IRA Accounts

Traditional IRA

A traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRA's offer tax-deferred earnings, and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating your balance, long-term savings plan.

Roth IRA

The Roth IRA is a new kind of individual retirement account created by the Taxpayer Relief Act of 1997. Named for Senate Finance Committee Chairman William Roth, Jr. (R-DE), this IRA offers more incentives to boost your retirement savings, as well as more ways to use your nest egg.

Coverdell Education Savings Account

The Coverdell Education Savings Account is a new kind of tax-advantaged savings account created by the Taxpayer Relief Act of 1997. This IRA's sole purpose is to help you pay for your child's higher-education expenses, such as tuition, fees, books, supplies, and equipment. In some cases, room and board is also a qualified expense.



Often when we think of IRAs, we think of security and financial stability during our retirement years. However, as people put more money aside for retirement, we see that members do not always use all of their IRA money before death.

When members die, their beneficiary designations become very important. These designations direct who will receive the death benefits. It is imperative that IRA owners keep their beneficiary designation forms updated to ensure that the IRA funds are paid out in a timely manner following their deaths.


It is your responsibility as a member to keep the beneficiary designations current. However, with the busy lives we lead, this is not always at the top of our "to do" list. Therefore, it is good member service to remind our IRA owners how important it is to update their IRA beneficiary designation forms.

In addition, another reminder is to change your beneficiary form upon change in marital status. Failure to change your beneficiary form upon marriage or divorce could result in a former spouse being listed as beneficiary. And upon the IRA owner's death, this could lead to the designation of benefits being contested in court, which could have been avoided with a change in beneficiary.


If you have any questions or need to make changes in beneficiaries, please contact one of our Member Service Representatives at 225-389-3059.

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