Rollover IRA
Time to make changes to your retirement savings plan?
Maintain the tax deferred status of your retirement savings while avoiding penalties and taxes with a rollover-IRA. This option allows transfer of money from a qualified retirement plan such as a 401k, into an IRA. If you receive a disbursement from your company sponsored retirement plan, a Rollover IRA could be to your benefit.
Features
Available in terms 12, 18, 24, 36, 48 or 60 months
Interest credited monthly
Requirements: (Minimum balance, minimum deposit, etc.)
- You can rollover or transfer funds from a qualified retirement plan such as a 401 (k) into an IRA
- If you receive a distribution from your qualified plan, your employer is required to withhold 20% federal income tax from the total amount eligible for a rollover; a direct rollover is the only way to avoid this withholding
We encourage you to seek your tax professional for more information.
There may be a substantial penalty for early withdrawal of IRA Certificate of Deposits.
How to Open
To open an account, simply visit one of our convenient locations during normal business hours.
If you have questions, we are ready to help.
