Retirement brochure



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 supplement the automatic contributions with deposits made by check. 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
Monthly contributions of a fixed amount from your checking 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
Credited for current tax year only. Total annual IRA contributions for each individual cannot exceed $7,000 ($8,000 for participants age 50 or older).
Debit date
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 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.

How do I get started?

To open a Member Benefits IRA:

  1. Complete an application (Traditional or Roth).
  2. Complete a SmartPlan-IRA Authorization or Modifications form.
  3. Return both forms along with a check for your first month’s contribution.

To contribute to an existing Member Benefits IRA:

  1. Complete a SmartPlan-IRA Authorization or Modifications form.
  2. Return the form along with a check for your first month’s contribution.

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.
  • After SmartPlan-IRA is established, you will receive confirmation of your first month’s contribution. Thereafter, monthly debits will be reported as contributions on your quarterly IRA statement.
  • Changes to monthly contribution amounts are limited to one per calendar year.
  • 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 2805-240-0124 (W)

Effective January 2024. Policies and programs described are subject to change at any time.