch-Up

    N/A

    Tax Deduction
    Yes

    Withdrawals
    Taxed

    Earnings
    Deferred

    Form by
    Due Date + Extensions

    Contribute by
    Due Date + Extensions

    Penalty Issues
    10% before 59 1/2

    Qualifications
    Employees can have a SEP IRA and a traditional or Roth IRA.

    Can have a SEP IRA and 401(k) if have self-employment income.

    Distributions
    Plan based - usually 70 1/2

    Interest Rates
    View Rates
  • Simple IRA

    Highlights
    Excellent choice for side businesses, small businesses and those with <$50K annual income. 97% employer funded.

    Max. Employee Contribution
    2015 $12,500
    2016 $12,500

    Max. Employer Contribution
    2015 Matching: 3% of W-2 before deferral (up to $12,500) OR Non-elective: 2% of W-2 (up to $5300)
    2016 Matching: 3% of W-2 before deferral (up to $12,500) OR Non-elective: 2% of W-2 (up to $5300)

    Max. Contribution ALL Sources
    2015 $12,500 + Employer Contribution (Matching or Non-elective)
    2016 $12,500 + Employer Contribution (Matching or Non-elective)

    Over Age 49 Additional Catch-Up
    2015 $3000
    2016 $3000

    Tax Deduction
    Yes

    Withdrawals
    Taxed

    Earnings
    Deferred

    Form by
    2015 by 10/1/15
    2016 by 10/1/16

    Contribute by
    Due Date + Extensions

    Penalty Issues
    25% first 2 years

    Qualifications
    No other active plan

    Distributions
    Plan based - usually 70 1/2

    Interest Rates
    View Rates