Term Deposits

Question 1

Transfer

Answer 1

Funds go from one financial institution to the other. Member should not have access to the funds

Question 2

Rollover

Answer 2

IRA withdrawals can be re-deposited within 60 days as a rollover contribution to avoid tax penalties. Allowed once in a 12 month period

Question 3

IRA Early Distribution Age

Answer 3

59 1/2

Question 4

Required Minimum Distribution Age

Answer 4

70 1/2

Question 5

Where can you find a members RMD

Answer 5

IRS record on Symitar

Question 6

MACU Distribution Form

Answer 6

Generates every time there is an IRA distribution or transfer. Four parts you must fill out:

1 Owner information
2 Distribution Reason
3 Payment Instructions 
4 Withholding election
5 Signature

Question 7

Distribution Procedures

Answer 7

Move money to IRA Money Market SW x SD, select appropriate action, ask how much member would like to withhold, fill out Distribution Form, sign

Question 8

IRA Basic Info

Answer 8

• $500 to start
• Must have an IRA Money Market
• no service fees
• automatically renew at a term equal to or less than current term at current rate. 10 day grace period

Question 9

Roth IRA

Answer 9

Tax free withdrawal of original contributions

Question 10

Traditional IRA

Answer 10

• earnings are taxable upon withdrawal

- IRS penalties if withdrawn before 59 or not taken by 70 1/2