Credit Union Hours
Mon - Thur -- 9:00AM to 5:00PM 
Friday -- 9:00AM to 6:00PM 
Closed Weekends and All Federal Holidays 
Lost or Stolen Debit Card: 
(800)543-5073 
 

IRA Accounts

Roth IRA's

The Taxpayers Relief Act of 1997 created this new IRA product that allows persons with earned income to save for retirement using non-deductible taxed money. One of the best features of a Roth IRA is that you may withdraw your contributions tax and penalty free at any time after five years while your earnings in a Roth IRA grow tax-free. Withdrawals on earnings may be subject to both tax and penalty depending on whether the reason for withdrawal is considered to be a qualified distribution.

Contributions to a Roth are allowed at any age as long as the IRA owner has compensation for the tax year for which the contribution is made. You may make contributions to both a Traditional IRA and a Roth IRA; however, the aggregate amount between the two cannot exceed $5,500 per tax year.

Features of Roth IRA Shares include:

  • $25 minimum balance to open and earn dividends.
  • Dividends are calculated daily and paid quarterly.
  • We charge no penalty for early withdrawal. The member is responsible for the 10% Federal Penalty Tax for early withdrawals.
  • You and/or your working spouse can deposit a maximum of $5,500 per year if you have earned income of an equivalent amount.  Your non-working spouse is eligible for a maximum of $5,500 per year.  
  • There is a $8.00 annual fee.

"Catch-up" contributions - workers 50 and older can make an additional contribution of $1,000 a year.

If you work and are under age 70 1/2 this year, you can set up a Traditional IRA Share Account regardless of your participation in other retirement plans. With our Traditional IRA's, you receive immediate tax-deferred earnings.

Features of Traditional IRA Shares include:

  • $25 minimum balance to open and earn dividends.
  • Dividends are calculated daily and paid quarterly.
  • We charge no penalty for early withdrawal. The member is responsible for the 10% Federal Penalty Tax for early withdrawals.
  • You and/or your working spouse can deposit a maximum of $5,500 per year if you have earned income of an equivalent amount.  Your non-working spouse is eligible for a maximum of $5,500 per year.  
  • There is a $8.00 annual fee.

"Catch-up" contributions - workers 50 and older can make an additional contribution of $1,000 a year.

 

 
 
IBEW Local 56 FCU
962 West 20 Street
Erie, PA 16502
Phone:  (814) 455-2270      FAX:  (814) 455-4307
Toll Free:  (800) 723-7800

email:
Routing Number: 243381065
 
IBEW Local #56 FCU - Once A Member ... Always A Member
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