Traditional IRA

The Traditional Individual Retirement Account (IRA) is a plan established by Congress to encourage individuals to save money for their retirement. The benefits of investing in a Traditional IRA include tax-deferred earnings and, for many people, tax deductibility.

• Any wage earner or wage earner's spouse up to the age 70-1/2 may qualify for a Traditional IRA Plan.
• Contributions for any tax year must be made by the tax deadline (usually April 15) of the following year.
• 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. Theowner is responsible for determining his/her eligibility to contribute to an IRA.
• Deductibility is determined by income and/or participation in a pension plan.
• 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.