• Retirement / IRAs
• Health Savings Accounts (HSA)

Retirement / IRAs

Whether you are saving for your retirement, funding your business’s retirement plan or saving for your child’s college education, we offer the following…

• Traditional IRAs
• Roth IRAs
• Coverdell Education IRAs
• Simplified Employee Pension Plans (SEP)
• Simple IRAs

We can open your new IRA with a current or prior year contribution and accept all transfers and direct/indirect rollovers from other Financial Institutions or Qualified Retirement Plans. Please contact a Personal Banker for assistance with any Retirement / IRA related questions.

Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. A HSA is established by you in much the same way that you establish an IRA.

Eligibility:
You are eligible to make an HSA contribution if you:

• Are covered under a high-deductible health plan
• Are not also covered by any other health plan
• Are not enrolled in Medicare
• Cannot be claimed as a dependent on another person's tax return.

Contributions:
If you qualify for a HSA, you, your employer, your family members, and any other person (including non-individuals) may contribute to your HSA. This is true whether you are self-employed or unemployed. The maximum annual contribution amount is generally 100% of the annual medical insurance deductible.*

Other benefits:

• Contributions are deductible*
• Contributions made by an employer may be excluded from employee's gross income.
• Earnings grow tax deferred
• Distributions for qualified medical expenses are tax free
• "Portable" account stays with you if you change employer or leave the work force.
• A "catch-up" contribution is available for individuals who are age 55+

Please contact a Personal Banker for assistance with any Health Savings Account related questions.

*Consult with your tax or legal professional for guidance.