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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.
The Simplified Employee Pension (SEP) Plan IRA is a retirement plan established by an employer or self-employed individual that offers higher contribution limits than a standard Traditional IRA. SEP Plans provide employers with a simplified way to contribute funds toward an employee's retirement or, if self-employed, his or her own retirement. Amounts contributed and earnings offer tax deferred growth until withdrawn. Contribute at any age as long as you receive income.
Open a SEP Plan IRA
Open a SEP Plan IRA at any MSUFCU branch, or visit the IRA Service Center by clicking the button below.
Individuals already enrolled in employer-sponsored pension plans will not be eligible for the SEP Plan IRA.
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.
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.
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.
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 may be penalties for not paying enough state income tax during the year, either through withholding or estimated tax payments. Please consult the advice of a professional tax consultant to determine your options.