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OECU
Retirement Accounts
Individual Retirement Account (IRA)
Oklahoma Educators offers two types of Traditional IRAs: Share and
Certificate. Share IRAs earn dividends similar to the Prime Share
Account. Share Certificate IRAs earn higher dividends based on the term
length. Certificate IRAs usually pay slightly higher dividend rates than
regular Share Certificates. Minimum opening deposits start as low as
$100, with terms of 6 months to 3 years available. Additional deposits
to some Share Certificate IRAs are allowed up to limits set by the IRS.
Penalties for early withdrawal apply in accordance with IRS regulations.
The credit union also offers
Roth IRAs, (Share and Share Certificate) which offer specific tax
advantages not available with Traditional IRAs.
As always, it is best to consult with your tax advisor to determine
which IRA option is best for you.
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