Plan for the future and start building your nest egg.
What You Need:
- $25 minimum initial deposit
- $10 minimum balance
- Be a Latino CU member
What You Get:
- Retirement accounts are federally insured up to $250,000 by NCUA
- Dividends compounded daily, paid monthly
- Above average interest rates
- No maintenance fee if minimum balance is maintained
- Recurring funds transfer available for contributions
- Access your account on-line and do much more with our electronic services. Click here for more details
|Type||Minimum Deposit||Interest Rate||APY*|
|Roth, Traditional & Simplified Employee Pension (SEP)||$25||4.60%||4.71%|
|1. Roth IRA||2. Traditional IRA||3. Simplified Employee Pension (SEP)|
|Eligibility||Account holder or spouse must have earned income. No age limits.||Account holder must have earned income.||Employer completes and signs written agreement by tax return date, providing a copy to the employee. Eligible employees open SEP at institution of choice. Employer determines contribution percentage. No age limit for contributions on behalf of employee.|
|Maximum Annual Contribution||Lesser of annual IRS limit or amount based on account holder’s MAGI (Modified Adjusted Gross Income).||Lesser of annual IRS limit or 100% of earned income.||Cannot exceed 25% of employee’s income up to compensation cap.|
|Distributions||Withdraw regular contributions tax and penalty-free at any time.||May begin at age 59 ½ with no penalty; required to begin at age 72.||May begin at age 59 ½ with no penalty; required to begin at age 72.|
|Advantages||Contributions can be made at any age. Contributions can be withdrawn tax-free at any time. Earnings are tax-free for all qualified withdrawals. No required distributions after retirement.||Possible tax deductible contributions. Earnings on contributions grow tax-deferred. May be converted to a Roth IRA pending certain criteria are met.||Allows small businesses to provide pension coverage to employees at no administrative cost. Self-employed can provide for own retirement.|
We pay you back!
Through higher interest rates and lower fees. Why wait? Experience the savings that only LCCU can provide.