Individual Retirement Agreements (IRA)

Note: 2009 contributions for Traditional, Roth and Coverdell plans can be made through April 15, 2010.

IRAs are a solid, no-risk investment with decided tax advantages.

Rivermark offers three IRA investment options, all with no maintenance fees and very competitive rates:

• IRA Savings - Variable rate savings account
• IRA CD - Earns a guaranteed high rate with terms from 6 to 60 months
• Add-on IRA CD - Earn a guaranteed high interest rate and make additional deposits anytime

Your existing IRAs may be eligible for transfer.

With all IRA types, please consult your tax advisor regarding the best options for your financial situation.

Rivermark IRA accounts must be tied to one of the following plans:

1. Roth IRA
   1. Earnings grow tax-deferred.
   2. Withdraw contributions tax and penalty free at any time.
   3. Interest may be withdrawn tax and penalty free once certain qualifications are met.
   4. Unlike Traditional IRAs, distributions are not required at age 70 ½.
   5. Contributions are not tax deductible.
   6. You may be able to contribute up to:
      • $5,000 for 2010
      • $6,000 for 2010 if over age 50
        
        
2. Traditional IRA
   1. Earnings grow tax-deferred.
   2. Withdrawals of contributions may be subject to income tax.
   3. Withdrawals of interest are subject to income tax.
   4. Required Minimum Distributions at age 70 ½.
   5. Contributions may be tax deductible:
      • Deductibility depends on your income level, filing status, and whether or not you are an active participant in an employer-sponsored plan.
   6. You may be able to contribute up to:
   • $5,000 for 2010
   • $6,000 for 2010 if over age 50
     
     
3. SEP (Simplified Employee Pension) Plan
   1. Contributions and earnings are tax deferred for the owner.
   2. Withdrawals of contributions and earnings are subject to income tax.
   3. Required Minimum Distributions at age 70 ½.
   4. Contributions may be tax deductible for the employer.
   5. Employer may contribute up to 25% of the employee's annual income, with a maximum of $49,000 for 2010.
      
      
4. Coverdell Education
   1. Earnings grow tax-deferred.
   2. Qualified withdrawals of contributions and earnings are tax and penalty free.
   3. Contributions are not tax deductible.
   4. Contribute up to $2,000 per year per child under 18 years.

Contact a Rivermark IRA Specialist for more information or to open your IRA today.