Individual Retirement Accounts

We offer Traditional and Roth IRAs, Coverdell Education Savings Accounts as well as an Advantage Accumulation IRA that allows you to build up your savings automatically, through the convenience of Direct Deposit. You will find a comprehensive description of IRA plans and regulations below; please consult your tax advisor for guidance. 

Contributions may be fully or partially tax deductable or non-deductible.  -Please consult your tax advisor for your specific tax advantages.

• Dividends are tax-deferred until distribution 
• Contributions can me made at any time until April 15th of the following year
• Withdrawals can be made without penalty at any time after age 59 1/2*; distributions must start by April 1st following the year in which the participant reaches age 70 1/2
• Contribute up to $4,000 annually, provided that income from compensation is equal to or greater than the IRA contribution (Contribution Chart)

• Dividends are tax-free upon distribution
• Contributions cannot be tax deductions
• Contributions can me made at any time until April 15th of the following year
• Withdrawals can be made without penalty at any time after age 59 1/2*; no required distribution age
• Contribute up to $4,000 annually, provided that income from compensation is equal to or greater than the IRA contribution (Contribution Chart)

• Open an account with as little as $5
• No set term
• Earn competitive, variable dividend rates
• Make automatic deposits through direct deposit

• Open an account with as little as $500
• Available terms: 3 months to 60 months
• Tiered dividend levels and rates
• Distributions are generally tax free if used for these types of expenses:
  • Expenses incurred in connection with the enrollment or attendance of the beneficiary at a public, private or religious elementary or secondary school
  • Post-secondary tuition, fees, textbooks, supplies and equipment
  • Post-secondary room and board expense - only if the beneficiary is enrolled on at least a half-time basis at an eligible institution
• Contributions can be made at any time during a calendar year
• Contribute up to $2,000 annually for each beneficiary up to their age 18 (Contribution Chart) 

*Distributions prior to age 59 1/2 are subject to a 10% IRS early withdrawal penalty unless:

• Distribution is made due to account holder's death
• Distribution is made to an account holder who has become permanently and totally disabled
• Distribution is made as a part of a series of substantially equal periodic payments
• Used to pay medical expenses in excess of 7.5% of account holder's adjusted gross income
• Used to pay health insurance premiums for participants unemployed for 12 or more weeks
• Used for the first-time purchase of a home (up to $10,000)
• Used to pay for qualified higher education expenses

What can we do for you today?
Click here for current rate information, or click here to open an account. If you would like to speak to a Financial Service Associate, please contact our Member Call Center at 1-888-FAA ER FCU (1-888-322-3732).

 Charts and Guidelines

Contribution Chart
Maximum Annual Contribution Amounts: Traditional and Roth IRAs

Year	Under Age 50	Over Age 50
2007	$4,000	$5,000
2008	$5,000	$6,000
2009	$5,000	$6,000