A savings plan to help members save for retirement or education which offers some type of tax advantages.

Features Common to All IRA's Features Specific to a Traditional IRA Features Specific to a Roth IRA Advantages IRA Certificates of Deposit™ IRA Newsletter

What type of IRA is best for you? View our IRA Comparison Chart to see what would best fit your needs.

Product Features Common to All IRAs

• 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.

Features Specific to Traditional IRAs

• Members under age 50 may contribute up to $5,000 for 2008 and $5,000 for 2009. Members age 50 through age 70 ½ by the end of the contribution year may contribute up to $6,000 for 2008 and $6,000 for 2009. 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 $53,000 for 2008 or $55,000 for 2009.
• Member is married, neither spouse is an active participant
• Member is a joint filer, owner is an active participant, MAGI under $85,000 for 2008 or $89,000 for 2009.
• Member is married, spouse is an active participant, while owner is not and MAGI is under $159,000 for 2008 or $166,000 for 2009.
• Contributions are partially tax deductible if:
• Member is single, active participant, MAGI $53,000-63,000 for 2008 or $55,000-$65,000 for 2009.
• Member is a joint filer, owner is an active participant, joint MAGI $85,000-$105,000 for 2008 or $89,000-$109,000 for 2009.
• Member is married, spouse is an active participant, while owner is not, MAGI is $159,000-$169,000 for 2008 or $166,000-$176,000 for 2009.
• Contributions are not tax deductible if:
• Member is single, active participant, MAGI over $63,000 for 2008 or $65,000 for 2009.
• Member is a joint filer, owner is an active participant, MAGI over $105,000 for 2008 or $109,000 for 2009
• Member is married, spouse is an active participant, while owner is not, MAGI is over $169,000 for 2008 or $176,000 for 2009.
• Withdrawals are 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.

Traditional IRA Brochure

Features Specific to Roth IRAs

• Members under age 50 may contribute up to $5,000 per year if:
• Member is single with a MAGI up to $101,000 for 2008; a partial contribution can be made if MAGI is between $101,000 and $116,000 for 2008 or $105,000 and $120,000 for 2009.
• Member is a joint filer with a MAGI up to $159,000 for 2008 and $166,000 for 2009; a partial contribution can be made if MAGI is between $159,000 and $169,000 for 2008 and $166,000 and $176,000 for 2009.
• 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 withdrawal 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.

Roth IRA Brochure

Advantages IRA Certificates of Deposit™

Another popular option for retirement planning are our Advantages IRA Certificates of Deposit™. The guidelines for contributions, withdrawals and tax-benefits are the same as a Traditional IRA, however, with a Certificate of Deposit, one can typically earn higher yields on their account as the money is “locked up” for a pre-determined term. Terms and tiers for IRA Certificates of Deposit are the same as our Advantages Certificates of Deposit™.

View our current Certificate rates

How do I make the right decision for me?
Please let your tax advisor help you determine which IRA is right for you and your family, then call UECU at 800-288-6423. We'll be happy to open the IRA account that’s perfect for you!

IRA Comparison
IRA Introduction Brochure
IRA Rollover Brochure