Investments, Insurance & Other Services Assistance

Go to the Manage My Account page in Retirement Central and complete the Beneficiary change form. The beneficiary will be Updated by our Operations Support team.

Go to the Manage My Account page in Retirement Central and complete the appropriate form. The transaction will be completed by our Operations Support team.

Yes, go to the Open An IRA page in Retirement Central to complete the IRA Application. The IRA will be opened by our Operations Support team.

Yes – As long as the SEP IRA plan and the 401(k) plan are offered by separate companies. If you don't own the company that pays you a W-2, you can participate in both plans.

SEP stands for Simplified Employee Pension, and this plan is available for employers (including the self-employed). Employers can avoid the complex reporting requirements that the government usually mandates for retirement plans. With a SEP IRA, only the employer makes contributions to the account.

The Internal Revenue Service (IRS) does not allow you to borrow money from your Simplified Employee Pension Individual Retirement Account (SEP IRA) or to use it as loan collateral. However, the IRS permits you to roll money from your SEP IRA into another qualified retirement plan.

Regular Roth IRA contributions may be withdrawn tax and penalty-free. Withdrawal of earnings may be tax-free if it is a qualified distribution.

In general, you can withdraw your Roth IRA contributions at any time. But you can only pull the earnings out of a Roth IRA after age 59 1/2 and after owning the account for at least five years. Withdrawing that money earlier can trigger taxes and a 10% early withdrawal penalty.

A Roth IRA is an account funded with after-tax dollars. At any time for any reason, you can withdraw your contributions tax-free and penalty-free.

Withdrawals from Traditional IRAs are taxed as regular income, based on your tax bracket for the year in which you make the withdrawal.

You can withdraw funds from your Traditional IRA at anytime, subject to income tax. If you are under the age of 59 ½, an early withdrawal penalty may apply. Once you reach age 72 (or 70 1/2 in 2019 or earlier), you must withdraw a minimum amount each year to avoid penalty taxes.

A Traditional IRA is an individual retirement arrangement that allows you to save for retirement with tax advantages. Contributions you make may be fully or partially deductible, depending on your filing status and income, and generally, amounts in your Traditional IRA (including earnings and gains) are not taxed until you take a withdrawal from your IRA.

Changing or recharacterizing a previous Traditional IRA contribution to a Roth IRA contribution often involves complex income calculations. In addition, specific tax rules apply when you convert your Traditional IRA to a Roth IRA. Please contact an IRA Specialist at PenAir Credit Union for assistance with this process. If you are considering a conversion, you’ll need to determine if a Roth IRA conversion makes sense for you. To help with your questions, refer to the links on the right side of this page.

Select this option to withdraw money from an existing account for any of the following reasons.

• Make a normal withdrawal from an existing account
• Move money through a rollover or direct transfer
• Withdraw a previous contribution
• Withdraw if you are disabled
• Settle a federal tax levy
• Cancel a new IRA within 7 days of opening it

Select this option to add money to an existing account for any of the following reasons.

• Make a regular contribution to an existing account
• Move assets from one account to another through a direct transfer
• Roll over assets from an IRA or an employer-sponsored retirement plan