Want to save for a financially secure retirement? Then a Central One Individual Retirement Account (IRA) is for you. There are several types to choose from - Traditional, Roth, or the Coverdell Education Savings Account. Remember - as with all of our IRAs, there are:

• No maintenance fees.
• No rollover fees.
  

Features/Benefits

Contributions and dividends earned may be tax-deferred until withdrawn, then the funds are taxed at your income tax rate, which in most cases, is a lower tax rate. Consult your tax advisor.

Anyone under 70-1/2 years of age with earned income can contribute to a Traditional IRA, up to $5,000 per year or 100% of their earned income, whichever is less.

*IRA Owners aged 50 and over can make "catch-up" contributions of up to $1000.00.

Contributions can be made weekly or monthly via Direct Deposit.

IRA Share rates earn higher dividend rates than Regular Share Accounts while IRA Certificates earn the same great rates as our Regular Share Certificates.

Withdrawals can begin at age 59-1/2, but are mandatory at age 70-1/2. You can elect to have withdrawals made either monthly, quarterly, semi-annually or annually, through either of two payment methods: having a check sent to you; or the funds can be transferred to your Share Account or Share Draft (Checking) Account.

IRA deposits are insured up to $250,000 by NCUA. Retirement account insurance protection is separate and apart from insurance coverage on your other credit union accounts.

Benefits

Your contribution to a Roth IRA is made with after-tax dollars, therefore, the money in your Roth IRA, including earnings, can be withdrawn tax-free. However, you must conform to the plan provisions to get this tax-free advantage.Consult your tax advisor.

Eligibility to contribute to a Roth IRA depends on the individual's modified adjusted gross income. Eligible members, with earned income, can contribute to a Roth IRA, up to $3,000 per year, or 100% of their earned income, whichever is less.

*IRA Owners aged 50 and over can make "catch-up" contributions of up to $500.00 beginning January 1, 2002, making their total allowable contribution $3,500.

Earnings in a Roth IRA can be withdrawn, tax and penalty free, after the Roth has been held for 5 years and you are 59-1/2 years of age; or if you become disabled, withdraw the funds for a first time home purchase, or, in the event of your death, the funds are going to your beneficiary.

Roth IRAs will be added together with Traditional IRAs and insured (up to $250,000) by NCUA.

Roth IRA Share rates are higher than Regular Share accounts and Roth IRA Certificates earn the same great rates as our Regular Share Certificates.

Qualified withdrawals are penalty free after age 59-1/2 and can be done either monthly, quarterly, semi-annually or annually through either of two options: the check sent to you; or have the funds transferred to your Share Account or Share Draft (Checking) Account. Withdrawals of earnings, prior to age 59-1/2, would be subject to penalties and taxes.

Unlike Traditional IRAs, there are no requirements to begin taking required minimum distributions at age 70-1/2.

Features/Benefits

Assuming eligibility, with certain MAGI (modified adjusted gross income) limits, an individual can contribute to a Coverdell Education Savings Account for a child under the age of 18.

All funds must be withdrawn by age 30.

No more than $2,000 total each year can be contributed for all accounts opened on the child's behalf. Contributions cannot be made to an COverdell Account if the child participates in a qualified state tuition program. Funds can be transferred from one child's account to another child in the family. The contribution deadline is April 15th.

Contributions and earnings can be withdrawn tax and penalty free for qualified educational expenses. Other withdrawals subject to tax and penalties. Consult your tax advisor.

Coverdell Education Savings Account rates are higher than Regular Share accounts and Coverdell Certificates earn the same great rates as our Share Certificates.

Coverdell Education Savings Accounts are insured, up to $250,000, by NCUA as irrevocable trust accounts and will be added to a member's other irrevocable trust accounts.

Investment Options

There are two investment options:
      IRA Share Account
      Six Month, One, Two, Three or Five year IRA Certificates ($1,000/minimum).

Need More Information?

Visit any Credit Union location or call and speak to our IRA Specialist or a Personal Financial Representative or email your questions.