Save for retirement on your own terms. Pen Air's Individual Retirement Accounts (IRAs) offer secure, federally insured Traditional and Roth IRA options that help you take control of your retirement.

IRA's - older couple sitting on the side of large sail boat having a conversation

Investing in the Future


Traditional IRA Roth IRA
Which Account is Right for You? 1 A Traditional IRA is a good choice for those who expect to retire in a lower tax bracket or if you need to rollover assets from a traditional employer-sponsored plan. A Roth IRA is a good option for those who anticipate being in a higher tax bracket upon retirement. Contributions are not eligible for a tax deduction, but there are more options for withdrawal.
Tax Implications 2 Tax deferred earnings. Contributions may be tax deductible. Tax deferred earnings. Regular contributions may be withdrawn tax and IRS penalty free. Withdrawals of earnings may be tax free.
Age Eligibility Must be under age 70 1/2 at year end. None
Max. Regular Contributions (2015 tax year) $5,500; $6,500 for those over age 50 as of 12/31/15. (Combined limit for Traditional and Roth Contributions) $5,500; $6,500 for those over age 50 as of 12/31/15. (Combined limits for Traditional and Roth contributions)
Income Limitations (2015 tax year) 3 None Contribution phase-out ranges:
Single and Head of Household:
$116,000 - $131,000
Married, filing jointly:
$183,000 - $193,000
Contribution Deadline Tax deadline for year to which contribution applies Tax deadline for year to which contribution applies
Distributions Must begin by April 1st of the year after participant reaches age 70 1/2 No mandatory disbursements

1Additional account details may apply.

2See your tax advisor for information.>

3Please view IRS Publication 590 for more information about income limitations at or see your tax advisor for more information.

Simplified Employee Pension (SEP)

A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees' retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account (IRA) set up for each plan participant (a SEP IRA).

A SEP IRA account is a Traditional IRA and follows the same investment, distribution, and rollover rules as Traditional IRAs.

Coverdell Education Savings Account

A Coverdell Education Savings Account is designed to assist families in saving for a child's educational expenses. While more than one ESA can be set up for a single child, the total maximum contribution per year for any one child is $2,000. Formerly called an Education IRA, the ESA allows families to increase investment earnings through tax-deferral as long as the funds are used for educational purposes.


For more information about these IRA products, please contact a Deposit Operations Specialist by email or calling 850.505.3200 Ext. 8150 or contact the Asset Management team by email or calling 850.505.3200 Ext. 8332.