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

Term

Term IRAs are tax-favored plans to accumulate retirement funds in a 1, 2, 3, 4, 5, or 7-year term account earning higher dividends. Contributions may be tax deductible and dividend earnings may be tax deferred. You should ask your tax consultant to evaluate your specific contribution levels and tax implications before contributing to an IRA savings account.

Summary

  • Minimum opening deposit of $2,000
  • Annual IRA contributions may not exceed $5,500 ($6,500, age 50 and over)
  • Choice of terms - 1, 2, 3, 4, 5, or 7 years
  • Higher dividends available on IRAs opened with at least $40,000
  • Federally insured by the NCUA separately from other types of savings up to $250,000
  • Possible tax deductible contributions
  • Dividends compound monthly and could be tax deferred
  • No required contribution
  • Rollovers and transfers
  • Customized distributions
    • Lump sums
    • Monthly payments
  • Non-working spouse may open an account and contribute up to $5500 ($6,500, age 50 and over) annually to all IRAs including Traditional and Roth. Confer with tax advisor for tax benefits.
  • Distributions from a 401(k) plan may be rolled into a Traditional or Roth IRA
  • For more information visit IRS.gov - 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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Mailing Address
Box Number 47009
Gardena, CA 90247-6809
Call Center
800-633-2848
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