The Taxpayers Relief Act of 1997 enacted by Congress has some attractive savings options. You now have new choices for your retirement and education savings. The 1997 Act made traditional IRA's more engaging by enabling more people to deduct contributions and allowing certain new penalty-free withdrawals.

Two new types of IRAs were created:

1. Roth IRA, is an opportunity for tax-free earnings.

2. Coverdell ESA to help families save for post-secondary educational expenses.

There is plenty of confusion about the new options. The information on this web page will help you understand the new rules but is not intended as a full IRA disclosure.

United Advantage offers the Traditional IRA, Roth IRA and Coverdell ESA. To maximize your earnings, all the credit union's IRAs come with several options. Please contact us if you have any additional questions. Action today towards a wealthier tomorrow.

Q. What is an IRA?
A. An IRA is a savings vehicle that allows participants to put money aside for their retirement.

Q. What will it cost me?
A. There is a one time only $25.00 set up fee. The credit union does not charge any fees for processing the account, no yearly maintenance fees, and no transfer fees.

Q. Is there a penalty for withdrawing my IRA?
A. The credit union imposes no penalties for early withdrawals, other than on an IRA certificate, which is disclosed.

Q. Can I make deposits through payroll?
A. Yes, except to an IRA certificate.

Q. How long does it take to set one up?
A. If you come into a credit union branch, about 15 to 20 minutes.

Q. Do I have to come in person to set one up?
A. No. IRAs can be set up through the mail, however, there are government forms that you must sign and return for the account to be valid.

Q. Are the funds insured?
A. YES! All your credit union funds are insured by NCUA, an agency of the Federal Government, to $100,000.00.

Today's IRAs are more flexible than ever before! More people qualify for deductible contributions and with the new ROTH and Coverdell ESA, your earnings are often TAX-FREE! Please be sure to consult with a certified tax advisor before opening a new IRA to be sure to follow all the IRS guidelines.

Your funds insured by NCUA - an agency of the U.S. Federal Government. All Accounts are insured up to $100,000 by NCUSIF (National Credit Union Share Insurance Fund).

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