Retirement brochure
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SmartPlan–IRA
A convenient, affordable way to contribute to your Member Benefits IRA
What is SmartPlan-IRA?
- SmartPlan-IRA is an electronic transfer system that allows you to move money into your Member Benefits IRA from your bank, savings and loan, or credit union.
- SmartPlan-IRA is an easy and affordable way to make automatic monthly contributions to your Member Benefits IRA.
What are the advantages of SmartPlan-IRA?
SmartPlan-IRA is:
Easy. SmartPlan-IRA makes it simple to start an IRA and to keep moving toward financial security.
Free. That’s right. We assess no charges. (Please check with your financial institution to see whether they charge for this transaction.)
Flexible. You can choose between a one-time or a recurring contribution. This allows you to reach your annual $7,000 contribution limit even if you decide to start SmartPlan-IRA later in the year. For those age 50 and older, the annual limit is $8,000.
Convenient. Once it’s established, you can forget about it. For example, 12 monthly contributions of $583.33 ensure you reach the maximum annual individual IRA limit of $7,000. For those age 50 and older, the maximum monthly contribution is $666.66.
Secure. Because your money is transferred electronically, you do not have to worry about checks being lost, stolen, or delayed in the mail.
Affordable. Making smaller monthly contributions is an ideal way to make an IRA affordable. Select a monthly contribution amount between $20 and $583.33 ($666.66 for those age 50 and older), and we’ll do the rest.
| Facts at a glance |
|---|
| Type of service One-time or monthly contributions of a fixed amount from your checking or savings account to your Member Benefits IRA. (Except where specified, IRA refers to either Traditional IRAs or Roth IRAs.) |
| Monthly amounts Minimum: $20 Maximum: $583.33 (under age 50) $666.66 (age 50 and older) |
| Contribution guidelines Monthly contributions are credited for the current tax year only. One-time contributions can be made for the prior year between January 1 and April 15. Total annual IRA contributions for each individual cannot exceed $7,000 ($8,000 for participants age 50 or older). |
| Debit date The debit date is on or around the fifteenth of each month. (If the 15th of the month falls on a weekend or a holiday, your transaction will be processed on the following business day.) |
| Start dates/cutoff times If your voided check and authorization form are received in our office by the end of the month, the first debit will occur on the 15th of the following month. Alternatively, you can log in the yourMONEY website to enroll online. |
How do I get started?
To open a Member Benefits IRA:
- Complete an application (Traditional or Roth).
- Complete a SmartPlan-IRA Authorization or Modifications form.
- Return both forms along with a voided check for your first month’s contribution.
You can contribute to an existing Member Benefits IRA in one of two ways:
- Complete a SmartPlan-IRA Authorization or Modifications form and return the form along with a voided check for your first month’s contribution.
- After logging into your yourMONEY portal, click on the Plans header. Hover your mouse over ‘Contributions’ and select either ‘One-Time Contribution’ or ‘Recurring Contribution.’ Then fill in the information.
Important points to remember
- If you and your spouse both want to participate in SmartPlan-IRA, you each need to complete a SmartPlan-IRA Authorization or Modifications form.
- Submit your request only once. There may be a delay between banks. Call our office at 1-800-279-4030 and a Member Service Representative will assist you.
- You can modify or cancel your choices at any time.
- We will assess an insufficient-funds fee for any debit not honored by your financial institution. If you have a second occurrence of insufficient funds, the SmartPlan-IRA contribution option will be discontinued.
WEA Member Benefit Trust may use a third party to process ACH transactions. The third party is subject to change.
FS 2805-240-0125 (W)
Created by educators
WEA Member Benefits
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