Individual Retirement Account (IRA)
The Credit Union offers three types of tax-deferred IRA Savings Accounts.
We Offer the Following IRA Options:
LA Financial Credit Union offers ROTH, Traditional, SEP and Education IRAs. Each offers a unique set of tax advantage savings benefits. Plus, your IRA accounts are federally insured to a combined total of $250,000 by the NCUA, a U.S. government agency. Interest rate may vary after the account is opened. Fees may reduce earnings. IRS penalty may apply for early withdrawal. See IRA disclosure statement for additional information.
*SEP Savings IRA (Simplified Employer Pension Plans) are retirement plans that are ideal for small business owners and self employed individuals. A SEP IRA allows individuals to make contributions of up to $42,000 for 2005 ($44,000 for 2006) into their own and their employees' retirement accounts.
**For IRA Accounts this presupposes that the age-eligibility requirements for distributions have been met.
Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license and other identifying documentation.