What is an IRA account?
An IRA is an Individual Retirement Account. Many banks can open this type of account for you. Money that is set aside in your IRA is tax-sheltered until you withdraw it after age 59. If you do withdraw the money before you turn age 59 an additional 10% penalty tax may apply. When you opt for a lump sum payment of your pension you can have the lump sum directly rolled over into your IRA in order to temporarily postpone paying taxes. [Back To Top] Can you tell me anything about my Social Security benefits or about Medicare? You can directly contact the Social Security and Medicare websites for more information on the benefits that may be available to you. [Back To Top] How do I change my address? If you are a participant you can change your address online by logging in to Your Benefits Online. If you are a retiree or beneficiary you will need to submit your change of address in writing. You can print out the Change of Address Form and mail it to the Pension Office, or you can come to the
An Individual Retirement Account (“IRA”) is an account that is designed to help individuals save money for retirement You can make a contribution of 100% of earned income up to $5,000 per year for tax year 2008 and 2009 ($6,000 for individuals over the age of 50). Depending on your income level the contributions may be tax deductible. The earnings in the IRA account accumulate on a tax deferred basis. Taxes are paid when distributions are made from the account. Please consult with your tax advisor regarding if your contributions are tax deductible.
