MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44
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Individual Retirement Accounts (IRAs)
MSUFCU has the long-term savings options to help you save for retirement, higher-learning, or health care expenses. View current dividend rates.
Coverdell Educational Savings Accounts, Health Savings Accounts, Traditional IRAs, Roth IRAs, and SEP Plan IRAs are insured for an additional $250,000.
Make saving for your future a possibility with an MSUFCU IRA Loan. IRAs can offer great tax advantages. Whether you open a Traditional IRA, which provides tax-deferred growth, or a Roth IRA that offers tax-free qualifying withdrawals, both will be beneficial for retirement. Fund your IRA with our IRA Loan today!
Borrow up to the amount deposited to an IRA Certificate at a loan rate 2 percentage points above the rate paid on the MSUFCU Certificate you select.
If your MSUFCU IRA Certificate rate is 1.50% APY, the loan rate for the IRA Loan will be 3.50% APR.
IRA Loan Term:
Term of the Certificate
MSUFCU IRA Loan Amounts:
Maximum: $5,500 ($6,500 for catch-up contributors age 50 and over)
Set Up Your IRA Loan
Call us at 517-333-2222 or 800-678-6967, or stop by any of our branches to set up your IRA Loan today!
Recent legislative changes to Michigan’s income tax withholding laws became effective on January 1, 2012. As an IRA holder, you may be affected by these laws. On January 1, 2012, MSUFCU began withholding Michigan State Income Tax on certain Traditional IRA withdrawals. More recent guidance from the State of Michigan has clarified that these changes also govern Roth IRA withdrawals. For this reason, MSUFCU will begin withholding Michigan State Income Tax on certain Roth IRA withdrawals on Wednesday, March 21, 2012.
The Michigan Income Tax Act is requiring taxpayers, who are legal residents of Michigan and are born on or after January 1, 1946, to withhold 4.25% of all Traditional and Roth IRA withdrawals for the purpose of state income tax. As the custodian of your IRA, the MSUFCU is required by law to send these funds to the State of Michigan.
You may qualify for personal exemptions that would reduce the amount required to be withheld. In addition, you may elect not to have state income tax withheld from your distributions and may choose to make estimated tax payments. There are penalties for not paying enough state income tax during the year, either through withholding or estimated tax payments. If you performed a Roth IRA withdrawal at MSUFCU prior to March 21, 2012, that withdrawal may be subject to Michigan State Income Tax Withholding. Please consult the advice of a professional tax consultant to determine your options.
If you are eligible to have a withholding rate other than 4.25% withheld or you elect not to have state income tax withheld on your IRA disbursements, you will be required to complete form MI W-4P and return it to the Credit Union in advance of the withdrawals. For more detailed information, visit the Michigan Department of Treasury 2012 Pensions Withholding Guide. An updated version of the MI W-4P can be found here.