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Membership in Northrop Grumman Federal Credit Union means co-ownership in one of the strongest credit unions in the country.

Rollover IRA

Most pre-retirement payments you receive from a retirement plan or IRA can be rolled over by depositing the payment in another retirement plan or IRA within 60 days.

12-Month Rule

A rollover distribution from an IRA may not occur more than once during a 12-month period. The 12-month rule applies to each separate IRA you own and is determined from the date the IRA funds are received. The 12-month limitation does not apply to direct transfers from one institution to another, or if the funds are rolled over into an IRA from a Qualified Retirement Plan or a Tax Sheltered Annuity.

Rollovers and the Roth IRA

Unless tax deferred retirement funds are converted to a Roth IRA, all earnings on your IRA rollover contributions remain tax deferred until you make withdrawals from the account.

Other Rollover Information

  • There is no age restriction on a rollover or transfer deposit.
  • A rollover does not affect your eligibility to fund a regular or spousal IRA.
  • You may rollover all or part of the taxable portion received. Funds eligible, but not rolled over, are taxed as ordinary income and a 10% premature distribution penalty may be assessed if you are under 59 1/2.
  • For more information visit - Individual Retirement Arrangements (IRAs)

For assistance with completing the simple forms necessary to establish your IRA, please contact a Member Service Representative.

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Box Number 47009
Gardena, CA 90247-6809
Call Center
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