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Contact your Branch Office if you are interested in establishing an IRA and/or HSA.

IRA (Individual Retirement Arrangement)

Traditional IRA

A Traditional IRA may be established by any member with sufficient income to make contributions to the share account.  The tax-deductibility of contributions has strict eligibility requirements based on income, tax filing status and availability of other retirement plans as outlined by the Internal Revenue Service.  Transactions in the account, including interest, dividends and capital gains, are not subject to tax while still in the account, but upon withdrawal from the account, withdrawals are subject to federal income tax.

Roth IRA

A Roth IRA may be established in which contributions are never tax-deductible, but qualified withdrawals are tax free.  As with a Traditional IRA, transactions in a Roth IRA, including interest, dividends and capital gains, incur no tax liability while still in the account.

View the IRA disclosure

Transfers vs. Rollovers

Transfers and rollovers are two ways of moving IRA funds between financial institutions.


A transfer is normally initiated by the financial institution receiving the funds.  A request is sent to the disbursing institution for a transfer and a check (made payable to the other institution) is sent in return.  This transaction is not reported to the IRS and is allowed to and from a Traditional IRA.


A rollover (sometimes referred to as a 60-day rollover) can also be used to more IRA money between financial institutions.  A distribution is made from the institution disbursing the funds.  A check would be made payable directly to the IRA owner who would then have to make a rollover contribution to the receiving financial institution within 60 days in order for the funds to retain their IRA status.  This type of transaction can only be done once every 12 months with the same funds.

HSA (Health Savings Account)

A health savings account (HSA) is a tax-favored account created exclusively to save for qualified medical expenses of the HSA owner, his or her spouse and dependents.

Here are some of the benefits of an HSA:

  • Contributions are tax-deductible
  • Earnings are tax-deferred
  • Withdrawals are tax-free if used for qualified medical expenses
  • Your balance carries over from year to year
  • HSA funds are always yours, regardless of change in employment

HSA owners are eligible to contribute to HSAs for any month if they are:

  • Covered under a high-deductible health plan (HDHP)
  • Not also covered by any other health plan that is not an HDHP (with limited exceptions)
  • Not enrolled in Medicare
  • Not eligible to be claimed as a dependent on another person’s tax return

These requirements do not apply to rollover and transfer contributions.

Anyone may make a contribution on behalf of an eligible person, and there can be multiple contributors.  However, the most likely contributors are HSA owners, their family members and their employers.

View the HSA disclosure