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Individual Retirement Account (IRA)

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Individual Retirement Accounts, known commonly as IRAs, can be an important tool in planning for your retirement. Many IRAs offer tax advantages to qualified owners ranging from tax deductions to deferred taxes on interest earned, to non-taxable income in retirement. Consult your tax advisor about whether an IRA would be advisable, and which type of IRA will best suit your needs. We can help you find the IRA your adviser has recommended.

The following briefly describes many of our Individual Retirement Account programs. For complete details contact one of our branch offices. Note that normal account rules and regulations apply and the following is not intended to offer a complete description of the accounts.

Traditional IRA

Our Traditional IRA has a fixed contribution amount with a guaranteed interest rate and a stated maturity ranging from 6 months to 5 years and can be rolled over at maturity at then available current rates and maturities. A Traditional IRA contribution may be tax deductible and is subject to annual limits.

Community Market IRA

Our Community Market IRA offers the flexibility of allowing periodic contributions over time and has no set maturity date. The variable interest rate may change weekly. A Community Market IRA contribution may be tax deductible and is subject to annual limits.

Additional IRA Programs

Roth IRA and SEP-IRA (Simplified Employee Pension) Plans are also available. A Roth IRA contribution is not tax deductible. A SEP-IRA contribution may be tax deductible. Both plans are subject to annual limits. Our Customer Service Representatives can assist you with information about these plans.

Rollover IRA

If you have retired or changed jobs and are about to receive a distribution from a qualified pension plan, you may transfer these funds into a Rollover IRA.  Your tax advisor can advise you of the type of IRA to choose for your rollover funds, and our customer service representatives can assist you in implementing what your advisor recommends.

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