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Traditional Individual Retirement Accounts

Traditional IRAs | Roth IRAs | Coverdell

Member Notification:

IRA Rollover Interpretation Changing
If you are considering rolling over your IRA assets to an existing or new IRA, the IRS is changing its long-standing position on the one-per-12-month rule for IRA rollovers. When the IRS applies its new interpretation, which will be effective for distributions taken on or after January 1, 2015, you may roll over only one IRA distribution in any 12-month period, regardless of how many IRAs you own. You may still perform an unlimited number of transfers.


You can deposit a certain amount of money each year without paying taxes on your interest earnings until you withdraw it. For some individuals, the IRA contribution may also be tax deductible.*

Any wage earner or salaried person, including those covered by a pension, profit-sharing or other retirement plan can open an IRA or make a contribution up until the year they turn 70½.

Account Types

To fit your needs, you can open a Traditional IRA Savings or Certificate Account.

Contribution Limits

Year Contribution Limit
2017 $5,500
2018 $5,500

Catch Up Contributions

Individuals who turn age 50 and older can make a catch-up contribution of $1,000 per tax year in addition to regular contributions. This catch-up contribution may also be made to an IRA for a non-working spouse.

Rollovers

You can roll over an IRA if you retire or change jobs and receive a lump-sum distribution from a qualified pension (i.e.: 403B, 401K) plan. You can roll over all or any part of these funds into a tax-deferred IRA rollover account. You must make this rollover within 60 days from the day you receive your lump-sum distribution.

Transfers

You also have the option of transferring your IRA from another financial institution to us. We will handle all the necessary paperwork at no cost to you.

Visit the branch nearest you, or call (631) 698-7000 ext. 6780.

*Consult your tax advisor.

 

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