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IRAs for Utility & Energy Workers

UECU's Share Savings Accounts
UECU's Educational Savings Accounts
UECU's Health Savings Accounts
UECU's Money Market Savings Accounts
UECU's IRA Savings Accounts
UECU's Special Savings Accounts

UECU's Certificates of Deposit

Way to go, great job! You’ve decided to save for your retirement. An IRA may be just what you are looking for. Here at UECU we offer great IRA accounts that offer above average dividend yields to help you make the most of your money!

  • Peace of mind knowing that your funds are protected from the market swings that affect other accounts
  • No need to worry if you switch jobs you can make contributions to your IRA from your new job
  • Convenient payroll deduction into your account means you won’t miss the money and you’ll be surprised when you see how much you have saved!

Have questions? Need help? Contact Jolynn below:

Jolynn Stuebner
Deposit Service Representative and IRA Specialist
800-288-6423 Ext. 4053
jstuebner@UECU.org
 

Additional Information Specific to Traditional IRAs
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  • Two dividend tiers designed to maximize savings:
    • $0.01 - $49,999.99
    • $50,000 and over
  • IRA accounts insured by NCUA up to $250,000 separately from Share Savings Account and Special Savings Accounts.
  • IRA contributions can be made by payroll deduction, share transfer, or check.
  • Members under age 50 may contribute up to $5,500 per year. Members age 50 through age 70 ½ by the end of the contribution year may contribute up to $6,500. These limits are a combination of traditional and Roth IRA contributions that you make for the year. Contributions may not exceed earned compensation.
  • Contributions are fully tax deductible if:
    • Member is single and not an active participant in a retirement plan;
    • Member is single and an active participant in a retirement plan, Modified Adjusted Gross Income (MAGI) less than $61,000 in 2016 and $62,000 in 2017.
    • Member is married, neither spouse is an active participant
    • Member is a joint filer, owner is an active participant, MAGI up to $98,000 in 2016 and $99,000 in 2017.
    • Member is married, spouse is an active participant, while owner is not and MAGI is $184,000 or less in 2016 and $186,000 or less in 2017.
  • Contributions are partially tax deductible if:
    • Member is single, active participant, MAGI $61,000 - 71,000 for 2016 and $62,000 - 72,000 for 2017.
    • Member is a joint filer, owner is an active participant, joint MAGI $98,000 - 118,000 for 2016 and $99,000 - 119,000 for 2017.
    • Member is married, spouse is an active participant, while owner is not, MAGI is $184,000 - 194,000 for 2016 and $186,000 - 196,000 for 2017.
  • Contributions are not tax deductible if:
    • Member is single, active participant, MAGI over $71,000 for 2016 and $72,000 for 2017.
    • Member is a joint filer, owner is an active participant, MAGI over $118,000 for 2016 and $119,000 for 2017.
    • Member is married, spouse is an active participant, while owner is not, MAGI is over $194,000 for 2016 and $196,000 for 2017.
  • Withdrawals are IRS-penalty-free if:
    • Member has reached age 59 1/2
    • Member is deceased
    • Member is rolling over or directly transferring fund to another Traditional IRA
    • Member has converted to a Roth IRA
    • Member is withdrawing an excess contribution before the tax return is due
    • Member distribution is for a first time home purchase ($10,000 limit)
    • Member distribution is to pay for qualified post-secondary education expenses
    • Member distribution is for medical expenses in excess of 7.5% of adjusted gross income
    • Member distribution is for pre-59 1/2 periodic payments
    • Member distribution is to an owner who is disabled
    • Member distribution is for medical insurance premiums during unemployment that lasts 12 weeks or longer
    • Member distribution is for a payment of a tax levy
  • Required minimum distributions at age 70 1/2.
  • Rollovers can be made from one Traditional IRA to another or from a Traditional IRA to a Roth IRA or from a Qualified Retirement Plan (example: 401K) to a Traditional IRA.

Features Specific to Roth IRAs
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  • Members under age 50 may contribute up to $5,500 for 2016 and 2017 per year if:
    • Member is single with a MAGI up to $117,000 for 2016 and $118,000 for 2017; a partial contribution can be made if MAGI is up to $132,000 for 2016 and $133,000 for 2017.
    • Member is a joint filer with a MAGI up to $184,000 for 2016 and $186,000 for 2017; a partial contribution can be made if MAGI is up to $194,000 for 2016 and $196,000 for 2017.
  • Members attaining age 50 or older who qualify to make a contribution may add a catch-up contribution of up to $1000 to their total contribution. The phase out calculations apply to the “catch-up” contributions also.
  • Contributions can not exceed total earned compensation.
  • Contributions are not tax deductible.
  • Contributions can be made even if participating in an employer-sponsored retirement plan.
  • Members may withdraw their contributions at any time for any reason tax and penalty free.
  • Withdrawals of earnings are tax-free if: (otherwise a 10% penalty is incurred)
    • IRA has been open for 5 years and;
    • Member has reached age 59 ½ or;
    • Member is deceased or;
    • Member is disabled or;
    • Member is using the money for a first time home purchase ($10,000 limit).
  • No required minimum distributions. Minimum distributions must be made to beneficiaries following member’s death.
  • Rollovers can be made from one Roth IRA to another or from a Traditional IRA to a Roth IRA; however, when converting from a Traditional IRA to a Roth IRA, members are taxed on any money that has not been taxed before.