El Dorado Savings Bank

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Personal Retirement Plans

Retirement Plan accounts can be powerful investment tools that can help you reach financial security.

You can invest your retirement funds in our Regular Savings Accounts, Gold Money Market Savings, and our Certificates of Deposit Accounts (Click on our View Rates links if you would like to see our current interest rates.) Visit any of our locations to open your retirement plan account or call our Retirement Accounts department at (800) 874-9779.

Call your tax advisor for information regarding income limits, tax deductibility rules and filing deadlines when selecting an IRA Plan for you.

Retirement Plans Available:


Traditional Contributory IRA

  • If you are under age 50 and earn taxable income you may contribute up to $5,500 maximum for tax year 2015 and $5,500 for tax year 2016, or 100% of your earned taxable income per year whichever is less.

  • If you are age 50 or over, but under age 70 1/2, and earn taxable income you may contribute up to $6,500 maximum for tax year 2015 and $6,500 for tax year 2016, or 100% of your earned taxable income whichever is less.

  • Married couples with one income may also establish a spousal IRA. If you are under age 50 combined contributions may not exceed $11,000 for tax year 2015 and $11,000 for tax year 2016. Contributions to each spousal plan cannot exceed $5,500 for tax year 2015 and $5,5 00 for tax year 2016. If you are over age 50, but under age 70 1/2, combined contributions may not exceed $13,000 for tax year 2015 and $13,000 for tax year 2016. Contributions to each spousal plan cannot exceed $6,500 for tax year 2015 and $6,500 for tax year 2016.

Roth Contributory IRA

  • There is no maximum age for making a Roth IRA contribution.

  • If you fall within certain income limits, you may generally contribute up to $5,500 for tax year 2015 and $5,500 for tax year 2016, or 100% of earned income per year whichever is less if you are under age 50.

  • If you are over age 50, and fall within certain income limits, you may generally contribute up to $6,500 for tax year 2015 and $6,500 for tax year 2016 in a Roth IRA.

  • Married couples with one income may also establish a spousal Roth IRA. If you are under age 50 combined contributions may not exceed $11,000 for tax year 2015 and $11,000 for tax year 2016. Contributions to each spousal plan cannot exceed $5,500 for tax year 2015 and $5,500 for tax year 2016. If you are over age 50, combined contributions may not exceed $13,000 for tax year 2015 and $13,000 for tax year 2016. Contributions to each spousal plan cannot exceed $6,500 for tax year 2015 and $6,500 for tax year 2016. However, contributions to a Roth IRA must be aggregated with traditional IRA contributions for the purpose of an annual contribution limit.

Conduit IRA

  • A Conduit IRA may be established with an eligible rollover distribution from certain employer-sponsored qualified plans.

  • There is no limit to the amount you may rollover from your qualified plan, and there is no contribution deadline.

Coverdell Education Savings Accounts (ESA)

  • A Coverdell Education Savings Account (ESA) is a trust or custodial account designed to save money for a student's education.

  • The Depositor (the individual who establishes and contributes to an ESA) may deposit up to $2000 per year into an ESA for a child under 18 years of age.

  • Contributions are not tax-deductible but are generally tax-free to the child when withdrawn for education expenses.

Simplified Employee Pension (SEP) Plan

  • Under a SEP plan, an employer makes contributions directly into the SEP-IRAs of all eligible employees.

  • A SEP-IRA is a Contributory IRA maintained by each eligible employee for the purpose of receiving employer contributions under the SEP plan.

  • Employees may also contribute to their SEP-IRA.

  • Contributions to SEPs are discretionary; an employer may change the percentage of the SEP contribution each year.

  • The maximum amount the employer can contribute, for 2015, is 25% of each eligible employee's earned income or $53,000, whichever is less. The maximum contribution for 2016 is $53,000.

  • Once a contribution has been made to an employee's SEP-IRA, the employee, as owner of the IRA, assumes control over the funds.

Profit Sharing Plan

  • The Profit Sharing Plan is available to the self-employed person, whether you're a sole proprietor, partnership or corporation.

  • The maximum amount the employer can contribute, for 2015, is 25% of each eligible employee's earned income or $53,000, whichever is less. The maximum contribution for 2016 is $53,000.

  • The employer must make a contribution to the Plan for each eligible employee for years in which the employer has a net profit.

Money Purchase

  • The Money Purchase Plan is available to the self-employed person, whether you are a sole proprietor, partnership or corporation.

  • The maximum amount the employer can contribute, for 2015 is 25% of earned income, or $53,000, whichever is less. The maximum contribution for 2016 is $53,000.

  • The employer must make a contribution to the plan for eligible employees, whether or not there is a net profit.

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