Roth IRA

The ROTH Individual Retirement Account Plan was established by Congress to encourage individuals to save money for their retirement. The benefits of this type IRA differ from the Traditional IRA in that it is a nondeductible account that features tax-free withdrawals for certain distribution reasons.

• Any wage earner or wage earner's spouse with no age restrictions.
• Contributions for any tax year must be made by the tax deadline (usually April 15) of the following year.
• Contributions are made with after-tax dollars.
• Contributions can be accepted into any fixed-rate Certificate of Deposit, variable-rate Certificate of Deposit, savings account or Money Market savings account at CSB.
• Contribution limits are established in accordance with eligibility as set forth by the IRS. The IRA owner is responsible for determining his/her eligibility to contribute to an IRA.
• IRS and bank penalties for withdrawals prior to age 591/2.
• There is no annual maintenance fee for CSB IRA accounts. There is a fee of $5.00 per transfer and $25.00 for Plan Closing.
• For earnings to be tax free, initial contributions must be held in the account for a minimum of five years and the owner must be age 59 1/2 or greater.