IRAs

^APY = Annual Percentage Yield

* Certificate Disclosure:
All certificate rates are fixed for the length of the term. A penalty may be imposed for withdrawals before maturity. If your account has an original maturity of one year or less, the penalty will equal three months dividends on the amount withdrawn subject to penalty. If your account has an original maturity of more than one year the penalty will equal six months dividends on the amount withdrawn subject to penalty. The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned. If the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal. In certain circumstances such as the death or incompetence of an owner of this account, the law permits or may require the waiver of the early withdrawal penalty. Other exceptions may also apply; for example, if the certificate is part of an IRA or other tax-deferred savings plan.

IMPORTANT: Failure to maintain the requirements of the Premium Checking or Premium Certificate accounts may result in placement in a Regular or Regular Certificate account.

** IRA Disclosure:
Distributions may be taken after age 59 ½ without an IRS penalty and are mandatory after age 73. There are special circumstances in which you withdraw funds without an IRS penalty. There may be a credit union penalty if the withdrawal breaks the term of the certificate.

Unlike many employer-sponsored retirement plans in which access to assets might be limited until the participant has a change of employment or reaches retirement age, access to IRA assets is guaranteed, always. Most Traditional IRA distributions taken before the IRA owner reaches age 59 ½ are subject to a 10 percent early distribution penalty tax. The 10 percent early distribution penalty tax does not apply in the following situations:

• Age 59½
• Death
• Disability
• Certain medical expenses
• Health insurance premiums following unemployment
• First home buyer expenses
• Higher education expenses
• IRS levy
• Series of substantially equal periodic payments
• Qualified reservists distributions

IRS Publication 590, Individual Retirement Arrangements (IRAs), provides more detail on these penalty tax exceptions.

Traditional IRA funds become reportable income after distribution; please consult your tax professional. Savings and Certificates